Increase in the Safety Demand for Drivers to ensure Positive Growth in Driver Monitoring Systems Market

Global Driver Monitoring Systems (DMS) market was valued US$ 7,714.3 Mn in 2020 and set grow at CAGR of 16.4% throughout the forecast period from 2021 to 2029. Increasing demand for driver’s safety tools is pointed as the most prominent factor influencing overall DMS market growth. Rise in road accidents contributed with high share in overall DMS market growth in recent years.  In addition, increasing count health issues such as fatigue, low vision among others resulting in increasing demand for such driver’s safety tools. Emerging need for safe, efficient and convenient driving experience along with the strengthened government safety regulations regarding drivers safety further set DMS market to grow over the review period. Increasing market for luxury cars ensures positive impact on DMS market, thereby placing high demand for advanced DMS systems. DMS find major adoption among luxury cars considering high price of the system. Luxury passenger cars has witnessed rise in market penetration in year 2020, owing to increase in driver safety concerns coupled with the improving per capita income of developing countries.

Passenger Cars Segment to Lead DMS Market throughout the Forecast Period

Global DMS market was dominated by passenger cars segment by securing more than 70% of market share in 2020. Increasing popularity of luxury cars coupled with high demand for advanced driver safety tools allows DMS to register significant growth, for passenger cars segment. Consistent rise in road accidents owing to driver’s inattentiveness is observed as one of the promising factors causing DMS market to witness high market penetration. Growing luxury passenger cars market coupled with increasing road accidents together set DMS market to report significant growth. Among developed countries, despite of improved road safety, road accidents claimed the lives of 1.3 million people worldwide in 2020 with driver’s inattentiveness as a major reason. Global driver monitoring systems market for passenger cars was valued US$ 4,063.2 Mn in 2020 and expected to grow with CAGR of 15.8% from 2021 to 2029..   

Europe Dominates DMS Market with more than 40% Market Share; North America to Emerge as the Next Promising Market

Europe accounted for highest market share in recent years, owing to increasing automotive industry coupled with high demand for driver safety tools in global DMS market. Government initiatives such as New Car Assistant program (NCAP) pointed as a major cause behind Europe leading overall market for driver monitoring systems (DMS). European government has strengthened the safety regulations regarding integrations of safety tools among both passenger as well as commercial cars. DMS witnessed high adoption in both passenger as well as commercial cars segments in this region. Technological advancements in automotive industry is pointed as one of the highly contributing factor in overall DMS market growth. European luxury cars market witnessed tremendous growth in 2020, thereby increasing market demand for driver monitoring systems. On 1 June 2021, European Automotive Manufacturers Association (EAMA) announced growth of 2.7% in production of passenger cars, thereby successfully completing the target of 16.6 Mn in 2020.

North America along with Asia Pacific are projected to register fastest growth in global DMS market during the forecast period from 2021 to 2029. Global DMS market further witness high contribution of developing automotive industry in North America along with increasing demand for luxury cars in Asia Pacific region, in overall market growth. Growing safety concerns coupled with increasing demand for advanced driver safety system are some more factors supporting the DMS market growth among these regions. In addition, Technological advancement across some of leading countries including China, Japan and South Korea among others reported for their crucial role in overall DMS market expansion.

Development in Products Remains Key Strategy

Product developments pointed as one of the major strategies getting rapid traction in overall DMS Market in recent years. Developments in terms of software upgrade reported as one of the highly adopted strategy to maintain leading position in global DMS market. In addition, hardware advancements coupled with the introduction to the newer technologies in existing system are some more ways for product development, observed during company profiling. For instance, on 15 December 2019, Pioneer Corporation, one of the leading company in proving autonomous driving solutions, announced launch of driver alertness monitoring systems for both passenger as well as commercial cars. This newly launched DMS system comprises advanced technology such as image processing, artificial intelligence among others coupled with highly innovative sensors capable in detecting signs of drowsiness by heart rate.

By 2020, drivers monitoring systems market expected to witness introduction to the low cost and highly effective solution owing to cost-effective sensors fusion in existing system. Commercial cars segments also witnessed huge product development considering increasing demand coupled with technological advancements in automotive industry. For instance, on 7 February 2020, Bharatbenz Corporation, full owing subsidiary of Daimler AG, one of the leading German multinational automotive corporation, launched DMS specifically designed for commercial cars segment. This DMS employs state-of-the-art artificial intelligence along with computer vision technologies in order to identify facial patterns and others natural causes of accidents.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Driver Monitoring Systems market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Driver Monitoring Systems market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Driver Monitoring Systems market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Driver Monitoring Systems market?
• Which is the largest regional market for Driver Monitoring Systems market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Driver Monitoring Systems market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Driver Monitoring Systems market worldwide?