Driver Alert System is expected to rise at a CAGR of over 14% between 2020 and 2030 - States Fact.MR
Innovations in the field of advanced driver assistance systems (ADAS) is expected to create an environment conducive to the growth of the market.
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The World Health Organization (WHO) has stated that nearly 1.35 million people across the world died in road accident in 2018.
The WHO also further identifies road injuries among leading causes of deaths among people aged between 5 and 29 years.
Some of the leading car makers are introducing cutting-edge technologies in their vehicles to curb this incidence.
Spurred by these factors, sales recorded in the driver assistance systems market is surging at an impressive pace. Fact MR’s study on the market provides insights into various growth drivers.
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It also gauges the investment feasibility across key segment. Some of the key takeaways from the report are highlighted below:
The sound alert system segment is expected remain lucrative in terms of alert
Adoption of driver alert systems in fatigue prevention continues to gain traction
Passenger vehicle is expected to remain lucrative in terms of vehicle throughout the forecast period
Asia Pacific will emerge as a lucrative market for driver alert systems
In terms of propulsion, gasoline is expected to emerge as the key segment in terms of propulsion
Component-wise, sensors will lead the market through the forecast period
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“The advances in advanced driver assistance systems (ADAS) in response to the surging demand for semi-autonomous vehicles has been creating growth opportunities for the driver alert systems market. These systems are expected to become pre-requisite for self-driving cars in future,” said a Fact.MR analyst.
Increasing Demand for ADAS Steering Growth
With the rapidly evolving automotive industry, the demand for various ADAS such as driver connective solutions, weather alerts, safety alerts, and others is increasing exponentially.
Driver alert systems, being an integral part of ADAS, have emerged as a highly sought-after technology especially with rising focus on curbing the incidence of road accidents.
Driver alert system is gaining traction not only in luxury vehicles segment, but also in small and medium sized vehicles categories.
The increase in demand for passenger vehicles, coupled with the diverse applications of sensors, starting from disaster to road safety alerts, is creating prospects for growth of the market.
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The COVID-19 outbreak in the current year has impacted the global driver alert systems market negatively due to several factors such as closing down of manufacturing units during the lock down period, scarcity of raw materials, unavailability of labors, financial constraints, decrease in market demand, disrupted logistics service, non-operational supply chain, and others.
Despite temporary lull witnessed due to the pandemic outbreak, the driver alert systems market is projected to recover its rate of growth in the coming years.
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