Press release
Advent of New-Age Sensor Technology Bolstering Growth of Driver Alert System Market, Fact.MR Study
"Improvements in driver assistance technology and the growing focus by leading auto manufacturers towards the development and production of autonomous vehicles to maximize road safety are likely to positively influence the driver alert system market," says the FACT.MR analyst.
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Driver Alert System Market- Key Takeaways
Fatigue prevention and alert systems will reflect a higher growth rate on the back of changes in consumer lifestyle in urban environments.
Driver alert systems for gasoline/diesel vehicles hold major market share owing to large global passenger and commercial fleets.
Asia Pacific is a major market for driver alert systems, with the presence of production facilities by leading market players, in addition to higher demand for autonomous vehicles.
Driver Alert System Market- Driving Factors
Higher levels of awareness about the certified vehicle safety ratings will contribute to adoption of driver alert systems.
The development and penetration of LiDAR, radar, cameras, and ultrasonic sensors will support market growth.
Driver Alert System Market- Major Restraints
Lack of road transport infrastructure and lax traffic regulations in developing countries is holding back market growth.
The increased cost to vehicle owners for the use of driver alert systems is a detractor to the market.
COVID-19 Impact on Driver Alert Systems Market
The covid-19 pandemic has adversely affected the driver alert system market. Lockdown restrictions have resulted in suspended production and supply chain activities in the auto sector. Also, changes in consumer spending behavior and reduced vehicle sales during the crisis hurts market prospects.
Recovery of the industry is likely to be gradual towards 2021. However, changes in restrictions and initiatives by governments towards the recovery of national economies will support long-term industry prospects.
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Competitive Landscape
Driver alert system manufacturers are operating in a fairly competitive sector and are focused largely on product research and development efforts, to expand their product portfolios in line with local road safety regulations.
For instance, in December 2020, MassDOT revealed plans to test their new Wrong-Way Driver Highway Alert System in collaboration with Pine Ride Technologies. Waze has unveiled its new driver warning system for users in Michigan for alerts in the vehicle in close proximity to towing trucks. In July 2020, SmartDrive released driver alert systems to provide drivers with information on hazardous obstacles and speeding alerts in addition to existing camera tech.
Some of the leading players in the driver alert system market include Continental AG, ZF Friedrichsahfen AG, Delphi, Visteon Corp., Stonakm Co. Ltd., Valeo SA, Magna International Inc., Tata Elxsi, Daimler AG, Nissan Motor Co. Ltd., Denso Corp., Magneti Marelli S.p.A., Infineon Technologies AG, and Johnson Controls Inc.
About the Report
This study offers readers a comprehensive market forecast of the driver alert system market. Global, regional and country-level analysis of the top industry trends impacting the driver alert system market is covered in this FACT.MR study. The report offers insights on the driver alert system market on the basis of component (sensors, cameras, and others), alert (steering and seat vibration, sound alerts, and others), type (fatigue, drowsiness, drunk driving, and others), vehicle (passenger and commercial), supplier (OEM and aftermarket), and propulsion (gasoline, diesel, hybrid, and electric), across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).
Press Release: https://www.factmr.com/media-release/1738/global-driver-alert-system-market
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Fact.MR is an independent, pure play market intelligence firm incorporated with an objective to deliver high quality, customized market research solutions that help our clients successfully go to the market equipped with actionable insights capable of impacting crucial business decisions.
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