Global Electronic Logging Device Market Opportunities and Trends: Market Size is 15.21 Billion in 2024

Global Electronic Logging Device (ELD) Market Overview

According to Global Market Monitor, the global electronic logging device market will reach $15.21 billion in 2024 with a CAGR of 8.18% from 2024 to 2029.The devices are primarily used to measure the driving hours or the hours of service. Moreover, the electronic logging device market is becoming more inclined toward extra smart features, such as vehicle tracking & monitoring, measuring driver performance, location details, power, and fuel status.

ELD Can Reduce the Risk of Collisions.

ELD has been shown to improve road safety by reducing driver fatigue and preventing drivers from exceeding their maximum allowable driving hours. According to a study by the Federal Motor Carrier Safety Administration, ELD can reduce the risk of a crash by as much as 11.7%. This is because ELD ensures that drivers are forced to rest and do not exceed their maximum driving time, which helps prevent accidents caused by fatigue and sleepiness.

In addition, ELD provides real-time tracking and monitoring of driver behavior, enabling companies to identify and address any unsafe driving behavior. This includes speeding, slamming on the brakes, and other dangerous behaviors that can increase the likelihood of an accident. By using ELDs to monitor and correct these behaviors, companies can further reduce the risk of accidents and improve the overall safety of the road.

Market Opportunities

The growth of digital and the use of telematics are driving the increase of the electronic logging device (ELD) market. Challenges due to driver shortages will require fewer commercial vehicles to transport more cargo. In North American countries, especially the United States, IT technology and software solutions are highly adopted in the transportation industry, resulting in a large demand for commercial vehicle telematics. The ability to monitor driving style, component wear, fuel efficiency, and protective materials is increasing the overall life of commercial vehicles. The development trend of connected cars can improve the route and efficiency management of commercial vehicles and create opportunities for the growth of the electronic logging device market.

The adoption of mobile devices has increased dramatically. In recent years, there has been a significant increase in the use of mobile devices such as smartphones and tablets, which allow drivers to easily access their driving data through dedicated apps. Several vendors, including Geotab, offer smartphone-based ELD solutions that sync data between ELD, Geotab GO devices, and the driver's mobile device to provide violation alerts, automatic on-duty status changes, and inspection workflows.Mobile devices are more and more integrated with electronic logging devices, adding additional intelligent features such as vehicle tracking and monitoring, measuring driver performance, location details, power and fuel status, etc.

Opportunities	There is a growing preference for road transport and logistics.
	Integration of mobile devices with ELD
	Development of digital technology and use of telematics
	The emergence of advanced ELD features such as voice recognition, biometric authentication, driver scorecard, and crash detection.

For more industry information, please refer to our latest released "2023 Global Electronic Logging Device (ELD) Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".