Electronic Logging Device Market Forecasts to 2030 – Global Analysis By Component (Display, Engine module and Other Components), Form Factor (Embedded, Integrated and Other Form Factors), Vehicle Type and By Geography

Electronic Logging Device Market Forecasts to 2030 – Global Analysis By Component (Display, Engine module and Other Components), Form Factor (Embedded, Integrated and Other Form Factors), Vehicle Type and By Geography

According to Stratistics MRC, the Global Electronic Logging Device Market is accounted for $12.9 billion in 2023 and is expected to reach $19.5 billion by 2030 growing at a CAGR of 6.13% during the forecast period. An Electronic Logging Device (ELD) is a digital tool designed to monitor and record a commercial vehicle's driving hours in order to ensure compliance with regulations set by government authorities, such as the Federal Motor Carrier Safety Administration (FMCSA) in the United States. ELDs replace traditional paper logbooks, providing a more accurate and automated method of tracking a driver's on-duty and off-duty time. These devices synchronize with a vehicle's engine to capture data on driving time, breaks, and rest periods. ELDs enhance efficiency, reduce paperwork, and contribute to transportation industry by helping prevent driver fatigue and ensuring adherence to driving hour restrictions.

According to the American Trucking Association (ATA), the U.S. freight transport will increase to 20.73 billion tons by 2028. According to Eurostat, in 2024, 93% of EU households will have internet access, up from 72% in 2011. Furthermore, 68% of EU citizens ordered or acquired personal products or services via the Internet in 2024, up from 54% in 2017.

Market Dynamics:

Driver:

Efficiency and productivity

ELDs streamline and automate the tracking of hours of service for commercial vehicle operators, ensuring compliance with regulatory requirements. By replacing manual logbooks, ELDs reduce administrative burdens, minimize errors, and enhance overall operational efficiency. Real-time monitoring of driver activities enables better resource allocation and route optimization, leading to increased productivity. The ability to analyze data from ELDs also empowers fleet managers to make informed decisions, improving overall fleet performance and safety. As a result, the ELD market is propelled by the pursuit of efficiency gains and heightened productivity within the transportation and logistics industry.

Restraint:

Technical challenges

The Electronic Logging Device (ELD) market faces several technical challenges such as interoperability between different ELD systems, standardization of data formats, and connectivity issues in remote or low-signal areas pose hurdles. Ensuring cybersecurity to protect sensitive driver and fleet data is a continual challenge. Integrating ELDs with diverse vehicle types and addressing potential hardware malfunctions further complicates the landscape. Additionally, striking a balance between compliance requirements and user-friendly interfaces remains a persistent challenge for ELD manufacturers.

Opportunity:

Mobile applications and cloud services

Mobile applications can serve as user-friendly interfaces for drivers to log their hours, track routes, and comply with regulatory requirements seamlessly. Cloud services offer a centralized platform for storing and analyzing ELD data, providing real-time insights into fleet operations. This synergy enables efficient management of electronic logs, enhances compliance, and facilitates data-driven decision-making for fleet managers. This integrated approach not only ensures regulatory compliance but also promotes operational efficiency in the ever-evolving landscape of transportation and logistics.

Threat:

Cost barriers

Cost barriers pose a significant threat to the Electronic Logging Device (ELD) market, as the initial investment and ongoing expenses associated with implementing ELD systems can be substantial for businesses, particularly smaller ones. The need to purchase and install ELD hardware, along with subscription fees for software services, may deter companies from complying. Costs related to training personnel and potential disruptions to existing workflows contribute to the financial burden. Furthermore, this threat can impede widespread adoption of ELDs, especially among smaller fleet operators, hindering the market's growth.

