The Automotive Electronic Logging Device Market is projected to grow with a CAGR of more than 4% during the forecast period.
- Governments of various countries have implemented various regulations for the compulsion of ELD devices in vehicles, for instance in 2019, the United States. Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA) has stated that all motor carriers and drivers must use electronic logging devices (ELD). And also motor carriers that are using an AOBRD must have an ELD installed by the end of 2019.
- Electronic Logging Devices are imposed to create a good work environment for commercial vehicle drivers, and it also provides faster and accurate management of records of duty status (RODS) data. It also contemporize with a vehicle engine to automatically record driving time, for easier, more accurate hours of service (HOS) recording.
Key Market Trends
Government Regulations is Driving the Growth of the Market
Europe has issued the mandate rules a decade ago but with another technology. In Europe, all drivers of the transport company or any goods producers who own some must follow the regulations of the European Commission (EC) 561/2006, which became effective in 2006. In Europe, a tachograph is preferred in place of ELD, which comes in two options of analog and digital.
Further advancements have been done in the field of tachographs as first-generation smart tachographs, which started being employed in new vehicles from June 2019, that data will be remotely available to the companies and authorities. The first-generation device has a basic GPRS device. Upcoming second-generation tachographs are expected come with a more advanced GPRS device
The numerous benefits of ELD are pushing the fleet owners to install it even their commercial vehicle fleet is exempted from the compulsory adoption of ELD. ELD is synchronized with a vehicle diagnostic port, which keeps an eye on the maintenance requirement and prevents the vehicle from any upcoming fault. ELD also keeps a record of total engine hours, both on-duty and off-duty. ELD manufacturing companies have to get certifications for the device by the country's transportation department.
As ELD are been in the market for around a decade, manufacturers are providing discounts and less expensive fleet management options.
North America is Projected to witness the highest growth in the Market
North America is projected to grow with the highest CAGR during the forecast period. As growing demand for commercial vehicles will drive the market in the region. In 2019 around 12.76 million commercial vehicles were being sold in the United States. The local ELD manufacturing companies are launching newly certified devices for staying ahead from their competitors.
For instance, In 2019, AirIQ Inc. has launched electronic logging and hours of service solution by utilizing the VisTracks, certified ELD/ Driver Vehicle Inspection Report (DVIR) platform.VisTracksTM FMCSA certified ELD/DVIR platform and AirIQ's ECM Bluetooth device are coupled for this new product.
In 2019 Konexial launched My20 ELD in a Spanish version, according to the National Minority Trucking Association around 13% of truck drivers, and 17% of the United States total workforce are Hispanics. And previously the company has launched the 2019 version of its My20 Tower, which provides fleet managers the real-time data of all trucks and drivers on the road.
The Automotive Electronic Logging Device market is moderately fragmented, with several local as well as global players accounting for significant amounts of shares in the market. Some of the prominent companies in the market areOmnitracs, LLC, Teletrac Navman, Geotab Inc. amongst others. Companies are investing heavily in research and development for the innovation of new and advanced products and technologies that may be used in upcoming vehicles.
For instance, in 2019, Omnitracsunveils itsOmnitracs One fleet-management platform, this platform will support trucking companies to properly manage their operations by connecting the onboard technology to interact with their drivers and vehicles for planning routes. This platform will automatically include toll-road and private-property exemptions and enable fleets to generate tax forms.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support