Enhancing Road Safety: Driver Monitoring System Market Size Valued at US$ 9.3 Billion by 2033, Exhibiting a Robust CAGR of 7.5%

The driver monitoring system market Size 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 Over the forecast period of 2022-2033, the driver monitoring system market is expected to grow at a CAGR of 7.5% to reach a valuation of US$ 9.3 billion by 2033.

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%.

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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.

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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.

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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