Major players in the driver monitoring system market are Delphi Automotive PLC, Visteon Corporation, Valeo SA, Continental AG, Robert Bosch GmbH, Seeing Machines, Faurecia, DENSO Corporation, Magna International, and Aisin Seiki Corporation Limited (Japan).
The Global Driver Monitoring System Market is expected to grow from USD 0.99 billion in 2019 and to USD 1.01 billion in 2020 at a growth rate of 2.29%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach USD 1.45 billion in 2023 at CAGR of 12.64%.
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.
Europe was the largest region in the driver monitoring system market in 2019.
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.
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 USD 5000 and USD 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.
In April 2019, Nidec Corporation acquired OMRON Automotive Electronics Co. Ltd for undisclosed amount. Nidec Corporation focuses on module products such as electric power steering (EPS) motors, electric brake motors, etc. and electronic control units (ECU). With the acquisition, Nidec will be able to create new module and systems products by combining Nidec group’s products including motors, pumps, gears with OMRON Automotive Electronics’ products such as ECUs and other electronics products. Nidec Elesys is strong in wave radar and camera-related products, while OMRON Automotive Electronics has strengths in laser radar and driver monitoring systems, which will allow two companies to collectively provide a full spectrum of sensors required for autonomous driving in the future. OMRON Automotive Electronics has produced many high-quality control products for the body control system, ECUs for motor control systems, power control systems, and other areas to address the market’s electrification needs.
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.
For More Information, Click on the Link Below:-
Ankur Gupta, Head Marketing & Communications