The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Electronic Logging Device market.
It was estimated prior to this unanticipated outbreak Electronic Logging Device market will reach CAGR of 3.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Insights
The Electronic Logging Device market has been witnessing substantial growth in the past couple of years. The market is expected to experience a CAGR of 3.8% during the forecast period. The prime prevalence of political unrest and war-like situations among several countries is encouraging government authorities to increase their defense capabilities and stay prepared during crises.
Segment Analysis
Electronic Logging Device Market Share: By Component Type
Based on the component type, the electronic logging device market is segmented as display and telematics unit. The telematics unit segment dominates the market as it facilitates services such as calculating the driver’s hours of service; monitoring the vehicle’s condition, fuel efficiency, and tax report; and transmitting data through a GSM module. Further, telematics unit of an electronic logging device includes electronic logs, CO2 emission, vehicle inspection, fuel tracking, temperature monitoring, and more, fueling the growth of the segment during the forecast period.
Electronic Logging Device Market Share: By Form Factor Type
Based on the form factor type, the electronic logging device market is segmented as embedded and integrated. The embedded segment dominates the market owing to the rapid adoption of electronic logging device in developed regions, particularly in North America and Europe. Embedded electronic logging devices offer more features and are secure and reliable.
Electronic Logging Device Market Share: By Vehicle Type
Based on the vehicle type, the electronic logging device market is segmented as trucks, buses, and LCVs. The trucks’ segment dominates the market owing to a high demand for the transportation of varied goods globally while challenges, such as a shortage of drivers and truck capacity, have made it crucial to manage the available resources with high efficiency.
Electronic Logging Device Market Share: By Region
In terms of regions, Europe is estimated to have held the largest market share in 2020 as since 2006 digital tachographs were mandated in 27 European countries for commercial vehicle. The ongoing and upcoming organic and inorganic growth strategies devised by players in the market would lead to a significant upsurge in the market in Europe during the forecast period. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.