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Driver Monitoring Systems Market1
Increase in the demand for light commercial vehicle mainly for the purpose of carrying cargo leads toward the growth of the industry.
PORTLAND, OR, UNITED STATES, June 2, 2023/einpresswire.com / -- According to a new report published by Allied Market Research, titled,“driver monitoring systems market ," The driver monitoring systems market was valued at $1.8 billion in 2021, and is estimated to reach $4.6 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
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Increase in the demand for light commercial vehicle mainly for the purpose of carrying cargo leads toward the growth of the industry. This segment is considered to be the fast-growing vehicle type in the driver monitoring system market due to its vital role in the transportation industry. Advancement in technology and mandatory regulations toward driver monitoring system to be installed in the vehicles boost the growth of the market as users are now concerned toward the safety of the people, vehicle, and the cargo they carry.
Europe is expected to dominate the global driver monitoring system market . Technical developments in the sector for efficient enforcement of safety features and better drive quality lead toward the growth of the automotive industry. The adoption of driver monitoring has increased in safety systems of automobiles with the rise in popularity of autonomous driving. The presence of supportive legislations, and cost-effective vehicles fuel the use of safety systems in cars to improve safety and comfort. Automotive manufacturers in the region have focused on reducing road fatalities by adopting various safety ensuring programs such as eSafety Aware and other informative campaigns. High intensity discharge lamps lights improve drivability at night. Automotive electronics manufacturers have prioritized the development of Infrared cameras to develop better vision assisting systems for cars. The demand for electronic equipment has rapidly increased to improve driving and vehicle safety.
The COVID-19 outbreak impacted the driving monitoring system negatively due to commute restrictions.
The sale of driver monitoring systems is directly linked to automotive production and sales activities. The global automotive production witnessed a decline by 16% in 2020 as compared to automotive production in 2019. The global automotive sales witnessed a drop by around 14% (Y-o-Y) from 90.42 million units in 2019 to 77.97 million units in 2020. This in turn, impacted the driving monitoring system market negatively.
Although, the automotive market struggled during the pandemic time, the driver monitoring systems market has huge scope of growth in future due to the high demand for integration ofdriver monitoring systems in commercial vehicles, technological advancement in driver monitoring systems, and high demand for safety features in automobiles from consumer-end.
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In addition, automobile manufacturing companies are introducing light commercial vehicles such as trucks integrated with driver monitoring system in the market, which fuels the growth of the market. For instance, in 2022, Tata motors launched 7 new light commercial vehicle trucks, along with 5 CNG heavy commercial trucks at Jio World Centre in Mumbai. The new range of light commercial trucks comprises new safety and comfort features such as ADAS, Driver Monitoring system, collision mitigation systems, lane departure warning system, tyre pressure monitoring system, and others.
The global driver monitoring system market is experiencing growth due to high demand for safety features, and stringent safety rules and regulations. However, high initial cost & complex structure is the factor hampering the growth of the market. Furthermore, technological advancements are expected to offer growth opportunities during the forecast period.
KEY FINDINGS OF THE STUDY
By type of monitoring, the driver health monitoring segment is anticipated to exhibit significant growth in the near future.
By component, the sensors segment is anticipated to exhibit significant driver monitoring system industry growth in the near future.
By vehicle type, the heavy commercial vehicle segment is anticipated to exhibit significant growth in the near future.
By vehicle propulsion, the electric vehicle segment is anticipated to exhibit significant growth in the near future.
By sales channel, the OEM segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global driver monitoring system market include Aisin Corporation, Autoliv Inc, Continental AG, Denso Corporation, Intel Corporation, Magna International Inc, NXP Semiconductors, Panasonic Corporation, Robert Bosch GmbH, Texas Instruments Inc, Valeo, and ZF Friedrichshafen AG.
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