According to Stratistics MRC, the “Global Driver Monitoring Systems market” is accounted for $718 million in 2018 and is expected to reach $2,525.83 million by 2027 growing at a CAGR of 15.0% during the forecast period. Some of the key factors propelling the market growth are increasing need to curb road accident fatalities and growing awareness about safe driving. However, the high cost of these systems is the restraining factor for the growth of the market.
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Driver monitoring system (DMS) is utilized to monitor driver attentiveness through infrared sensors. It contains a CCD camera located on the steering column that is capable of tracking the driver’s eye. The system warns the driver through sounds and flashing lights if any dangerous situation is detected. The vehicle applies the brakes automatically if the driver fails to take action in time.
Opportunity: The development of new products through software upgrades and improved picture quality will provide ample opportunities for the market.
Driver: Technological advancements in the overall automotive industry.
On the basis of the geographical presence, the Asia Pacific region acquired the largest market share owing to the increase in demand for luxury cars and a rise in incidences of road accidents. Additionally, technological advancements in countries like China, Japan, and South Korea are anticipated to boost the demand for driver monitoring systems (DMS) in the region.
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Improved products ensure more efficiency for driver monitoring. The strategy of original equipment manufacturers to develop upgraded products eventually results in opening up new opportunities for the market players.
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In recent years, the automotive industry has worked closely with major technology providers in order to deliver sophisticated, safest and most comfortable vehicles out there. More manufacturers are applying algorithms that use data to automate the setting up of a vehicle. The technological advancement is being reflected in the field of driver monitoring too.
By application, the biometric sensors segment held significant market growth during the forecast period as it is actively used to observe biological signals including heart and breathing rates, skin conductivity, blood pressure, and heart rate variability. Through this, the mood, stress, alertness or fatigue of drivers can be analyzed.
The Global Driver Monitoring Systems Market Leaders AG Electronics Inc, Aisin Seiki Co Ltd, Autoliv Inc, Continental AG, Delphi Automotive PLC, DENSO Corporation, Jabil Inc, Johnson Controls Inc, Magneti Marelli SpA, Nissan Motor Co Ltd, Robert Bosch GmbH, Seeing Machines, Sumitomo Riko Company Ltd, Valeo S.A., Veoneer Inc, and Visteon Corporation.
Robert Bosch GmbH: In December 2019, Bosch unveiled a new interior monitoring system featuring cameras and artificial intelligence (AI) that can identify driver sleepiness and distraction and provides driving assistance. A camera integrated into the steering wheel has the ability to detect when drivers’ eyelids are getting heavy, when they are distracted, and when they turn their head toward their passenger or the rear seats.
Continental AG: In February 2020, Continental announced the construction of a new plant for advanced driver assistance systems in the USA. The purpose of the new building is to enlarge its capacity for the fabrication of radar sensors. Advanced driver assistance systems will be manufactured at the 20.000 square meter site.
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