Driver Monitoring System Market to Grow USD 4203.4 Million by 2028 with a CAGR of 8.9% | Valuates Reports
BANGALORE, India , Sept. 12, 2022 /PRNewswire/ -- The Global Automotive Driver Monitoring System (DMS) Market is Segmented by Type (Driver State Monitoring, Driver Health Monitoring), by Application (Commercial Vehicle, Passenger Car): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
Due to the COVID-19 pandemic, the global Automotive Driver Monitoring System (DMS) market size is estimated to be worth USD 2520.2 Million in 2022 and is forecast to a readjusted size of USD 4203.4 Million by 2028 with a CAGR of 8.9% during the review period.
The major factor driving the growth of Automotive Driver Monitoring systems are:
Due to an increase in numerous on-road events brought on by distracted driving, increased awareness of road safety is the primary factor driving the driver monitoring systems (DMS) market
Furthermore, it is anticipated that the driver monitoring systems market will be fueled by rising disposable income and rising demand for vehicles with better safety features.
The expansion of the driver monitoring system market is anticipated to be driven by the rising acceptance of driver monitoring systems in commercial vehicles, which help lower maintenance costs.
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TRENDS INFLUENCING THE GROWTH OF THE AUTOMOTIVE DRIVER MONITORING SYSTEMS MARKET:
20–50 million people are injured on the roads annually, while 1.3 million people are killed, according to reports from the WHO (World Health Organization). What is more alarming is that if the current trend continues for about ten years, these numbers will rise by about 65% over the following twenty years. The importance of the driver monitoring system is growing as a result of its potential to decrease accidents and assist drivers in comprehending and adjusting to their riding conditions. This in turn is expected to drive the growth of the Driver Monitoring System market.
The driver monitoring systems market is being further stimulated by consumer demand for vehicles with improved safety features.
Moreover, Government laws and regulations are also supporting the Driver Monitoring System market growth. Europe, for instance, is a world leader in protecting its citizens' safety on the roads. With a target of no traffic accidents, Euro NCAP has unveiled its "In Pursuit of Vision Zero" Roadmap 2025. Driver Monitoring Solution has been acknowledged as a crucial safety component. 2020 was set as the deadline for on-road vehicle adoption. According to Euro NCAP, there should be "an incentive for driver monitoring systems that effectively detect drunk and distracted driving and give sufficient warning and take effective action."
Unsafe driving practices subject the vehicle to disproportionate wear and tear. Not to add that a tiny issue, if left to chance, will, mathematically speaking, result in considerably more severe harm to your car. And we're not simply discussing overheating or similar issues. That has a threatening quality to it. Your "capital efficiency" will increase in ways you never imagined possible by tracking, suggesting, and putting into practice changes in your driving habits. This also applies to tire life, potential fuel theft, and inefficient fuel use. Furthermore, it is feasible to develop a data-driven strategy and lower fuel consumption by examining the driving patterns and routes. This in turn is expected to drive the growth of the Driver Monitoring System market.
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AUTOMOTIVE DRIVER MONITORING SYSTEMS MARKET SHARE
During the anticipated period, the Driver State Monitoring sub-segment is anticipated to dominate the Driver Monitoring Systems market. Governments are making efforts to reduce the number of accidents on the road; therefore, by incorporating driver state monitoring systems, the number of accidents and consequently the number of casualties can be minimized. Over the anticipated period, this element will fuel the driver state monitoring segment's rise.
In the Asia Pacific area, the market for driver monitoring systems (DMS) is predicted to develop significantly. The rise in popularity and demand for feature-packed cars as well as the frequency of traffic accidents in the region are predicted to open up new business opportunities. Additionally, the region's demand for driver monitoring systems (DMS) will be boosted by technical advancements in auto-adventurous nations like Japan, India, and China.
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Key Companies:
- Robert Bosch
- Autoliv
- Continental AG
- Delphi
- Denso
- Omron Corporatoin
- Valeo
- Aisin Seiki
- Magna International
- Visteon Corporation
- Johnson Controls
- Tobii AB.
- Seeing Machines
- Smart Eye.
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SIMILAR REPORTS:
- The global Automotive Active Health Monitoring System market size is projected to reach USD 3558.2 Million by 2028, from USD 925.7 Million in 2021, at a CAGR of 21.1% during 2022-2028.
- The global Driver Assistance System (DAS) market size is projected to reach USD 85110 Million by 2028, from USD 28240 Million in 2021, at a CAGR of 16.6% during 2022-2028.
- The global ADAS market size is estimated to be worth USD 29740 million in 2022 and is projected to reach USD 57760 million by 2028 with a CAGR of 11.7% during the forecast period.
- Due to the COVID-19 pandemic, the global Automated Guided Vehicle market size is estimated to be worth USD 4674.6 Million in 2022 and is forecast to a readjusted size of USD 13890 Million by 2028 with a CAGR of 19.9% during the review period.
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