Covid-19 Impact:

The COVID-19 pandemic has impacted the Electronic Logging Device (ELD) market. As the transportation and logistics industry faced disruptions, there was an increased focus on monitoring and managing fleet operations. ELDs, which are crucial for compliance with regulatory requirements, saw a surge in demand as companies sought efficient ways to track and manage driver hours, enhance safety, and ensure compliance amidst changing transportation dynamics. The pandemic accelerated the adoption of ELDs, driving innovation and technological advancements in the market to address the evolving needs of the industry.

The telematics segment is expected to be the largest during the forecast period

The Telematics segment in the market has witnessed significant growth due to its pivotal role in enhancing fleet management efficiency and compliance. Telematics systems provide real-time data on vehicle location, driver behavior, and engine performance, enabling companies to optimize routes, monitor driver safety, and ensure regulatory compliance. As the demand for streamlined logistics and adherence to stringent regulatory standards increases, businesses are increasingly adopting ELD solutions with advanced telematics features. Furthermore, the integration of telematics not only facilitates accurate electronic logging but also offers valuable insights for improving operational efficiency and reducing costs.

The truck segment is expected to have the highest CAGR during the forecast period

The Truck segment in the market has experienced substantial growth due to regulatory mandates aimed at enhancing safety and efficiency in the trucking industry. Government regulations, such as the FMCSA's ELD mandate in the United States, have compelled trucking companies to adopt electronic logging solutions to track and manage driver hours of service. This has led to a surge in demand for ELDs specifically tailored for the trucking sector. Additionally, the ELDs help streamline operations, ensure compliance with hours-of-service regulations, and improve overall fleet management.

Region with largest share:

The Electronic Logging Device (ELD) market in North America has experienced robust growth, driven by regulatory mandates and a focus on improving fleet management efficiency. The implementation of the ELD mandate in the United States, which requires commercial vehicles to adopt electronic logging for hours of service tracking, has been a significant catalyst. This has led to increased adoption of ELDs among trucking companies, contributing to streamlined operations, enhanced safety compliance, and reduced paperwork. Additionally, technological advancements, such as integration with fleet management systems and real-time monitoring capabilities, have further fueled the demand for ELD solutions in the region.

Region with highest CAGR:

The Asia-Pacific region has experienced significant growth in the market due to the increasing adoption of advanced technology in the transportation and logistics sectors. Stringent regulatory requirements for efficient fleet management and driver safety have driven the demand for ELDs. The region's expanding e-commerce industry and rising awareness about the benefits of real-time monitoring and data-driven insights have contributed to the surge in ELD adoption. Additionally, the need for streamlined operations and improved compliance has spurred businesses across the Asia-Pacific to invest in ELD solutions.

Key players in the market

Some of the key players in Electronic Logging Device market include AT&T, Blue Ink Tech, CarrierWeb, Donlen Corporation, Garmin ELD, Geotab, Motive, Omnitracs, Orbcomm, Pedigree Technologies, Samsara, Stoneridge, TomTom Telematics, Transflo, Trimble, Verizon Connect and Wheels Inc.

Key Developments:

In November 2023, Samsara Inc., a connected operations cloud company, announced an integration with Computerized maintenance management system startup Limble Solutions LLC that allows customers to bring data from their internet of things sensors into their CMMS. The integration has been designed to address the challenge of predictive maintenance for companies operating a vehicle fleet. The integration between Samsara and Limble empowers customers with a single, closed-loop system for all maintenance workflow needs.

In October 2023, ORBCOMM Inc., a global provider of supply chain Internet of Things (IoT) technology, has officially launched its dry container telematics solution. This development was unveiled at the Intermodal Europe conference, at the RAI Amsterdam, the Netherlands. The ORBCOMM dry container solution is designed to aid shipping lines and their clients with real-time data to enhance decision-making in maritime operations.

Components Covered:
• Display
• Engine module
• Telematics
• Other Components

Form Factors Covered:
• Embedded
• Integrated
• Other Form Factors

Vehicle Types Covered:
• Truck
• Taxi
• Bus
• Others Vehicle Types

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements