Analysis of Electronic Logging Device Market Size by Research Nester Reveals the Market to Grow with a CAGR of 4.2% During 2025-2037 and Attain ~USD 22.11 Billion by 2037
Research Nester assesses the growth and market size of the global electronic logging device market which is anticipated to be on account of the growing demand for home deliveries and the rising trend of online shopping.
Research Nester’s recent market research analysis on
“Electronic Logging Device Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitors analysis and a detailed overview of the global electronic logging device market in terms of market segmentation by form factor, component, vehicle type, and by region.
Higher Number of People Involved in Delivery Profession to Promote Global Market Share of Electronic Logging Device
The global electronic logging device market is estimated to grow majorly on account of the rising number of people deployed in the delivery segment. With the rising trend of online ordering of food and other items is also expected to boost the need for home delivery services. There are currently approximately 1,400,000 delivery drivers employed in the United States. Furthermore, women account for approximately 17% of all delivery drivers, while men account for nearly 83%. Moreover, in China, there are approximately 7 million food delivery drivers. Furthermore, Meituan, China’s second-largest delivery service, stated in early 2019 that it had hired nearly 3 million drivers in the previous year alone. In addition to this, in 2022, 68% of EU citizens ordered or purchased personal products or services over the Internet, up from 54% in 2017. However, by 2020, almost 15 billion deliveries have been completed worldwide. Furthermore, by 2020, around 700 million consumers have used platform-to-consumer delivery.
Besides this, the market growth is also attributed to the rising demand for cab services and a higher number of cars connected to IoT. IoT improves the functionality of electronic logging devices and allows drivers to connect their vehicles to other devices. By 2021, the world had almost 240 million IoT-connected autos. It is also expected to exceed 400 million by 2025. Moreover, vehicle telematics, such as the car’s engines, was generated automatically by ELD. This method can save a fleet hundreds of dollars or more in fuel costs every year. Uber has around 1,200 locations worldwide, serving 10,000 towns and cities. At its peak, Uber had over 4 million drivers and close to 120 million active users globally.
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Some of the major growth factors and challenges that are associated with the growth of the global electronic logging device market are:
Growth Drivers:
- Surge in Online Cab services
- Rising Need for a Huge Network of Delivery Service
Challenges:
The cost of electronic logging devices is high, and there are various fake sellers of electronic logging devices, these are some of the major factors anticipated to hamper the global market size of electronic logging device. On the other hand, with the use of electronic logging devices the privacy of the driver is been compromised and it is likely to impede the market growth. When on duty, the devices track within a one-mile radius, and when off duty, they track within a 10-mile radius. GPS tracking is used in electronic logging devices; these trackers record and monitor every move made by a motorist. The user’s privacy is violated because he or she is continually observed. Furthermore, no flawless ELD product is available on the market. If any of the hardware, software, or communication fails, or if a hacker interacts with the ELDs, the safety of drivers and passengers is compromised.
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By vehicle type, the global electronic logging device market is segmented into light commercial vehicle, truck, and bus. The truck segment is to garner the highest revenue by the end of 2037 by growing at a significant CAGR over the forecast period. The increasing usage of electronic logging devices in vehicles, as well as the growing demand to reduce truck inspection time, is responsible for the segment’s rise. More than half of the 4 million trucks in the United States required to install ELDs had not done so, as of May 2019. Furthermore, between December 2017 and June 2019, the number of truck driver inspections that resulted in at least one hour of service violation dropped significantly, from more than 1% to less than 1%. The United States Department of Transportation (DOT) required trucking companies and independent truckers operating Class 8 commercial vehicles to begin using ELDs. Moreover, it is implemented to ensure the safety of the driver and reduce the chances of the truck crashes.
By region, the North America electronic logging device market is to generate the highest revenue by the end of 2037. The market’s expansion is ascribed mostly to increased demand for online shopping and home delivery of various commodities such as clothing, gadgets, food, and even services. Approximately 38% of American consumers had used a restaurant delivery app to get food as of March 2020. Moreover, around 47% of Americans will have used a food delivery app by March 2021. Furthermore, practically everyone in the United States orders food online, with approximately 86% doing so at least once a month. On the other hand, market development in the region is expected due to the increasing use of smartphones and laptops to access automotive functions. An electronic logging device aids in the collection of all delivery details, such as order input, assigned delivery man, the commencement of the delivery trip, final delivery of the goods, and so on.
This report also provides the existing competitive scenario of some of the key players of the global electronic logging device market which includes company profiling of Pedigree Technologies, LLC, EROAD, Inc., Intrepid Control Systems Inc, Gorilla Safety Fleet Management., Omnitracs, LLC, Trimble Inc., Blue Ink Technology, Inc., WorkWave, LLC, Trucker Path, Inc., and AirIQ, Inc.
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