According to a new market research report published by Acute Market Reports “Driver Monitoring Systems Market (Vehicle Class – Commercial Vehicles and Passenger Cars) – Growth, Future Prospects and Competitive Analysis, 2021—2029”, the global driver monitoring systems market is set to expand with a double digit CAGR throughout the forecast period to reach US$ 29,945.3 Mn by 2029.
Browse the full report at https://www.acutemarketreports.com/report/driver-monitoring-systems-market
Market Insights
The driver monitoring systems market highly driven by increasing demand for automotive safety systems worldwide. Rise in road accidents due to driver’s fatigue, distraction, and lack of alertness coupled with drink and drive cases together helps DMS market to witness notable growth. DMS find major adoption among luxury cars with small share for the premium cars. Thus, growing market of luxury cars observed as one of the most prominent factors influencing DMS market growth. Increasing driver’s safety concerns coupled with government initiatives regarding drivers safety, among developing countries such as Japan, U.S., Germany and U.K. among others ensuring DMS market growth during the forecast period from 2021 to 2029. Product development through software upgrade and picture quality improvements observed as one of the highly adopted strategies gaining rapid traction in global DMS market. High cost of DMS limiting its adoption only among luxury cars thereby hampering market growth.
Driver monitoring systems market segmented by vehicle class, into commercial vehicles and passenger cars. According to our research, passenger cars accounted for more than 70% of market share. Increasing demand for passenger luxury cars as well as for driver safety tools ensuring rapid growth in passenger cars market share over the forecast period. High preference to the integration of recent technologies among luxury cars along with increasing investments in automotive sector further causes passenger cars segment to lead overall market for driver monitoring systems. Product highlights such as liveness detection, prevention agents hacking, infrared camera support along with highly optimized core technology and online support, increasing attractiveness for DMS systems among end-users. Increasing market penetration of luxury cars accounted as one of the highly contributing factor in DMS market growth. In year 2020, global luxury cars market crossed US$ 560 Bn and expected to witness growth of 6% in coming years.
Technological advancements in automotive industry coupled with increasing adoption of driver safety systems, allows Europe to dominate the global DMS market, followed by North America and Asia Pacific. It is further expected to lead global DMS market during the forecast period from 2021 to 2029. Government initiatives such as “New Car Assistant program (NCAP)”, where DMS listed as a primary safety system along with strict regulation regarding integration of safety systems in passenger cars reported as some of the promising factors positively impacting the demand for DMS systems, in this region. Asia Pacific is projected to resister fastest growth in overall DMS market owing to increasing incidences of road accidents along with the rise in demand for luxury cars and advanced DMS systems.
Some of the major players profiled in the report include Sumitomo Riko Company Ltd., AG Electronics, Inc., Nissan Motor Co., Ltd., Aisin Seiki Co., Ltd., Autoliv, Inc., Continental Automotive Systems, Inc., Delphi Automotive PLC, Denso Corporation, Johnson Control, Inc., Valeo SA, Visteon Corporation, Magneti Marelli SpA, Robert-Bosch GmbH and others.
