Driver Monitoring Systems Market Set for Remarkable Expansion, Forecasted to Hit $4.6 Billion by 2031

According to the report published by Allied Market Research, the global driver monitoring systems market generated $1.8 billion in 2021, and is estimated to reach $4.6 billion by 2031, witnessing a CAGR of 10.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

Europe is expected to dominate the global driver monitoring system market. Technical developments in the sector for efficient enforcement of safety features and better drive quality lead toward the growth of the automotive industry. The adoption of driver monitoring has increased in safety systems of automobiles with the rise in popularity of autonomous driving. The presence of supportive legislations, and cost-effective vehicles fuel the use of safety systems in cars to improve safety and comfort.

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Automotive manufacturers in the region have focused on reducing road fatalities by adopting various safety ensuring programs such as eSafety Aware and other informative campaigns. High intensity discharge lamps lights improve drivability at night. Automotive electronics manufacturers have prioritized the development of Infrared cameras to develop better vision assisting systems for cars. The demand for electronic equipment has rapidly increased to improve driving and vehicle safety.

Increase in the demand for light commercial vehicle mainly to carry cargo leads toward the growth of the industry. This segment is considered to be the fast-growing vehicle type in the driver monitoring system market due to its vital role in the transportation industry. Advancement in technology and mandatory regulations toward driver monitoring system to be installed in the vehicles boost the growth of the market as users are now concerned toward the safety of the people, vehicle, and the cargo they carry.

In addition, automobile manufacturing companies are introducing light commercial vehicles such as trucks integrated with driver monitoring system in the market, which fuels the growth of the market. For instance, in 2022, Tata motors launched 7 new light commercial vehicle trucks, along with 5 CNG heavy commercial trucks at Jio World Centre in Mumbai. The new range of light commercial trucks comprises new safety and comfort features such as ADAS, Driver Monitoring system, collision mitigation systems, lane departure warning system, tyre pressure monitoring system, and others.

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The global driver monitoring system market is experiencing growth due to high demand for safety features, and stringent safety rules and regulations. However, high initial cost & complex structure is the factor hampering the growth of the market. Furthermore, technological advancements are expected to offer growth opportunities during the forecast period.

Covid-19 Scenario:

1. The COVID-19 outbreak impacted the driving monitoring system negatively due to commute restrictions.

2. The sale of driver monitoring systems is directly linked to automotive production and sales activities. The global automotive production witnessed a decline by 16% in 2020 as compared to automotive production in 2019. The global automotive sales witnessed a drop by around 14% (Y-o-Y) from 90.42 million units in 2019 to 77.97 million units in 2020. This in turn, impacted the driving monitoring system market negatively.

3. Although, the automotive market struggled during the pandemic time, the driver monitoring systems market has huge scope of growth in future due to the high demand for integration ofdriver monitoring systems in commercial vehicles, technological advancement in driver monitoring systems, and high demand for safety features in automobiles from consumer-end.

Based on vehicle type, the passenger cars segment held the largest share in 2021, accounting for more than three-fourths of the global driver monitoring systems market share, and would rule the roost through 2031. However, the heavy commercial vehicles segment is estimated to witness the fastest CAGR of 13.1% during the forecast period. The report also analyzes the segments such as light commercial vehicles.

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Based on type of monitoring, the driver state monitoring segment held the largest share in 2021, accounting for nearly four-fifths of the global driver monitoring systems market, and would rule the roost through 2031. However, the driver health monitoring segment is estimated to witness the fastest CAGR of 12.4% during the forecast period. The report also analyzes the segments such as personal and others.

Based on vehicle propulsion, the ICE vehicles segment held the largest share in 2021, accounting for more than 90% of the global driver monitoring systems market, and would lead the trail during the forecast period. However, the electric vehicles segment is estimated to witness the fastest CAGR of 16.8% during the forecast period.

Based on component, the sensors segment held the largest share in 2021, accounting for three-fifths of the global driver monitoring systems market, and would maintain its leadership during the forecast period. The same segment is estimated to witness the fastest CAGR of 10.8% during the forecast period. The report also includes the cameras and others segments.

Based on sales channel, the OEM segment held the largest share in 2021, accounting for more than 90% of the global driver monitoring systems market, and would maintain its leadership during the forecast period. The same segment is estimated to witness the fastest CAGR of 10.3% during the forecast period. The report also analyzes the aftermarket segment.

Based on region, the market in Europe was the largest in 2021, accounting for two-fifths of the global driver monitoring systems market share, and is likely to maintain its leadership status during the forecast period. However, the market in the Asia-Pacific region is expected to manifest the highest CAGR of 11.5% from 2022 to 2031. The other regions analyzed in the study include North America and LAMEA.

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Key players operating in the global driver monitoring system market include Aisin Corporation, Autoliv Inc, Continental AG, Denso Corporation, Intel Corporation, Magna International Inc, NXP Semiconductors, Panasonic Corporation, Robert Bosch GmbH, Texas Instruments Inc, Valeo, and ZF Friedrichshafen AG.

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