Driver Monitoring System Market: Anticipated CAGR of 7.5% from 2023 to 2033 with Projected US$ 9.3 Billion Market Share by 2033

The Driver monitoring system market is anticipated to expand its roots at a steady CAGR of 7.5% between 2023 and 2033. The market is expected to have a market share of US$ 9.3 billion by 2033 while it is likely to be valued at US$ 4.5 billion in 2023

-The higher demand for self-driving automotive including passenger and loading vehicles are pushing the vendors to adopt the driver monitoring system technologies. These technologies are deployed through high-end cameras, infrared, lasers, and advanced sensors.

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-The advanced road structure and revised road safety policies according to the new electric and self-driving vehicles are expected to impact the market positively. Furthermore, advanced technologies like artificial intelligence and ADAS is also increasing the sales of driver monitoring systems.

-New startups with alarm systems and smartphone integration alerts the drivers and their people back home with custom settings. Alongside this, the restoration of logistics and tourism activities post covid-19 contribute to the market growth.

-The higher number of accidents due to the lack of focus and drowsiness is making authorities take action. These actions involve the compulsion of DMS and other safety gears in the vehicle.

-The authority actions take us to the countries prioritizing road safety. For example, Europe NCAP has settled the roadmap in pursuit of vision zero that is expected to endure zero road accidents.

Key Points

The United States market leads the driver monitoring system market in terms of market share in North America. The United States region holds a market share of 16.9% in 2023. The growth in this region is attributed to the presence of major autonomous vehicle vendors along with government policies pushing end users to adopt the technologies.
In 2022, the United States market held a market share of 87.5% in North America, putting it as a leading region in terms of market share.
The United Kingdom's driver monitoring system market is another significant market in the European region. The market thrives at a CAGR of 5.2% between 2023 and 2033. The growth is attributed to the advanced European NCAP policies.
The Chinese driver monitoring system market thrives at a CAGR of 11.8% during the forecast period. The growth is attributed to higher autonomous vehicle production and stringent safety rules.
The ultrasonic sensors lead the technology type segment as it holds a market share of 20.5% in 2023. The growth is attributed to the higher affordability and its enhanced accuracy in the dark.
Based on the vehicle type, the light commercial vehicle segment leads as it holds a market share of 26.0% in 2023.

Competitive Landscape

The key vendors work on adding the latest safety technologies including infrared and laser sensory technology. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

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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Recent Market Developments

In 2023, Smart Eye has been chosen to deliver its Eight Breakthrough Driver Monitoring Systems to a major global commercial vehicle customer.
Valeo SA has introduced its camera-based technology that does driver identification, tracks eye direction, and follows eyelid opening.

Key Segments Covered

By Technology:

Ultrasonic Sensor
Lidar Sensor
Radar Sensor
Camera Sensor
Infrared Sensor
Pressure Sensor

By Sales Channel:

OEM
Aftermarket

By Vehicle Type:

Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient 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.