Global Driver Monitoring Systems Market Growth 2024, Forecast To 2033
25 Sep, 2024
The driver monitoring systems market has shown impressive growth, expanding from $1.59 billion in 2023 to $1.75 billion in 2024, at a CAGR of 10.2%. This growth can be attributed to stricter vehicle safety regulations, heightened road safety awareness, advancements in AI and machine learning, and the evolution of the automotive sector. Looking ahead, the market is expected to reach $2.55 billion by 2028, with a CAGR of 9.8%. Factors contributing to this trend include partnerships with the insurance industry, increased demand for in-cabin monitoring systems, and the integration of personalized safety features.
Major Driver In The Driver Monitoring Systems Market
The driver monitoring systems (DMS) market is witnessing notable growth due to increased awareness of road safety. The alarming rise in on-road accidents, often caused by driver fatigue and distraction, has prompted a surge in demand for DMS. According to the World Health Organization (WHO) in 2022, approximately 1.3 million people lose their lives annually in road traffic crashes, with vulnerable road users accounting for over 50% of fatalities. The economic burden of road accidents, costing nations around 3% of their GDP, underscores the importance of DMS. As of 2023, the DMS market is gaining prominence as a crucial tool for understanding and adapting to driving conditions, resulting in a reduction in accidents. This trend is expected to continue in 2024, addressing the pressing issue of road safety worldwide.
Request A Free Sample Of The Global Driver Monitoring Systems Market ReportDriver Monitoring Systems Market Competitive Landscape
Ford Motor Co., Robert Bosch GmbH, Hitachi Ltd., Panasonic Corporation, ZF Friedrichshafen AG, Continental AG, Magna International, Aisin Seiki Corporation Limited, Jabil Inc., Magneti Marelli S.p.A, Faurecia SE, NVIDIA Corporation, Johnson Controls Inc., Valeo SA, Texas Instruments Inc., Aptiv plc, Delphi Automotive plc, Intel Corporation, Renesas Electronics Corporation, DENSO Corporation, Autoliv Inc., Visteon Corporation, Takata Corporation, Veoneer Inc., Netradyne Technology India Pvt. Ltd., Mobileye N.V, Tata Elxsi Ltd., Plessey Semiconductors Ltd., Seeing Machines, Stonkam Co. Ltd., Trident Systems Inc., Cipia Vision Ltd., Jungo Connectivity Ltd., Fastree3D, UES Inc.
Driver Monitoring Systems Market Segmentation
The driver monitoring systems market covered in this report is segmented –
1) By Component: Interior Camera, Sensors, Other Components
2) By Monitoring Type: Driver Alertness/Distraction Monitoring, Driver Fatigue Monitoring, Drunk Driving Monitoring, Identity Recognition
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
By Geography:The regions covered in the driver monitoring systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the driver monitoring systems market in 2023.
The Driver Monitoring Systems Global Market Report 2024 furnishes information about the global driver monitoring systems market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.