Press release
Driver Monitoring Systems Market Set to Reach $2.77 Billion by 2029 with 10% Yearly Growth
Driver Monitoring Systems
The escalation in road safety consciousness, motivated by the increasing instances of on-road mishaps due to drivers' exhaustion and diversion, is the primary factor contributing to the growth of the driver monitoring systems (DMS) market. As per a 2022 report by the World Health Organization (WHO), roughly 1.3 million people succumb annually due to road traffic collisions. More than half of all road traffic deaths involve vulnerable road users such as pedestrians, cyclists, and motorcyclists. Around 93% of worldwide road deaths happen in low- to middle-income nations. Road traffic incidents place a financial strain, costing most nations about 3% of their GDP. The significance of DMS is expanding owing to the escalating necessity to comprehend and adapt to driving situations, and to minimize accidents. The growth in road mishaps due to fatigue, diversion, and the driver's lack of alertness, in conjunction with drunk driving, is boosting the driver monitoring systems market's remarkable growth.
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What growth opportunities are expected to drive the driver monitoring systems market's CAGR through 2034?
The market for driver monitoring systems has seen an impressive growth in recent years. There will be a sizeable increase from $1.73 billion in 2024 to $1.89 billion in 2025, with a compound annual growth rate (CAGR) of 9.5%. Factors that contributed to the growth in the historic period include the rising vehicle safety standards, growing focus on road safety, advances in AI and machine learning, incorporation into advanced driver assistance systems (ADAS), progress in the automotive industry, and company efforts towards fleet safety.
The market for driver monitoring systems is anticipated to experience rapid expansion in the coming years. It's projected to increase to $2.77 billion by 2029, with a compound annual growth rate (CAGR) of 10.0%. Factors contributing to growth during this period include collaborations with the insurance industry, liability reduction for original equipment manufacturers (OEMs), an uptick in demand for in-cabin monitoring, the rise of personalized safety features, and automotive fleet management expansion. Key trends anticipated for this period include AI-driven predictive analysis, designs centered around privacy, in-car camera systems, features for health monitoring, real-time feedback and alerts for drivers, and integration of biometric authentication.
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What are the emerging trends shaping the future of the driver monitoring systems market?
In the forecast period, the global driver monitoring systems market is predicted to grow due to various technological advancements. The current trend showcases leading OEMs (Original Equipment Manufacturers) and MROs (Maintenance Repair and Overhaul) pioneering advanced detection technologies specifically designed for vehicle drivers. For example, Panasonic Corporation has launched a technology to control drowsiness by detecting and estimating a person's level of fatigue, thereby enhancing comfort and safety while driving. Likewise, Mercedes-Benz has introduced an attention-assistance device that identifies signs of drowsiness in drivers and alerts them to halt before accidents occur. The Attention Assist technology builds a unique driver profile at the commencement of each journey and persistently contrasts it with the ongoing sensor data.
Which growth-oriented segments of the driver monitoring systems market are leading the industry's development?
The driver monitoring systems market covered in this report is segmented -
1) By Component: Interior Camera, Sensors, Other Components
2) By Monitoring Type: Driver Alertness Or Distraction Monitoring, Driver Fatigue Monitoring, Drunk Driving Monitoring, Identity Recognition
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
Subsegments:
1) By Interior Camera: Infrared Cameras, RGB Cameras, Depth Cameras
2) By Sensors: Eye Tracking Sensors, Facial Recognition Sensors, Heart Rate Sensors
3) By Other Components: Display Units, Control Units, Data Processing Units
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What regions are leading the charge in the driver monitoring systems market?
Asia-Pacific was the largest region in the driver monitoring systems market in 2024. North America was the second largest region in the global driver monitoring systems market share. The regions covered in the driver monitoring systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the driver monitoring systems market?
Major companies operating in the driver monitoring systems market include Ford Motor Co., Robert Bosch GmbH, Hitachi Ltd., Panasonic Corporation, ZF Friedrichshafen AG, Continental AG, Magna International, Aisin Seiki Corporation Limited, Magneti Marelli S.p.A, Faurecia SE, NVIDIA Corporation, Valeo SA, Texas Instruments Inc., Aptiv plc, Delphi Automotive plc, Intel Corporation, Renesas Electronics Corporation, DENSO Corporation, Autoliv Inc., Visteon Corporation, Veoneer Inc., Netradyne Technology India Pvt. Ltd., Mobileye N.V, Tata Elxsi Ltd., Plessey Semiconductors Ltd., Seeing Machines, Stonkam Co. Ltd., Cipia Vision Ltd., Jungo Connectivity Ltd., Fastree3D, UES Inc.
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What Is Covered In The Driver Monitoring Systems Global Market Report?
•Market Size Forecast: Examine the driver monitoring systems market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the driver monitoring systems market for a structured understanding.
•Key Players Overview: Analyze major players in the driver monitoring systems market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the driver monitoring systems market.
•Segment Contributions: Evaluate how different segments drive overall growth in the driver monitoring systems market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the driver monitoring systems market.
•Industry Challenges: Identify potential risks and obstacles affecting the driver monitoring systems market.
•Competitive Landscape: Review strategic developments in the driver monitoring systems market, including expansions, agreements, and new product launches.
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