Global electronic logging device (ELD) market is projected to witness a growth by exhibiting a significant CAGR of around 5%, during the forecast period. ELD is an electronic solution that records the driving time and hours of service of commercial motor carriers and professional truck drivers. Vehicle identification, motor carrier identification, time, date, geographical location, miles traveled, yards move, engine power up and shutdown, and engine diagnostic and malfunctioning are some of the key features offered by the ELD. The US Federal Motor Carrier Safety Administration (FMCSA) is liable for the encouragement of the safe driving practices in the overall truck industry, which also includes the oversight of vehicle safety and track record of the driver’s duty status, ensuring a smooth ELD implementation. Furthermore, the growing need for vehicle tracking, monitoring, measuring driver’s performance and details are the primary factors driving the demand for ELD across every vehicle. The rising trend for connected vehicles, improved route and efficiency management for commercial vehicles are creating lucrative opportunities for market growth. Whereas, the lack of skilled operators will still be a major challenge to market growth during the forecast period. Moreover, the ELD market is segmented on the basis of form factor and vehicle type. The form factor segment of the ELD market includes embedded and integrated type; whereas the vehicle type segment of the ELD market consists of bus, truck, and LCV.
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Embedded ELD to hold a considerable share in the market over the forecast period
Among the form factors, the embedded segment registers a considerable share in the market, owing to the increasing adoption of the ELD’s in developed as well as emerging economies. Moreover, the embedded ELD’s are considered as more reliable, secure and useful device compared to an integrated ELD. Embedded ELD systems consist of the display implemented in the device itself for providing information and other operations, such as vehicle motoring and managing. Omnitracs, LLC, a global pioneer of trucking solutions, provides the embedded ELD’s.
Market Segmentation
Global ELD Market by Form Factor
- Embedded
- Integrated
Global ELD Market by Vehicle Type
- Bus
- Truck
- LCV
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