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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The system’s primary technologies continue to be camera and lidar sensors. In terms of technology, infrared and video sensors account for roughly 70% of the DMS marker.
The main factor driving the market for driver monitoring systems (DMS) is a rise in awareness of the importance of driving safely as a result of an increase in various on-road events brought on by careless or distracted driving. The World Health Organisation (WHO) reported in 2020 that 1.35 million people lose their lives as a result of traffic accidents per year.
For Level 3 and Level 4 self-driving or autonomous vehicles, which demand that drivers re-engage and be prepared to operate the vehicle at crucial periods during the trip, DMS are crucial. It is anticipated that the rise of autonomous vehicles and the regulations controlling them would present lucrative market opportunities throughout the forecast period.
According to a Future Market Insights researcher, “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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