Over the forecast period of 2022 to 2032, the driver monitoring system market demand is expected to grow at a CAGR of 7.5% to reach a valuation of US$ 8,770.9 Million by 2032. 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.
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%.
“Increasing implementation of stringent road safety regulation coupled with growing awareness regarding importance of driver alertness while driving will create the crux of opportunities in the market,” says a Future Market Insights analyst.
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The fundamental technologies for this system are still Lidar and camera sensors. As a result, in terms of technology type, infrared and camera sensors account for roughly 70 percent of the DMS marker.
An increase in road-safety awareness as a result of an increase in various on-road incidents caused by the negligent or distracted driving is the primary driver for the driver monitoring systems (DMS) market. According to a report released by the World Health Organization (WHO) in 2020, road accidents claim the lives of approximately 1.35 million people each year.
DMS are essential for Level 3 and 4 self-driving or autonomous vehicles, which require drivers to re-engage and ready to control the vehicle at vital points during the trip. Increase in Autonomous vehicle as well as regulation governing them, is estimated to create lucrative opportunities for the market in the forecast period.
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Driver Monitoring System Market Competitive Landscape
- Continental AG
- ZF Friedrichshafen AG
- Mobileye
- Aptiv Plc
- Veoneer Inc.
- Valeo SA
- Magna International
- Aisin Seiki Co., Ltd
- Texas Instruments Incorporated
- NXP Semiconductors N.V
- Renesas Electronics Corporation
- Intel Corporation
- Hitachi, Ltd.
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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
Driver monitoring system Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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