Automotive Logging Device Market Size Is Expected To Reach USD 19,777.1 Million By 2030, Growing At A CAGR Of 3.80%: Straits Research

(MENAFN- GlobeNewsWire - Nasdaq) According to Straits Research,“The automotive logging device market was valued at USD 13,657 million in 2021. It is expected to reach USD 19,777.1 million by 2030, growing at a CAGR of 3.80% during the forecast period (2022–2030).”

New York, United States, April 04, 2024 (GLOBE NEWSWIRE) -- To track or monitor the working hours of commercial motor carriers and drivers based on hours-of-service compliance, "automotive logging devices" are installed in vehicles. Automotive logging devices are used in most cars, trucks, buses, and light commercial vehicles. Governments in many regions have made using these devices mandatory, causing the automotive logging device market to grow. These gadgets increase driver and vehicle security and record the time, date, location, mileage, engine hours, and driver identity.

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Strict Government Regulations Relating to Vehicle Security and Safety Drive the Global Market

The primary factor propelling the automotive electronic logging devices market is government regulations requiring the integration of the record of duty device in commercial vehicles to record and fulfill hours-of-service compliance (HOS). The government has established policies requiring the use of automotive electronic logging devices to monitor and track the working hours of professional truck/bus drivers and commercial motor carriers based on compliance with hours-of-service requirements. Safety and security are also increased by monitoring and identifying the driver, the vehicle's location, and the number of hours the engine has been running.

Rising Need for Trucks and Commercial Vehicles Creates Tremendous Opportunities

The demand for commercial vehicle transportation is rising due to the ongoing growth of the e-commerce and logistics sectors. Automotive electronic logging devices are top-rated in trucks and commercial vehicles because of their tracking, monitoring, and safety features. The growth of commercial logistics operations and the expansion of the industrial sector in emerging markets are driving up demand for trucks and commercial vehicles, boosting the automotive electronic logging device market.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global automotive logging device market and is expected to grow at a CAGR of 6.8% during the forecast period. A sizable portion of the global market for automotive logging devices is in Asia-Pacific. Developing countries like India, China, and Indonesia are advancing technology and raising automotive standards. It is the most lucrative market for automotive logging devices because of the availability of high-end enhanced technologies, growing demand for cutting-edge electronics, and expansion of the manufacturing industries. In order to ensure productive working conditions, automotive logging device devices are becoming more and more crucial to businesses of all sizes.

Europe is expected to grow at a CAGR of 2.20%, generating USD 5,165.8 million during the forecast period. The delivery of vehicles outfitted with electronic logging systems by European automotive Original Equipment Manufacturers will significantly aid the growth of the European electronic logging system device industry in the upcoming years. Due to improvements in automotive electronics, electronic logging devices have evolved. These advancements include integrating displays and interface devices for the driver's convenience and automatic selection. For instance, Big Road entered the automotive logging device market with a new feature called the Personalized Load Matching Platform for Drivers, giving drivers even more flexibility and control.

North America is expected to grow significantly over the forecast period. The rising demand for commercial vehicles drives the market for automotive electronic logging devices in North America. In many countries, ELD devices are required to be installed in every vehicle because they make it possible to manage duty status data records more quickly and accurately. In North America, the automotive logging system market is growing steadily. For instance, the Canadian company AirIQ Inc. introduced electronic logging and hours of service solutions in 2019 by utilizing Vis Tracks, a certified ELD/Driver Vehicle Inspection Report platform where Bluetooth devices are coupled for tracking and maintaining logs.

Key Highlights

  • Based on service type, the global automotive logging device market is bifurcated into entry-level, intermediate, and high-end intermediate segment is the highest contributor to the market and is expected to grow at a CAGR of 3% during the forecast period.
  • Based on vehicle type, the global automotive logging device market is bifurcated into light commercial vehicles (LCV), trucks, buses, and cars light commercial vehicles (LCV) segment owns the highest market share and is expected to grow at a CAGR of 7% during the forecast period.
  • Based on components, the global automotive logging device market is bifurcated into display and telematics units telematics unit segment is the highest contributor to the market and is expected to grow at a CAGR of 5.4% during the forecast period.
  • Based on the form factor, the global automotive logging device market is bifurcated into integrated and embedded embedded segment owns the highest market share and is expected to grow at a CAGR of 3.2% during the forecast period.
  • Asia-Pacific is the most significant shareholder in the global automotive logging device market and is expected to grow at a CAGR of 6.8% during the forecast period.

Competitive Players

The global automotive logging device market's major key players are At&T Business, Blue Tree Systems (Orbcomm Inc.), Coretex, Drivertech, Eld Solutions, Garmin International, Geotab Inc, Omnitracs LLC, Teletrac Navman, and Zonar Systems .

Market News

  • In October 2022, StealthNet and SolarNet asset tracking and management solutions are now accessible through the Geotab Marketplace Order Now program, according to a joint announcement by global IoT and connected transportation leaders Geotab and Phillips Connect. The My Geotab platform and Phillips Connect solutions are completely integrated, allowing users to access analytics more quickly and at lower operating costs.

Global Automotive Logging Device Market: Segmentation

By Service Type

  • Entry Level
  • Intermediate
  • High End

By Vehicle Type

  • Light Commercial Vehicles (LCV)
  • Trucks
  • Bus
  • Cars

By Components

  • Display
  • Telematics Unit

By Form Factor

  • Integrated
  • Embedded

By Regions

  • North America
  • Europe
  • Asia-Pacific

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About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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