Driver Monitoring Systems Market to Reach $4.6 Billion by 2031: Allied Market Research
The factors that drive the growth of the global driver monitoring systems market are high demand for safety features and stringent safety rules and regulations. Technological advancements and mandatory regulations toward driver monitoring systems to be installed in vehicles are expected to offer prolific growth opportunities for the market. Region-wise, the European market would maintain its dominance in terms of revenue during the forecast period.
Portland, OR, Nov. 25, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global driver monitoring systems market generated $1.8 billion in 2021, and is estimated to reach $4.6 billion by 2031, witnessing a CAGR of 10.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Driver monitoring Systems Industry Report Coverage & Details:
|Market Size in 2021||$1.8 Billion|
|Market Size in 2031||$4.6 Billion|
|No. of Pages in Report||342|
|Segments Covered||Vehicle Type, Type Of Monitoring, Vehicle Propulsion, Component, Sales Channel, and Region|
|Drivers||High demand for safety features and stringent safety rules and regulations.|
|Increase in the demand for light commercial vehicles mainly for the purpose of carrying cargo.|
|Opportunities||Technological advancements and mandatory regulations toward driver monitoring systems to be installed in vehicles.|
|Restraints||High initial cost & complex structure.|
- 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.
The report offers a detailed segmentation of the global driver monitoring systems market based on vehicle type, type of monitoring, vehicle propulsion, component, sales channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on vehicle type, the passenger cars segment held the largest share in 2021, accounting for more than three-fourths of the global driver monitoring systems market share, and would rule the roost through 2031. However, the heavy commercial vehicles segment is estimated to witness the fastest CAGR of 13.1% during the forecast period. The report also analyzes the segments such as light commercial vehicles.
Based on type of monitoring, the driver state monitoring segment held the largest share in 2021, accounting for nearly four-fifths of the global driver monitoring systems market, and would rule the roost through 2031. However, the driver health monitoring segment is estimated to witness the fastest CAGR of 12.4% during the forecast period. The report also analyzes the segments such as personal and others.
Based on vehicle propulsion, the ICE vehicles segment held the largest share in 2021, accounting for more than 90% of the global driver monitoring systems market, and would lead the trail during the forecast period. However, the electric vehicles segment is estimated to witness the fastest CAGR of 16.8% during the forecast period.
Based on component, the sensors segment held the largest share in 2021, accounting for three-fifths of the global driver monitoring systems market, and would maintain its leadership during the forecast period. The same segment is estimated to witness the fastest CAGR of 10.8% during the forecast period. The report also includes the cameras and others segments.
Based on sales channel, the OEM segment held the largest share in 2021, accounting for more than 90% of the global driver monitoring systems market, and would maintain its leadership during the forecast period. The same segment is estimated to witness the fastest CAGR of 10.3% during the forecast period. The report also analyzes the aftermarket segment.
Based on region, the market in Europe was the largest in 2021, accounting for two-fifths of the global driver monitoring systems market share, and is likely to maintain its leadership status during the forecast period. However, the market in the Asia-Pacific region is expected to manifest the highest CAGR of 11.5% from 2022 to 2031. The other regions analyzed in the study include North America and LAMEA.
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Leading players of the global driver monitoring systems market analyzed in the research 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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