The driver monitoring system market 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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Camera and lidar sensors remain the system’s core components. About 70% of the DMS marker is made up of infrared and video sensors in terms of technology.
A growing awareness of the value of safe driving as a result of an increase in various on-road incidents caused by negligent or distracted driving is the key reason propelling the market for driver monitoring systems (DMS). According to a report from the World Health Organisation (WHO) in 2020, 1.35 million people die in traffic accidents per year.
DMS are essential for Level 3 and Level 4 self-driving or autonomous vehicles because they require drivers to re-engage and be ready to manage the vehicle at key points along the journey. The development of autonomous vehicles and the laws governing them are expected to create prosperous market prospects throughout the course of the projection period.
A Future industry Insights analyst claims that “increasing 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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