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Driver Alert System Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Driver Alert System Global Market Report 2024
According to The Business Research Company's, The driver alert system market size has grown rapidly in recent years. It will grow from $7.05 billion in 2023 to $7.96 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to rise of automotive electronics, rising road traffic, demand for vehicle safety, awareness of distraction risks, emergence of telematics.
The driver alert system market size is expected to see rapid growth in the next few years. It will grow to $13.11 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to demand for real-time monitoring, growing concerns about driver distraction, rise in adoption of electric vehicles, increased focus on fleet safety, rising demand for personalized safety features. Major trends in the forecast period include technological advancements, adoption of AI, development of multi-sensor systems, data analytics for performance optimization, adoption of advanced sensors.
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Market Drivers and Trends:
The rising number of road accidents is expected to propel the growth of the driver alert system market going forward. Road accidents refer to any collision involving at least one moving vehicle on a public or private road that is accessible to the general public and that leaves at least one person hurt or dead. Road accidents are rising due to factors such as increased distracted driving, higher vehicle speeds, and inadequate infrastructure. Driver alert systems help reduce road accidents by transmitting real-time notifications to drivers, lessening the likelihood of accidents caused by driver fatigue, distraction, or inattention. For instance, in August 2022, according to the National Highway Traffic Safety Administration, a US-based government agency, 9,560 individuals died in traffic accidents in the first quarter of 2022, an increase of 7% compared to the 8,935 fatalities for the same period in 2021. Therefore, the growing number of road accidents is driving the growth of the driver alert system market.
Major companies operating in the driver alert system market are focusing their efforts on introducing technologically advanced solutions, such as impaired driving prevention technology, to gain a competitive edge in the market. Impaired driving prevention technology refers to a system that can passively monitor the performance of drivers to detect impairment, particularly related to alcohol consumption. For instance, in January 2024, Magna International, a Canada-based mobility technology company, introduced a breath- and camera-based pre-development technology designed to combat impaired driving. The new safety system evaluates if drivers are 'fit to drive' in a timely, dependable, and economical manner. The integrated solution combines essential aspects of the interior sensing system, which uses camera technology to detect driver distraction, tiredness, and intoxication via pupillary signals, with infrared sensor technology created by Senseair, a company specializing in air and gas sensing. Cockpit-embedded sensors analyze and quantify alcohol and carbon dioxide levels in the driver's diluted exhalations. The device is designed to passively detect an intoxicated motorist whose blood alcohol content is at or above the legal limit of 0.08% in all states except Utah, where the limit is 0.05%.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Ford Motor Company, Mercedes-Benz Group AG, Robert Bosch GmbH, Nissan Motor Co. Ltd., DENSO Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis Co. Ltd., Magna International Inc., Faurecia SE, Johnson Controls Inc., Valeo SA, Nidec Corporation, Infineon Technologies AG, BorgWarner Inc., Magneti Marelli S.p.A., HELLA GmbH & Co. KGaA, Garmin Ltd., Delphi Technology Inc, Visteon Corporation, VOXX International Corporation, Tata Elxsi Ltd., STONAKM Co. Ltd., Astro Optics Pvt Ltd., Dinalog Inc.
Driver Alert System Market 2024 Key Insights:
• The driver alert system market size is expected to see rapid growth in the next few years. It will grow to $13.11 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Rising Road Accidents Fuel Growth In The Driver Alert System Market
• Technological Advancements In Impaired Driving Prevention
• North America was the largest region in the driver alert system market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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