According to a report by TechSci Research, the global driver monitoring system market is expected to grow at a CAGR of over 13.5% from 2019 to 2026. This growth is primarily driven by increased awareness and expectations about safe driving, leading to the installation of advanced driver monitoring systems. Technological advancements such as steering angle sensors, blink monitoring, facial recognition, heart rate monitoring, and pre-collision systems have also contributed to market growth. Governments worldwide are implementing strict rules and regulations related to road safety, which is expected to further boost market growth. Additionally, the expanding fleet of commercial vehicles is driving demand for driver monitoring systems capable of tracking driver drowsiness.
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The North American market accounts for almost half of the global market, with increasing research and development activities and the rising need for driver monitoring systems to prevent road accidents and injuries being key drivers of growth. The sales of autonomous vehicles in the region are also contributing to market growth as driver monitoring systems are crucial to the functioning of autonomous vehicles.
Key players such as Continental AG, DENSO Corporation, Delphi Automotive PLC, Valeo S.A., and Robert Bosch GmbH are continuously developing affordable and advanced products to increase their customer base. Start-ups are also enhancing their product portfolios and investing in research and development activities. Driver monitoring system manufacturers are investing heavily to expand the availability of their products globally.
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“With growing concerns regarding road accidents, driver monitoring systems are emerging as a promising product to help reduce road accidents related injuries and fatalities. Driver monitoring systems observe driver’s driving habits and monitor hand and head movements to identify the driver’s fatigue level and drowsiness level. With continuous technological advancements, driver monitoring system quality and reliability is anticipated to increase and become much better during the forecast period, thereby making it a preferred feature in automobiles in coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Driver Monitoring System Market By Vehicle Type, By Monitoring Type, By Offering Type, By Component, By Region, Competition, Forecast & Opportunities, 2017 – 2026” has analyzed the potential of driver monitoring system market, globally, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by driver monitoring system market across the globe.
Recent Developments
Magneti Marelli signed an agreement in August 2018 to acquire SmartMeUp, a French company focused on developing perception software for autonomous driving and driver monitoring systems. This strategic move is expected to enhance the product offering of Magneti Marelli.
In January 2020, Tata Elxsi and AEye introduced an integrated robotaxi system. The system combines Tata Elxsi’s autonomous stack with AEye’s iDAR platform, which is the first fully software-definable smart sensor. iDAR aids dynamic ROI and cueing of sensors, resulting in improved detection and classification reliability, as well as extending the range at which objects can be detected, classified, and tracked. This enhances safe and reliable vehicle autonomy, and AEye announced the successful completion of RoboTaxi, Tata Elxsi’s in-house model demonstrator vehicle built using this platform.
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