CHICAGO, March 26, 2019 /PRNewswire/ -- According to the new market research report "Electronic Logging Device Market by Component (Display, Telematics unit), Form factor (Embedded, Integrated), New & Aftermarket Service (Entry Level, Intermediate, High-End), Vehicle Type (Truck, Bus, LCV), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Electronic Logging Device Market is estimated to be USD 12.5 billion in 2018 and is projected to reach USD 16.6 billion by 2025, at a CAGR of 4.13%. Growing need for operational efficiency in fleet owning organizations will play a crucial role in Electronic Logging Device Market. In addition to that, upcoming as well as existing mandates related to electronic logging device are projected to drive the Electronic Logging Device Market.
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Intermediate service type is expected to be the largest market for Electronic Logging Device Market, by service type"
Intermediate services are the service package that includes entry-level services along with some add-on services. The add-on services include ELD compliance, GPS tracking, and alerts. These services are mostly subscribed by mid- and upper mid-sized fleet owners. Europe and North America are expected to hold the largest market for intermediate services as these regions have significant mid- and large-sized fleet operations. With the increase in fleet size, fleet owners need to have tracking services, data management, data analysis, driver hours of services, and more. To accommodate all such requirements, fleet owners prefer intermediate services.
"Display is expected to be the fastest growing market for Electronic Logging Device Market, by component type"
Display market is expected to grow at the fastest rate over the forecast period. As of now adoption rate of display unit is low due to the additional cost to the electronic logging device. Display is not a standard component for electronic logging device as it depends on the user's requirement. Cost is the major reason for the low adoption of display in small fleet owner's group. However, it is expected that display will have significant adoption in the future due to its benefits. A display unit consists of hardware and software that provide the fleet owners and drivers with different kinds of information and entertainment. Using the display, users can access GPS tracking, internet, hours control system, enhanced communication services, and more.
Europe is expected to lead the Electronic Logging Device Market for new vehicle service as well as aftermarket service due to high vehicle sales
Europe is estimated to hold the largest share of the Electronic Logging Device Market in 2018 because of the economic stability, technological advancements, and almost 100% installation rate of digital tachographs in commercial vehicles. The key countries of the region are the UK, France, Spain, Russia, and Germany. In 2006, digital tachographs were mandated for commercial vehicles in 27 European countries. Europe is expected to witness the increasing focus of OEMs on not only manufacturing but also on offering in-built electronic logging device for commercial vehicles. The ongoing and upcoming organic and inorganic growth strategies devised by players in the market would lead to a significant upsurge in the Electronic Logging Device Market in Europe.
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The Electronic Logging Device Market is dominated by the global players and includes several regional players. Some of the key players in the Electronic Logging Device Market are Omnitracs (US), Trimble (US), Geotab (Canada), Donlen (US), and Teletrac Navaman (US).
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