Driver Monitoring System Market to Grow at 13% CAGR till 2024
Development of autonomous and connected cars, and
growing need to reduce road accidents are expected to fuel the demand for
global driver monitoring system through 2024
According to TechSci Research
report, “Global Driver Monitoring System Market By Vehicle Type, By
Monitoring Type, By Offering Type, By Component, By Region, Competition,
Forecast & Opportunities, 2017 - 2024”, driver monitoring system
market, globally, is projected to grow at a CAGR of over 13% during 2019 – 2024
due to increased awareness and expectations about safe driving by installing an
advanced driver monitoring system. The growth can also be attributed to
technological advancements such as steering angle sensors, blink monitoring,
facial recognition, heart rate monitoring, and a pre-collision system. To
reduce road accidents, many governments around the globe are adopting stringent
rules and regulations related to the safety of drives, vehicles, and pedestrians,
which will further help to boost the market growth over the forecast period.
Moreover, expanding fleet of commercial vehicles is expected to push the demand
for driver monitoring systems capable of tracking the drowsiness of truck
drivers who drive for long hours at a stretch.
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Accounting for nearly half of the global market,
North America driver monitoring system market is being driven by increasing research
& development activities and rising need for these systems to help prevent
road accidents and injuries across the region. Moreover, growing sales of
autonomous vehicles are further aiding the region’s driver monitoring system
market, as the technology plays an important role in autonomous vehicles.
Key players operating in global driver monitoring system market
like Continental AG, DENSO Corporation, Delphi Automotive PLC, Valeo
S.A. and Robert Bosch GmbH are continuously working to develop more affordable
and advanced products to further boost their customer base. On the other hand,
many start-ups are also continuously working to intensify their business
operations by enhancing the quality and portfolio of their products. Several driver monitoring system manufacturers
are investing heavily in research & development activities, while various
others are investing intensively to expand the reach and availability of their
products across the globe.
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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 - 2024” 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.
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