Portland, Ore., May 25, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the automotive logging devices market generated $ 12.73 billion in 2019 and is expected to rake in $ 17.46 billion by 2027, with a CAGR of 4.1% from 2020 to 2027. The report offers a detailed analysis of the changing dynamics market, major segments, competitive scenario, key investment pockets, value chain and regional landscape.
Rising government mandates for vehicle safety and security and trends in vehicle condition monitoring are driving the growth of the global logging devices market. However, the high costs and slow adoption of the technology in emerging countries is hampering the growth of the market. On the other hand, the increase in demand for commercial vehicles and trucks as well as the increase in the service offer of transport companies create new opportunities in the years to come.
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- Production activities have been completely or partially blocked due to lockdowns imposed in many countries during the lockdown. In addition, a shortage of raw materials occurred and the supply chain faced many challenges.
- Daily operations in the auto industry came to a standstill during the lockdown, reducing the demand for logging devices. However, demand would steadily increase as operations begin during the post-lockdown.
The report offers detailed segmentation of the global automotive recording devices market on the basis of service type, vehicle type, component, form factor, and region.
By type of service, the mid-level segment held the highest market share in 2019, accounting for over two-fifths of the total share, and is expected to maintain its leading 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 truck segment accounted for the highest market share in 2019, contributed nearly a third of the global automotive logging devices market, and is expected to maintain its leading status during the forecast period. . However, it is estimated that the light commercial vehicle segment will experience 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 a third of the total market share in 2019, and is expected to maintain its dominance through 2027. However, Asia-Pacific is expected to post the highest CAGR of 6.7% in during the forecast period.
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The major global automotive recording devices market players 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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Allied Market Research (AMR) is a full-service market research and business advisory arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data that helps us generate accurate research data tables and confirm the highest accuracy of our market forecasts. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of large companies in the field concerned. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.