Electronic Logging Device Market report for 2019 – 2025– companies, applications, products and more
Selbyville, Delaware, United States, November 20 2020 (Wiredrelease) Global Market Insights, Inc :Favorable government rules for the integration of electronic devices the U.S and Europe will drive electronic logging device (ELD) market trends over the forecast timeframe. For instance, Europe had developed digital tachographs which was made compulsory for commercial vehicles with GVWR over 3.5 tons since 2006. Similarly, the U.S. had introduced a mandatory rule for ELD that came into effect in the month of December 2017.
Increasing requirement to boost efficiency for operations in fleet management services on account of shortage in high truck capacities and drivers is expected to encourage further implementation of such devices in commercial vehicles. As per the American Truck Association, around 71% tons of freight are transported to the U.S. through trucks.
The total number of drivers that were falling short in the U.S. were 36,500 and it had been estimated to reach over 50,000 in the year 2017. The shortage issue had led to the optimization of current capacities that played a key role in influencing electronic logging device industry outlook.
With various regulations pertaining to the deployment of such devices in numerous regions, providers of fleet management are getting involved in partnerships with electronic logging device manufacturers to implement systems like these, leading to the growth of the market.
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The electronic logging device is essentially used for the monitoring the hours of service or the driving hours. ELDs offer significant features and manufacturers have been inclined towards providing smart features like measuring driver performance, power and fuel status, location details and vehicle tracking monitoring.
Asia Pacific electronic logging device market forecast has been gaining a steady momentum due to high use of commercial vehicles, predominantly light commercial vehicles. The APAC automotive sector is anticipated to exhibit a positive graph in the coming years. The region has witnessed major surge in the trucking industry owing to increased trade activities.
For instance, buyers in China are offered with a truck scrappage subsidy that has significantly helped the trucking industry in the region flourish, indirectly influencing the growth of electronic logging device industry. There is an increasing demand for commercial vehicles in countries like India due to the vast middle-class population coupled with the growing economic development.
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Booming digitization along with the deployment of connected vehicle technologies are key factors fueling electronic logging device market. Such technologies are promoting both the sensor technology development and advancements in the telematics.
Few recent developments that the ELD providers have introduced include ease of vehicle inspections, data for tax reporting and video telematics. Use of ELD in the vehicles can also be attributed to the improve safety they help provide.
Advanced telematics along with connected vehicles have been helping in the optimization of the routes which makes driving safer as well as efficient. The devices are capable of detecting the drivers driving style which is helpful in preventing rash driving. This will accelerate electronic logging devices industry share over the projected time period.
Several companies have provided software platforms and apps to manage the fleet industry. These platforms enable ELDs to be used in smartphones and other devices. Launch of devices that are low cost and rapid development of software solutions will fuel the adoption of electronic logging devices.
ELD market trends are outlined considerably by platform developments and new products that enhances deployment of services. For instance, Keeptruckin has created a platform that offers features like fleet safety, coaching and tax reporting as well as driver workflow, functions concerning vehicle diagnostics along with messaging functions.
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