Over the forecast period of 2022–2032, the driver moniitoring system market is expected to grow at a CAGR of 7.5% to reach a valuation of US $8,770.9 Mn by 2032.
The driver monitoring system market will gain from the surging demand as implementation of stringent regulations mandates the use of advanced technology like driver monitoring systems to prevent unforeseen road accidents. The fundamental technologies for this system are still lidar and camera sensors. As a result, in terms of technology type, infrared and camera sensors account for roughly 70 percent of the DMS marker.
An increase in road-safety awareness as a result of an increase in various on-road incidents caused by negligent or distracted driving is the primary driver for the driver monitoring systems (DMS) market. According to a report released by the World Health Organization (WHO) in 2020, road accidents claim the lives of approximately 1.35 million people each year.
DMS is essential for Level 3 and 4 self-driving or autonomous vehicles, which require drivers to re-engage and be ready to control the vehicle at vital points during the trip. An increase in autonomous vehicles as well as regulation governing them, is estimated to create lucrative opportunities for the market in the forecast period.
Key Takeaways from
- By technology type, infrared sensor sales are expected to grow at a CAGR of 7.6% in the global market.
- By vehicle type, the passenger vehicle segment will dominate the market with more than 76% of the market share.
- By sales channel, the OEM segment will lead the Driver Moniitoring System Market and is anticipated to create an absolute dollar opportunity worth US$ 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.
Driver Moniitoring 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-term supply relationships and to intrigate a central control unit for different ADAS technologies.
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 analyzed in the following segments such as by technology type, sales channel, vehicle type, and regions. The driver monitoring system market report gives us qualitative and quantitative information about the companies.
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