According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the electronic logging device (ELD) market will grow at a compound annual growth rate of over 4 per cent, from 2019 to 2025.
As a result of stringent government regulations, companies are pushing the technology’s operational efficiency to match them. Moreover, the cost associated with these devices is challenging the technology’s market growth, particularly with regards to its embedded systems. Despite this, it is recognised that there will be an incline of revenue, as the technology adapts itself to suit contemporary trends: the growing emphasis on smart features, monitoring capabilities, increased digitisation and the use of telematics technology.
The point of the most extensive growth is in the Asian Pacific, an area of increased industry growth in general. With the wider use of commercial vehicles, particularly light commercial vehicles, the potential for the ELD market is present and waiting. For more information on this story, visit: www.gminsights.com
