The Driver monitoring system market is anticipated to expand its roots at a steady CAGR of 7.5% between 2023 and 2033. The market is expected to have a market share of US$ 9.3 billion by 2033 while it is likely to be valued at US$ 4.5 billion in 2023
- The increased demand for autonomous cars, such as passenger and delivery vehicles, is encouraging vendors to implement driver monitoring system technology. Advanced sensors, infrared, lasers, and high-end cameras are used to deploy these technologies.
- Positive market effects are anticipated as a result of the improved road infrastructure and updated traffic safety regulations in response to new electric and self-driving vehicles. Furthermore, the sales of driver monitoring systems are rising as a result of cutting-edge technology like artificial intelligence and ADAS.
- With specific settings, alarm systems from new companies that integrate with smartphones alert the drivers and the people at home. Along with this, the rebound in logistics and tourism following COVID-19 also helps the market expand.
- Authorities are taking action as a result of the increased number of accidents caused by inattention and sleepiness. These behaviours need the use of the DMS and other safety equipment in the car.
- The government’s efforts lead us to nations where road safety is a top priority. For instance, Europe NCAP has established a path to achieve vision zero, which calls for no more traffic accidents.
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Key Points
- The United States market leads the driver monitoring system market in terms of market share in North America. The United States region holds a market share of 16.9% in 2023. The growth in this region is attributed to the presence of major autonomous vehicle vendors along with government policies pushing end users to adopt the technologies.
- In 2022, the United States market held a market share of 87.5% in North America, putting it as a leading region in terms of market share.
- The United Kingdom’s driver monitoring system market is another significant market in the European region. The market thrives at a CAGR of 5.2% between 2023 and 2033. The growth is attributed to the advanced European NCAP policies.
- The Chinese driver monitoring system market thrives at a CAGR of 11.8% during the forecast period. The growth is attributed to higher autonomous vehicle production and stringent safety rules.
- The ultrasonic sensors lead the technology type segment as it holds a market share of 20.5% in 2023. The growth is attributed to the higher affordability and its enhanced accuracy in the dark.
- Based on the vehicle type, the light commercial vehicle segment leads as it holds a market share of 26.0% in 2023.
Competitive Landscape
The key vendors work on adding the latest safety technologies including infrared and laser sensory technology. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
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Recent Market Developments
- In 2023, Smart Eye has been chosen to deliver its Eight Breakthrough Driver Monitoring Systems to a major global commercial vehicle customer.
- Valeo SA has introduced its camera-based technology that does driver identification, tracks eye direction, and follows eyelid opening.
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.
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.
Summary:
The market demand trend for driver monitoring systems is analysed in the research report. The impact of COVID-19, macroeconomic conditions, market trends, and market history are the foundations of the worldwide market. The driver monitoring system market is the subject of Future Market Insights’ research.
The following segments of the report are examined and analysed: technology type, sales channel, vehicle type, and geographies. The market study on driver monitoring systems provides us with both qualitative and quantitative data on the businesses.
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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
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