Electronic Logging Device Market Size

Electronic Logging Device Market Size

Electronic Logging Device Market size estimated at around USD 11.5 billion in 2018 and will grow at a CAGR of over 4% from 2019 to 2025.

The electronic logging device market is expected to grow over the forecast timeframe due to the growing need to improve the efficiency in fleet management services. The devices are used mainly to record the driving hours of commercial vehicles. The countries in Europe and North America have witnessed rapid growth in the market due to the stringent regulatory framework in countries such as the U.S. The U.S. Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA) has provided a mandatory rule for all motor carriers to use Electronic Logging Devices (ELDs) on all trucks and commercial buses, which came into effect from December 2017.
 

In addition, the benefits offered by these devices such as vehicle monitoring, driver safety, fleet management, and integrated supply chain are creating several opportunities for the market growth. The ELDs not only record the driving hours but also detect a vehicle’s location via GPS, read the ignition & power status, mileage, motion status, and engine hours. Moreover, these devices are used to report tampering or detect malfunctions. These devices offer secure & reliable features for tracking various vehicle situations.