According to the latest report by IMARC Group, titled"Automotive Logging Device Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global automotive logging device market reached a value of US$ 13.8 Billion in 2022. An automotive logging device, or electronic logging device (ELD), refers to an electronic hardware that is used in commercial motor vehicles to record the driving time, hours of service (HOS), and record of duty status (RODS). It involves a vehicle tracking device, mobile application, and fleet management software that is attached and synchronized to the engine of the vehicle. These tools automatically record essential information, such as ignition status, engine hours, location, miles driven, and movement of the vehicle. They also capture vehicle recognition, date, geographic location, engine power up and shutdown, date, time, and motor carrier identification. As a result, ELDs helps in improving driver safety, simplifying the record keeping process, increasing accuracy, optimizing fuel consumption, increasing productivity, streamlining operations, and scheduling maintenance programs.
Global Automotive Logging Device Market Trends:
A significant expansion in the automotive industry, along with increasing trading activities across borders represents the key factors driving the automotive logging device market growth. In line with this, the increasing need for continuous vehicle condition monitoring with reduced downtime have further led to the incorporation of advanced electronic components, such as automotive logging device, in the modern vehicle architecture. Moreover, rapid technological advancements, such as the use of internet connectivity, smartphones, and the internet of things (IoT)-enabled sensors, have enabled real-time tracking of vehicular health at remote locations with enhanced accuracy. This, in turn, is acting as another major growth-inducing factor. Additionally, automobile manufacturers are undertaking several efforts, including the launch of lightweight, compact, and intelligent electrification of vehicles, to improve the performance of their conveyance in compliance with the strict regulatory requirements, which is supporting the market growth. Besides this, governments of various nations are enacting favorable policies to improve driving conditions and the safety and security of vehicles, which is projected to drive the market further toward growth. Looking forward, the market is expected to grow at a CAGR of 4.67% during 2023-2028.
- Based on the component, the market has been divided into display, telematics unit, and others.
- On the basis of the service type, the market has been segmented into entry level, intermediate, and high level.
- Based on the form factor, the market has been bifurcated into integrated and embedded.
- On the vehicle type, the market has been classified into light commercial vehicles, trucks, bus, and cars.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being AT&T Inc., Coretex USA Inc, DriverTech, ELD Solutions, Garmin Ltd, Geotab Inc., KeepTruckin Inc., Omnitracs LLC, Orbcomm, Teletrac Navman US Ltd (Vontier Corporation) and Zonar Systems (Continental AG).
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