NEWARK, Del, May 02, 2022 (GLOBE NEWSWIRE) -- Over the forecast period of 2022-2032, the driver monitoring 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 implementation of stringent regulations mandate the use of advanced technology like driver monitoring system 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.
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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.
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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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 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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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product innovation & Diversification
4.3. Marketing and Brand management
4.4. Supply Chain Management
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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