The exponential rise of the logistics industry is creating remunerative growth conditions for advancing electronic logging device (ELD) market outlook. The essential role ELDs play in tracking driving hours and vehicle conditions is a prominent factor that is currently fostering industry trends.
How are government initiatives on improving road safety promoting industry expansion?
Attributing to an increased government attention on lowering road accidents from fatigued drivers, integration of ELD has been made mandatory in commercial vehicles, which aids market growth significantly. ELD effectively monitors the amount of time drivers spend behind the wheel while also keeping watch on vehicle conditions and other parameters.
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This gives fleet management service providers the ability to put a daily limit on shift hours of vehicle operators. These limits are primarily put into place to ensure that the driver is well rested, making that vehicle less susceptible to fatigue-driven accidents.
What role does the trucking industry’s apparent driver shortage play in influencing ELD market growth?
The American Truck Association claims that approximately 71% of freight moved across the U.S. transports via trucks. However, the U.S. driver shortage stood at about 36,500 before 2017.
Apart from their basic capabilities, new ELDs also boast of features like vehicle tax reporting and driver style monitoring. Moreover, the device has ability to record driver data such as login-logoff times, personal use, workflow, and location details.
With access to this information, fleet management services can effectively maximize the productivity and operational efficiency of their fleets. Moreover, the driver shortage also means that more freight is carried on trucks than before, making them heavier and increasing risk of damage in case of an accident. This makes ELDs more essential to the trucking industry and will thus augment electronic logging device market growth over the forecast duration.
How will economic development across APAC fuel electronic logging device market size?
Impelled by the economic growth of a number of Asia Pacific countries, the region’s commercial vehicle sector, particularly the light commercial vehicles, is experiencing escalating demands. This emerging avenue is expected to possess an immense potential that could introduce substantial revenue stream to the APAC ELD market in forthcoming years.
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Furthermore, BRIC countries are projected to have a positive impact on ELD market expansion. Favorable regulations across prominent member of BRIC including India and China are slated to propel market expansion further in coming years. For instance, China has been providing incentives to use electric vehicles over diesel trucks, which will accelerate sales of new commercial vehicles. Thus, rapidly expanding commercial vehicle industry across APAC is slated to impel electronic logging device market share over the coming timeframe.
Overall, it is estimated that the growth of the global logistics industry and favorable government regulations will boost ELD adoption over the coming years. Research reports suggest that the global electronic logging device market size would be surpassing $16 billion valuation by 2025.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Definition and forecast parameters
1.1.2. Assumptions, methodology and forecast parameters
Chapter 2.Executive Summary
2.1.Electronic logging device industry 3600 synopsis, 2015 - 2025
2.1.1. Business trends
2.1.2. Component trends
2.1.3. Form factor trends
2.1.4. Vehicle type trends
2.1.5. Regional trends
Chapter 3. Electronic Logging Device Market Insights
3.2.Industry landscape, 2015 - 2025
3.2.1. Telematics industry overview
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