Dublin, June 30, 2021 (GLOBE NEWSWIRE) -- The "Driver Monitoring Systems Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
The global driver monitoring systems market is expected to grow from $0.96 billion in 2020 to $1.06 billion in 2021 at a compound annual growth rate (CAGR) of 10.4%.
Major players in the driver monitoring system market are Delphi Automotive PLC, Visteon Corporation, Valeo SA, Continental , Robert Bosch GmbH, Seeing Machines, Faurecia , Denso Corporation, Magna International and Aisin Seiki Corporation Limited.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.64 billion in 2025 at a CAGR of 12%.
The driver monitoring system market consists of sales of driver monitoring systems which is used to collect recognizable information about the driver for assessing the capability of the driver to perform the driving task safely. The market consists of revenue generated by the driver monitoring system companies manufacturing the driver manufacturing systems such as Facial Recognition/ Head Movement, heart rate monitoring, blink monitoring, steering angle sensor and a pre-collision system.
The global driver monitoring system market is experiencing several technological advances that are expected to boost the market in the forecast period. A rising trend is prominent OEMs (Original Equipment Manufacturers) and MROs (Maintenance Repair and Overhaul) developing advanced detection technologies for drivers of vehicles.
For instance, Panasonic Corporation has developed a drowsiness-control technology to detect and predict the level of drowsiness of a person, enabling him/her to remain comfortably awake while driving. Similarly, Mercedes-Benz has developed an innovative attention assist device that can detect when drivers start to get drowsy and prompt them to stop until it's too late. Attention assist monitors the actions of the driver and creates an individual driver profile at the start of each trip, which is then continuously compared with current sensor data.
Increase in road-safety awareness due to the rise in several on-road accidents caused by the driver due to fatigue and distraction is the major driver for the driver monitoring systems (DMS) market. According to publication by World Health Organization (WHO) in 2020, approximately 1.35 million people lost lives each year due to road traffic injuries.
The average rate of deaths per 100,000 population is 27.5, and the risk of a road traffic death is more than three times higher in low-income countries than in high-income countries, which have the average rate is 8.3 deaths per 100,000 population.
The DMS is gaining more importance due to the growing need for understanding and adjusting to the driving conditions and reduce the number of accidents. Rise in road accidents due to fatigue, distraction, and lack of alertness in the driver coupled with drinking and driving help the DMS market to witness notable growth.
The driver monitoring system market covered in this report is segmented by monitoring type into driver alertness/distraction monitoring; driver fatigue monitoring; drunk driving monitoring; identity recognition and by vehicle type into passenger vehicles, commercial vehicles.
The high cost of certain systems, such as adaptive cruise control (ACC), night vision, lane departure warning system (LDWS), blind-spot detection (BSD), and limiting its adoption only among luxury cars hamper the growth of driver monitoring systems market. The cost of commercial systems is very high ranging between $5000 and $40,000 for building eye-tracking systems.
The high cost of these systems ultimately increases the overall cost of cars and reduces the interests of car owners to adopt such systems. Additionally, complex installation procedures for driver monitoring systems is also a major factor that is expected to restrain the growth of the global driver monitoring system market over the forecast period.
Key Topics Covered:
1. Executive Summary
2. Driver Monitoring Systems Market Characteristics
3. Driver Monitoring Systems Market Trends and Strategies
4. Impact of COVID-19 on Driver Monitoring Systems
5. Driver Monitoring Systems Market Size and Growth
5.1. Global Driver Monitoring Systems Historic Market, 2015-2020, $ Billion
5.2. Global Driver Monitoring Systems Forecast Market, 2020-2025F, 2030F, $ Billion
6. Driver Monitoring Systems Market Segmentation
6.1. Global Driver Monitoring Systems Market, Segmentation By Monitoring Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Driver Monitoring Systems Market, Segmentation By Vehicle Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Driver Monitoring Systems Market, Segmentation By Component, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Driver Monitoring Systems Market Regional and Country Analysis
7.1. Global Driver Monitoring Systems Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Driver Monitoring Systems Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/6roxx9
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