Driver Monitoring System Market to Hit US$ 8,770.9 Million by year 2032 | Future Market Insights

Over the forecast period of 2022-2032, the driver monitoring system market is expected to grow at a CAGR of 7.5% to reach a valuation of US$ 8,770.9 Million by 2032. The driver monitoring system market 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.

The fundamental technologies for this system are still Lidar and camera sensors. As a result, in terms of technology type, infrared and camera sensors account for roughly 70 percent of the DMS marker.

An increase in road-safety awareness as a result of an increase in various on-road incidents caused by the negligent or distracted driving is the primary driver for the driver monitoring systems (DMS) market. According to a report released by the World Health Organization (WHO) in 2020, road accidents claim the lives of approximately 1.35 million people each year.

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DMS are essential for Level 3 and 4 self-driving or autonomous vehicles, which require drivers to re-engage and ready to control the vehicle at vital points during the trip. Increase in Autonomous vehicle as well as regulation governing them, is estimated to create lucrative opportunities for the market in the forecast period.

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%.
"Increasing implementation of stringent road safety regulation coupled with growing awareness regarding importance of driver alertness while driving will create the crux of opportunities in the market," says a Future Market Insights analyst.

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Driver Monitoring System Market Competitive Landscape

Continental AG
ZF Friedrichshafen AG
Mobileye
Aptiv Plc
Veoneer Inc.
Valeo SA
Magna International
Aisin Seiki Co., Ltd
Texas Instruments Incorporated
NXP Semiconductors N.V
Renesas Electronics Corporation
Intel Corporation
Hitachi, Ltd.

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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
Driver monitoring system Market by Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.