The global fleet management market size is expected to grow from USD 19.9 billion in 2020 to USD 34.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. According to Markets and Markets research.
One vertical poised for growth are Electronic Logging Devices in Canada. Canada has instituted a mandate for commercial vehicles to use electronic logging devices (ELDs) which took effect a few weeks ago. However, currently no companies are yet registered as approved ELD providers.
This is an interesting opportunity for investors to monitor. What companies will be first to fill this need?
One strong candidate is Ultrack Systems Inc. (OTC MKTS: MJLB), a total fleet-management GPS tracking and monitoring solution provider, who has recently updated investors regarding the approval of their flagship DriveLineELD.
Ultrack CEO Michael Marsbergen was recently quoted in the company’s news saying: “…We are doing everything we possibly can to ensure approval of the DriveLineELD and are simply waiting for others to do their part. All of our premier ELD Ads continue to run in earnest and we continue to expand our reach in full anticipation of the DriveLineELD being available before this summer.”
Currently, MJLB is trading at just above 6 cents per share averaging over 1 million shares of daily volume. The stock is currently 20 cents below its 52 week high of 26 cents per share. If any updates come regarding the company’s approval, MJLB could climb back to and potentially through this high. Put MJLB on your watchlist.
 Could Fill Major ELD Need in Canada){kind=link}