New Report Reveals Electronic Logging Devices Market Set To Reach $22.8 Billion By 2030
Date
11/20/2024 11:01:52 AM
(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 20, 2024 (GLOBE NEWSWIRE) -- The "Electronic Logging Devices - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
A recently compiled report on the Electronic Logging Devices (ELD) market has provided insightful forecasts, with the market estimated at $15.9 billion in 2023, and expected to witness a substantial increase to reach $22.8 billion by the year 2030. This growth reflects a Compound Annual Growth Rate (CAGR) of 5.3% over the forecast period. The report highlights key trends, drivers, and regional market insights, facilitating informed business decisions for stakeholders in this sector.
Technological Innovations as Market Catalysts
Leading the charge in market maturity are advancements in technology such as the integration of GPS, artificial intelligence, and cloud-based data analytics. These enhancements have transformed ELDs, elevating them from compliance tools to comprehensive fleet management solutions. With focus on safety, operational efficiency, and regulatory adherence, ELDs are now indispensable for optimized fleet operations.
Stringent Regulatory Frameworks
Governing bodies across the world have implemented stringent mandates to ensure driver and vehicle compliance. In the United States, for instance, the Federal Motor Carrier Safety Administration's ELD mandate has significantly influenced the market. Comparable initiatives within Canada and the European Union have similarly catalyzed demand, underscoring the market's responsiveness to legislative frameworks.
Growth Drivers and Regional Dynamics
The intrinsic value of ELDs in enhancing road safety and optimizing fleet management, coupled with the growth of commercial vehicle fleets, has resulted in market expansion. Additionally, the United States and China markets are expected to demonstrate robust growth patterns. This report delves into these regional markets, offering an encompassing view of the current and upcoming market climate.
Market Segmentation Insight
The report also encompasses a segmentation of the market, offering insights on the growth prospects of various components and application areas. It is identified that the Display Component segment shows promising growth prospects, projected to reach a valuation of $7.7 billion by 2030.
Through this comprehensive analysis of market trends, regional growth patterns, and technological advancements, stakeholders can access valuable insights that enable strategic planning and prospective engagement with the market. ELDs continue to represent a critical tool in achieving optimal fleet management, safety, and adherence to regulatory standards within the transportation industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 92 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $15.9 Billion |
| Forecasted Market Value (USD) by 2030 | $22.8 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Some of the 36 companies featured in this Global Electronic Logging Devices market report include:
AT&T Danlaw Technologies Donlen Garmin Geotab HEM Data Corporation Influx Technology Intrepid Control Systems Leaseplan USA Masternaut Merchants Fleet Management Omnitracs Racelogic Teletrac Navman Tomtom Telematics Trimble Vector Informatik Verizon Wheels WorkWave
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Electronic Logging Devices Market
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