Portland,OR, May 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive logging device market generated $12.73 billion in 2019, and is estimated to garner $17.46 billion by 2027, witnessing a CAGR of 4.1% from 2020 to 2027. The report offers a detailed analysis of changing market dynamics, top segments, competitive scenario, key investment pockets, value chain, and regional landscape.
Rise in government mandates toward safety and security of vehicle and trends toward vehicle condition monitoring drive the growth of the global automotive logging device market. However, high costs and slow adoption of the technology in emerging countries hinder the market growth. On the other hand, increase in demand for commercial vehicles and trucks along with rise in service offering by transport companies create new opportunities in the coming years.
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Covid-19 Scenario:
- Production activities have been stalled completely or partially due to lockdown imposed in many countries during the lockdown. Moreover, shortage of raw materials occurred and the supply chain faced many challenges.
- The daily operations in the automotive industry stopped during the lockdown, which in turn, decreased the demand for logging devices. However, the demand would grow steadily as operations begin during the post-lockdown.
The report offers detailed segmentation of the global automotive logging device market based on service type, vehicle type, component, form factor, and region.
By service type, the intermediate segment held the highest market share in 2019, accounting for more than two-fifths of the total share, and is estimated to maintain its lead position throughout the forecast period. However, the entry-level segment is expected to register the highest CAGR of 6.2% from 2020 to 2027.
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By vehicle type, the trucks segment accounted for the highest market share in 2019, contributed to nearly one-third of the global automotive logging device market, and is expected to maintain its leadership status during the forecast period. However, the LCV segment is estimated to witness the fastest CAGR of 6.9% from 2020 to 2027.
By region, Europe, followed by North America, contributed to the highest market share in terms of revenue, accounting for nearly one-third of the total market share in 2019, and is expected to maintain its dominance by 2027. However, Asia-Pacific is expected to portray the highest CAGR of 6.7% during the forecast period.
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Leading players of the global automotive logging device market analyzed in the research include AT&T Business, Coretex, Blue Tree System, ELD Solutions, DriverTech, Geotab Inc., Garmin International, Teletrac Navman, Omnitracs LLC, and Zonar Systems.
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