LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Electronic Logging Devices (ELDs) Market by component (telematics unit, engine module, and external display), and geographic regions (Europe, North America, APAC, MEA, and South America) is witnessed to grow USD 2.53 billion, at a CAGR of 4% from 2019 to 2023."
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Global electronic logging devices (ELDs) market: Integration of mobile devices with ELD
The adoption of smart devices, such as smartphones, has increased drastically over the last few years and is constantly increasing in developing regions such as APAC, MEA, and South America. The rising penetration of smartphones is increasing the demand for smartphone-based ELDs as they allow drivers to easily access their driving data. Such systems consist of an ELD app, which informs drivers about the time spent working outside the vehicle and behind the wheel. Therefore, the benefits associated with smartphone-based ELDs have encouraged various vendors to offer such solutions. This, in turn, will have a positive impact on the electronic logging devices (ELDs) market growth during the forecast period.
“Apart from the integration of mobile devices with ELD, other factors such as the growing number of electric vehicles (EVs), and the rising use of analytics with ELDs will have a significant impact on the growth of the electronic logging devices (ELDs) market size during the forecast period,” says a senior analyst at Technavio.
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Global electronic logging devices (ELDs) market: Segmentation analysis
This market research report segments the global electronic logging devices (ELDS) market by component (telematics unit, engine module, and external display), and geographic regions (Europe, North America, APAC, MEA, and South America).
The European region led the electronic logging devices (ELDs) market in 2018, followed by North America, APAC, MEA, and South America respectively. The region is witnessing an increase in manufacturing activities, which has resulted in a corresponding need to improve the logistics infrastructure to facilitate efficient delivery of goods. ELDs help enterprises in the logistics industry to automatically record effective drive-time of the vehicle, for more accurate and easier HOS recording and reporting.
Global electronic logging devices (ELDs) market: Use of ELDs to enhance the quality of driving
ELDs can monitor the driving habits of drivers. They can detect sudden stops, sharp turns, or quick accelerations and communicate the data to fleet managers on their dashboards. This allows managers to provide feedback to drivers about their driving habits. ELDs allow drivers to focus on driving and delivering products without worrying about paperwork as time is tracked automatically by ELDs. Therefore, the use of ELDs can enhance the quality of driving , which is expected to increase the demand for ELDs during the forecast period.
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