Automotive Electronic Logging Device (ELD/E-Log) Market to Drive Efficiency with a CAGR of 7.2% by 2030
According to a new report published by MarkWide Research, titled, “Automotive Electronic Logging Device (ELD/E-Log) Market,” the global market for electronic logging devices (ELDs) and electronic logs (E-logs) in the automotive industry is set to experience significant growth. ELDs play a crucial role in improving compliance, safety, and efficiency in the transportation and logistics sector.
The report reveals that the global automotive ELD/E-log market is expected to witness a robust CAGR of 7.2% over the forecast period from 2023 to 2030. This growth is driven by regulatory mandates, increased focus on driver safety, and the need for real-time fleet management.
Key Findings from the Report:
- Regulatory Mandates: Stringent regulations mandating the use of ELDs in commercial vehicles, especially in North America, are propelling market growth.
- Driver Safety: ELDs help monitor driver hours and prevent fatigue-related accidents, contributing to improved road safety.
- Efficiency and Productivity: ELDs provide real-time data on vehicle location, maintenance needs, and driver behavior, enhancing fleet management and productivity.
- Integration with Telematics: Integration of ELDs with telematics systems enables comprehensive vehicle tracking, fuel management, and route optimization.
- Fleet Compliance: ELDs assist fleet operators in ensuring compliance with hours-of-service (HOS) regulations and reduce paperwork.
Market Forecast:
The report indicates that the global automotive ELD/E-log market is currently valued at $1.5 billion in 2023 and is projected to reach $2.8 billion by 2030, with a CAGR of 7.2% during the forecast period. North America is expected to dominate the market due to its strict ELD mandates.
Company Profiles:
Key players in the global automotive ELD/E-log market include Geotab Inc., Omnitracs, LLC, Trimble Inc., and Samsara Networks, Inc. These companies are investing in technology advancements and expanding their product offerings to meet the evolving needs of the transportation industry.
Conclusion:
The global automotive ELD/E-log market is poised for substantial growth, driven by regulatory requirements and the focus on safety and efficiency in the transportation sector. With a projected CAGR of 7.2% by 2030, this market offers opportunities for ELD/E-log providers to support fleet management and compliance.