The global fleet management market size has been forecasted to grow over $10 billion in the next 5 years. 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, Markets and Markets research reports.
One vertical poised for growth is 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.
Europe is also in the process of mandating technology for commercial fleets.
One company we’ve found is in a position to ‘drive’ revenue from these commercial fleet mandates, Ultrack Systems, Inc. (OTCMKTS:MJLB) a Fleet Management company whose “DriveLineELD” electronic logging device is on the brink of being the first approved device in Canada ahead of a major mandate recently announced they are expanding the company’s product line within key European fleet markets with Teltonika hardware (https://teltonika-networks.com).
So that’s two unique opportunities in two of the largest developed continents.
MJLB has already positioned itself to take advantage of an Electronic Logging Device mandate in North America, this new expansion will do the same for the company in Europe.
This is a big opportunity, Deloitte predicts more than 10 million new corporate car registrations in Western Europe in one year for the first time. This equals a compound annual growth rate (CAGR) of 3.5% between 2016 and 2020 or almost double the growth rate of the overall European car sales market.
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 around 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 radar.