The driver monitoring system market Share will gain from the surging demand implementation of stringent regulations mandate the use of advanced technology like driver monitoring system to prevent unforeseen road accidents Over the forecast period of 2022-2033, the driver monitoring system market is expected to grow at a CAGR of 7.5% to reach a valuation of US$ 9.3 billion by 2033.
Key Takeaways from Market Study
- By technology type, infrared sensor sales are expected to grow at a CAGR of 7.6% in the global market.
- By vehicle type, the passenger vehicle segment will dominate the market with more than 76% of the market share.
- By sales channel, the OEM segment will lead the Driver Monitoring System Market and is anticipated to create an absolute dollar opportunity worth US$ 4.4 Bn
- In terms of region, North America is predicted to exhibit a CAGR of 13.5%.
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The primary components of the system are still cameras and lidar sensors. In terms of technology, infrared and video sensors make up about 70% of the DMS marker.
The primary factor driving the market for driver monitoring systems (DMS) is an increasing awareness of the importance of safe driving as a result of an increase in various on-road events brought on by careless or distracted driving. The World Health Organisation (WHO) estimates that 1.35 million people will die in traffic accidents annually by the year 2020.
DMS are necessary for Level 3 and Level 4 autonomous or self-driving vehicles because they necessitate drivers’ re-engagement and readiness to control the vehicle at crucial places along the route. Over the course of the projection period, it is anticipated that legislation controlling autonomous vehicles and the development of these vehicles would lead to profitable market prospects.
According to a Future Industry Insights researcher, “increasing the implementation of stringent road safety regulations coupled with growing awareness regarding the importance of driver alertness while driving will create the crux of opportunities in the market.
Driver Monitoring System Market Competitive Landscape
Among the industry’s key players are Continental AG, ZF Friedrichshafen AG, Mobileye, Aptiv Plc, Veoneer Inc., Valeo SA, Magna International, Aisin Seiki Co., Ltd and others
Manufacturers are strategically collaborating with technology partners for long suplly relation and to intrigate a central control unit for different ADAS technologies.
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Summary:
The research report analyses the market demand trend for driver monitoring system. The global market is based on COVID-19 impact, macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the driver monitoring system market
report is studied and analysed in the following segments such as by technology type, sales channel, vehicle type & regions. The driver monitoring system market report gives us qualitative and quantitative information about the companies.
Key Segments Covered in Driver monitoring system Industry Analysis
Driver monitoring system Market by Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
Driver monitoring system Market by Sales Channel:
- OEM
- Aftermarket
Driver monitoring system Market by Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
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