The Global Electronic Logging Device Market is expected to observe around 3.85% CAGR during 2022-27, says MarkNtel Advisors in their recent research report. The installation of ELDs in commercial vehicles proves to be essential to achieve superiority across fleet-owned organizations. Rapidly increasing technological advancements like Artificial Intelligence (AI) and Machine Learning (ML) in ELDs would enhance their functionality since AI helps identify available drivers based on their driving hours & preferences. As a result, many companies are integrating AI into ELD devices to provide better services. For example:
According to Federal Motor Carrier Safety Administration (FMCSA), an agency of the United States Department of Transportation, the use of ELDs in commercial vehicles is expected to save 26 lives and prevent 562 injuries every year in the United States. Besides, the increasing government focus on the safety of drivers & transport vehicles is also driving the market, further states the research report, “Global Electronic Logging Device Market Analysis, 2022.”
Embedded ELDs Dominate the Global Market, Externally Integrated Devices to Witness Significantly Growing Demand through 2027
Embedded ELDs offer enhanced features and are more secure, accurate, & reliable than externally integrated ones. They have an integrated touchscreen display that provides the necessary information & other functions, such as vehicle monitoring & diagnostics.
Moreover, numerous commercial vehicles come pre-installed with Embedded ELDs, especially in developed countries. Therefore, the aspects cited above indicate that their adoption is extensive worldwide. However, the high initial costs of Embedded ELDs might affect their demand in the coming years as they surge the overall vehicle costs, which fleet owners do not prefer.
On the other hand, Externally Integrated ELDs involve a Dongle that connects to the ECM (Electronic Control Module) through the cab’s onboard diagnostic port. The dongle then transmits data to the smartphone ELD app using Bluetooth. These ELDs are cheaper than embedded ones since they do not incur high installation costs. As a result, their demand is projected to grow significantly in the forecast period.
Telematics to Attain Significant Market Share through 2027
Telematics is one of the core components of electronic logging devices that measure drivers' performance, hours of service, predictive maintenance, fuel efficiency, etc. The use of telematics devices as a Global System for Mobile Communication (GSM) has enabled communication between drivers, fleet owners, and passengers at any place & time.
Furthermore, the growth of IT-enabled technologies has enhanced the capabilities of telematics devices to gather & disseminate vehicle information to fleet owners. Hence, Telematics is expected to gain a significant market share due to its wide range of operability & security features providing reliable access to passengers, reveals MarkNtel Advisors in their research report, “Global Electronic Logging Device Market Analysis, 2022.”
According to MarkNtel Advisors, the leading players in the Global Electronic Logging Device Market include Blue Ink Technology, Inc., AT&T Inc., CarrierWeb LLC, Donlen Corporation, Garmin Ltd., Geotab Inc., KeepTruckin Inc., Omnitracs LLC, ORBCOMM Inc., Pedigree Technologies LLC, Samsara Inc., Stoneridge Inc., Teletrac Navaman US Ltd., TomTom International BV, and Transflo.
Key Questions Answered in the Study