Driver Monitoring Systems Market analysis and growth drivers by 2023

According to the new market research report by IndustryARC titled “Driver Monitoring Systems Market: By Key Technology (Image Sensing, Pressure Mats, Infrared Sensing, Strain Gauges, Steering Angle Sensors & Other); By Type of Monitoring (Distraction, Driver Fatigue, Drunk Driving); By Geography – (2018-2023)”, the market is driven by increasing number of accidents and stringent government regulations.

Europe held the largest market share in the Driver Monitoring Systems Market

Europe region holds the largest market share in the Driver Monitoring Systems Market and is anticipated to reach $4.18 billion by 2023 at a CAGR of 10.8%. However, APAC witnesses highest growth during the forecast period and is expected to reach $2 billion by 2023 at a CAGR of 14.7%. The economic conditions in entire Europe are good and people have the purchasing power to buy more sophisticated products. Thus, the European market is expected to grow. The key technologies in the region are Image Sensing/Cameras, Pressure Mats, Infrared Sensing, Strain Gauges among others.

Selected Value Chain Analysis done in the Driver Monitoring Systems Market report

• Driver Monitoring Market is predominantly business to business in nature. The major components are not end users of the product, but rather they tend to be the big market players such as Ford, Toyota, Volvo, Mercedes, and Renault which are majorly into the vehicle management
• The enhancement in the product value takes place in the Driver Monitoring Systems industry
• starting from the designing stage and then manufacturing of chips and sensors
• which takes place inside the semiconductor fabrication labs. Then along with the linear and
• nonlinear components, these components are assembled in order to get the product working
• which is then tested and verified in the next step.
• There are two ways the business is performed. In the B2B model, the system is sold to the Big market players in the motor vehicles segment for integration of the system with their vehicle from where the product reaches to the end user who are not the consumers in this model of business.
• In another business model called B2C or business to customer, wherein the end user forms the consumer base as well, the supply chain is slightly different in the sense that the end product now, rather than going to a vehicle manufacturing for integration with their vehicle, the product is supplied to a retailer to sell it to the end user directly. Such products are known for the aftermarket products. This system has an added advantage that the latest technology can be accommodated to keep up the modified norms for driver safety measurement system and monitoring systems.

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https://industryarc.com/Report/172/driver-monitoring-systems-global-market-report.html

Excerpts on Driver Monitoring Systems Market Growth Factors

• The global market for advanced driver assistance systems has grown substantially in the recent years, as vehicle companies have increased the safety content of their vehicles in response to the market and government regulations.
• The current global driver monitoring systems market is estimated to propel with the growing number of vehicles on the road and the demand for safety from consumers coupled with government legislation (Europe) and other regulatory body requirements.
• Safety norms are not the only reason for their high growth; growing personal safety concerns are also playing an imperative role in the rising demand for driver management softwares in passenger cars.
• Sensors of various types form a major part of the vehicle monitoring systems, and their demand in the market is likely to experience rapid growth in the future.
• Limited patent validity necessitates companies to come up with newer technologies
and innovative products to cater to the growing demand of the automotive technology.
• Image Sensing/Cameras is the dominant segment for driver monitoring systems market. It is anticipated to reach $1 b by 2023 growing at a CAGR of 11.8% throughout the forecast period
• Pressure mats is projected to reach $844.80m by 2023 growing at a CAGR of 12.3% throughout the forecast period

Key players of Driver Monitoring Systems Market:

• The major acquisitions involved in this market are acquisition of ASL Vision by Continental Automotive, acquisition of Electronics Business of Johnson Controls by Visteon and many more. Collaboration such as DENSO – NEC Corporation collaboration impacted on the growth of driver monitoring system market.
• Since, scope of technology innovation is high; threat of new players in the market also increases correspondingly. But the market already has numerous players that are striving hard to deliver cutting-edge technologies to lead in global driver monitoring systems products.
• The key players in the Driver Monitoring Systems include: Aisin Seiki Co Ltd., Autoliv Inc., Continental Automotive Systems, Delphi, Denso, Johnson Controls, Valeo, Visteon, Magnet, Marelli and Robert Bosch GmbH.

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