The electronic logging device market is a fleet management technology that allows commercial truck drivers to record their service hours digitally. This market can be divided into three segments—Hours of Service, Driver Vehicle Inspection Reporting, and Driver Identification.
Major players in this market include Keeptruckin, Omnitracs, and AT&T. These companies offer new products and platforms allowing drivers to use smartphones as ELDs.
ELDs will become more powerful
ELDs, also known as electronic log books, are used to ensure compliance with federal regulations limiting truck drivers’ hours of service. They monitor driver location, engine hours, and vehicle movement and can be analyzed by safety officials during inspections or audits.
In addition to ensuring compliance, electronic logging devices can help trucking companies manage their fleets more efficiently and effectively. By reducing idle time, companies can save money on fuel and other operational costs while improving safety and security for their drivers.
In addition, ELDs can provide valuable insight into vehicle performance and driver behavior. By analyzing this data, trucking companies can improve their operations and increase profits. Some leading providers of ELD solutions are leveraging their market position to develop new features and applications beyond the core ELD function. It is a great way to grow their market share and increase user adoption of their products. Moreover, this trend will likely continue as the demand for ELDs rises soon.
ELDs will become more affordable
The ELD market is competitive, with numerous large and small vendors offering innovative solutions. Manufacturers must create unique products that offer value-added features and improve efficiency to gain a foothold in the industry.
In addition to automating HOS compliance, ELDs can help fleets reduce administrative work by reducing the time they spend reviewing logs and preparing for audits. Additionally, ELDs can track vehicle diagnostics and prevent breakdowns by enabling drivers to keep their vehicles in good condition.
Finally, ELDs can also provide valuable safety and productivity data that can be used to increase profitability. These benefits include improved fuel economy, reduced accident rates, and faster delivery times. Additionally, ELDs can record driver behavior and improve driver retention.
ELDs will become more mobile
The ELD market is expected to grow as trucking companies and drivers adopt the technology. Not only does an ELD help to ensure compliance with hours-of-service regulations, but it also helps trucking businesses operate more efficiently by minimizing unnecessary idling and fuel usage.
Furthermore, the data collected by an ELD can help to prevent breakdowns by highlighting engine diagnostics. This information can then be used to schedule preventative maintenance and save time and money.
Additionally, an ELD can track vehicle locations and deliver real-time ETAs to customers. This is especially important for less-than-truckload (LTL) and passenger transit fleets, which can use this information to improve customer service and create a competitive advantage.
ELDs will become more connected
ELDs are a critical component of fleet management systems. Commercial motor carriers use them to record driving time and electronically log Hours of Service (HOS).
ELDs can be integrated with telematics software solutions for added functionality. These additional features can help fleets automate vehicle inspection reports, track fuel tax returns, and more. These add-ons can significantly increase fleet productivity.
However, not all ELDs are created equal. Some require the purchase of proprietary in-cab hardware for drivers, which can get expensive. Others only offer “breadcrumb” GPS tracking that pings every few minutes instead of in real-time. It makes it easier to onboard new drivers and gives you the power of real-time GPS tracking to prevent theft, dispatch drivers without calling them, and provide customers with accurate ETAs. This data can also be analyzed for better planning, freight visibility, and operational efficiency.
