August 30, 2022 07:00 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, Aug. 30, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Automotive Logging Device Market Analysis by Service Type, Vehicle Type, Component, and Form Factor and Region—Forecast till 2030” valuation is poised to reach USD 17.46 Billion by 2030, registering a 4.75% CAGR throughout the forecast period (2022–2030).
Automotive Logging Device Market Overview
ELDs or automotive logging devices assist capture the working hours of qualified vehicle drivers. Construction, medical devices, and biotechnology are some of the major market sectors using these products for collecting vital data regarding the engine condition and miles driven in a given period.
Automotive Logging Device Market Report Scope:
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Most firms are now focused on the health and well-being of their employees, which is why they are inclined to show interest in this type of equipment. These ELDs can express significant applications that would be very helpful in collecting information regarding a vehicle’s mile driven and vehicle’s movement and engine condition, which is mainly vital when moving long distances. The latest technological trends are catalyzing the automotive logging device market. Like now, automotive logging devices are linked to smartphones; this assists in displaying information on smartphones, and problems are anticipated to be identified. There is an automotive logging device smartphone app programming the record of vehicle information that is the driver’s security, safety manager, and compliance.
The global market for automotive logging devices has recorded massive growth in the last few years. The market’s growth is credited to the factors such as growing automotive trends, expanding government regulations towards public safety, and development in the transportation industry.
On the other hand, the continuous development of lightweight logging equipment is likely to hamper the market’s growth.
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Automotive Logging Device Market Segments
Among the service types, the intermediate segment is anticipated to secure the highest revenue share across the global market for automotive logging devices over the review timeframe. The growth of the segment is attributed mainly to the expanding technological advancements.
Among all the product types, the embedded service segment is anticipated to hold the largest revenue share across the global market for automotive logging devices over the assessment era. The growing adoption of digital logging machines across the developed nations, particularly in Europe and the North American region, is the primary aspect supporting the segment’s growth. Embedded digital logging gadgets offer more facets and are reliable as well impenetrable. On the other hand, the high prices of these gadgets may impede the segment’s growth. However, the integrated systems segment is projected to grow substantially over the forecasted timeframe.
Based on the vehicle type, the trucks segment is projected to secure the largest revenue share across the global market for automotive logging devices over the assessment timeframe. On the other hand, the LCVs segment is projected to record the highest CAGR over the review timeframe. The segment’s growth is credited mainly to the rising application of automotive logging devices across commercial vehicles.
Among all the components, the telematic units segment is anticipated to secure the largest share across the global market for automotive logging devices over the coming years. These units are known to be the central components of automotive logging devices.
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Automotive Logging Device Market Regional Analysis
The global market of automotive logging devices is analyzed across five major regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.
According to the analysis reports by MRFR, the European region is anticipated to dominate the global market for automotive logging devices over the assessment timeframe. Digital tachographs were compulsory across 27 European nations for commercial vehicles in 2006. The countries across the region are moving from OEMs producing only their vehicles to producing products like PACCAR, which now provides the choice of deploying an ELD into any truck they sell. The step significantly impacts the general growth of Europe’s ELD sector and must be causing an increase in the number of GPS tracking devices deployed in commercial vehicles before 2030.
The automotive logging device market for the North American region is likely to record the maximum CAGR over the assessment timeframe. ELD devices used in commercial vehicles to supervising individuals’ driving behaviors have become the crucial aspect of automobile safety features. The presence of several leading manufacturers across the region is the primary aspect causing an upsurge in the regional market’s growth.
The global health crisis has had a significant impact on the majority of the industry sectors across the globe. Given the rapid spread of the disease across most regions worldwide, several governments announced partial or complete lockdown. The pandemic has caused a significant global disruption in the economic environment that has massively affected the demand for products across the commercial vehicle industry.
Given the labor shortage and travel restrictions imposed, the supply chain networks of most industry sectors had to face significant disruption leading to severe revenue loss. Market volatility, low productivity, and the rising number of new competitors contributed to the substantial revenue loss during the pandemic, particularly since the implementation and maintenance of partial or complete lockdown across several nations worldwide impacted the purchasing decisions. The automotive, hospitality, etc., are some of the most affected sectors because of the pandemic. As the pandemic ended in a 15% decrease in industrial production facilities across the globe, there was low requirement for industrial maintenance.
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Automotive Logging Device Market Competitive Analysis
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