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Automotive Logging Device Market to Grow Exponentially by 2030
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According to the Market Statsville Group (MSG), the global automotive logging device market size is expected to grow from USD 13.6 billion in 2021 to USD 18.7 billion by 2030, at a CAGR of 4.1% from 2022 to 2030. Automotive logging device systems are useful to check the health of vehicle components periodically; it is also helpful in tracking and monitoring the driver's activities and the vehicle condition. An automotive logging device tracks location, engine performance, and working hours and also maintains records of the time, date, and performance.
The automotive logging device market is presently in its growth stage and is expected to register substantial growth in the future. Factors that driving the market growth include increased demand for automobiles, government rules mandating the incorporation of the automotive logging device in vehicles to record and fulfill the hours of service compliance, increased digitization in transport and logistics, and growing trends and technologies in monitoring vehicle condition.
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Recent new trends in technology is boosting the automotive logging device market such as currently automotive logging device are connected with smartphones; that helps to display information on smartphones and issues are likely to be detected. An automotive logging device smartphone app programs the record of vehicle information, which is the driver’s security, compliance, and safety manager.
Global Automotive Logging Device Market Definition
Automotive logging devices are electronic hardware used in a vehicle to monitor or track the working hours of the professional vehicle drivers; it is attached and synchronized to the engines of vehicles to gather essential information.
Global Automotive Logging Device Market Dynamics
Drivers: Growing trends toward vehicle condition monitoring
Automotive electronic logging devices are multitasking and data records for proper organization of the documents. The growing trends and technologies in monitoring vehicle conditions are boosting the use of Automotive electronic logging as it records the duration of the truck's movement and the time the driver was on-duty and off-duty. The electronic logging devices also monitor engine health and notify the driver and back-end fleet monitoring systems. It tracks the condition of the vehicle and detects the fault in it. These make it easy to overview the problem and condition of the vehicle; these devices offer secure & reliable features for tracking various vehicle conditions. The above reasons are increasing the growth of the market.
Restraints: Slow adoption of the technology in emerging economies
Having automotive electronic logging device in a vehicle, there are some technological and typical difficulties faced like switching from paper logs to electronic logs, maintaining and storing the information and logs; these things take time and learning. Growth in the automotive industry is slow in emerging economies because the disposable income is less; due to less income, many individuals cannot afford it for use.
Opportunities: Increasing service offering by transport companies
The transportation sector is witnessing consistent growth; therefore, safety, security, and tracking are essential. In the transportation business, many vehicles are engaged for fulfillment. To ensure the performance and hours of service in transportation, automotive electronic logging devices are increasing. For instance, Automotive Logistics, a U.S.-based company, has piloted a new electronic logging device in its vehicle category, which captures truck and driver performance, GPS, and hours of service data, and transmits the information back to cloud servers, which is expected to ease the transportation.
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Scope of the Global Automotive Logging Device Market
The study categorizes the automotive logging device market based on service type, vehicle type, component, and form factors at the regional and global levels.
By Service Type Outlook (Sales, USD Million, 2017-2030)
- Entry Level
- High Level
By Vehicle Type Outlook (Sales, USD Million, 2017-2030)
- Light Commercial Vehicles
By Component Outlook (Sales, USD Million, 2017-2030)
- Telematics Unit
By Form Factor Outlook (Sales, USD Million, 2017-2030)
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- the Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- the Philippines
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The intermediate segment is projected to account for the largest market share, by service type
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Based on the service type, the automotive logging device is segmented into an entry, intermediate, and high levels. The intermediate segment was the highest contributor to the market, with a share of 39.9% in the global logging device market. The service package that includes entry-level services and some add-on services is an intermediate service type; the add-on services include ELD compliance, GPS tracking, and alerts. Mid and upper-mid-sized fleet owners subscribe to intermediate services. It is considered the largest market for service type as Europe and North America regions have significant mid and large-sized fleet operations, which is lucrative for the market growth.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global automotive logging device market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.7% in the global automotive logging device market during the forecast period. This is due to increased technological advancements and a rise in automotive standards in developing countries such as India, China, and Indonesia. Asia-Pacific is the fastest-growing region globally. It is the most lucrative market for automotive logging devices due to the availability of high-end enhanced technologies, increased demand for smart electronics, and growth in manufacturing industries.
Asia-Pacific is leading the automotive logging device market and is expected to be the fastest-growing regional segment in the future, with the highest CAGR. Organizations across verticals realize the importance of automotive logging device devices to ensure efficient working conditions.
Key Market Players in the Global Automotive Logging Device
Automotive logging device vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they can cater to the market requirements. The competitive environment in this market is expected to intensify with an increase in technological innovations, product extensions, and different strategies adopted by key vendors further.
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Major players in the global automotive market are:
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