Driver Monitoring System Market Estimated to Surpass $2.1 Billion by 2026

April 28 21:12 2021
Driver Monitoring System Market Estimated to Surpass $2.1 Billion by 2026

Driver Monitoring System Market
Surge in Monitoring in Transportation and Logistics Sectors is Driving the Growth of Driver Monitoring System Market

The global Driver Monitoring System Market is estimated to surpass $2.1 billion marks by 2026 growing at an estimated CAGR of more than 9.8% during the forecast period 2021 to 2026. The surging demand for road safety in automobiles pertaining to driver activeness and stringent government regulations related to driver monitoring will boost the Driver Monitoring Systems market. The market is also driven by an increasing number of accidents and stringent government regulations. The automotive sector has seen a growing inclination towards the safety and comfort of the passenger over the years. This focus on safety of the passengers/driver is illustrated by the steps taken by automotive manufacturers, such as the introduction of seat belts, air-bags and ABS (anti-lock braking) in the vehicles, also by government legislation making such devices compulsory. But with the advent of electronics and internet connectivity, we have seen a quantum leap in the services now, available to make the vehicle safe as well as comfortable for the driver.

Driver Monitoring System Market Segment Analysis – By Channel

OEMs are showing interest in offering holistic Driver Monitoring System by providing vehicles with higher-order intelligence about the state of the driver, including fatigue, cognitive load, personalization, and health monitoring. Stereo cameras have the ability to offer more data points and improved functionalities, making them the perfect choice for OEMs looking to incorporate more than five Driver Monitoring System functions. OEMs are expected to enter into more partnerships with medical companies, universities, and technology firms to identify new opportunities and technologies in the Driver Monitoring System space.

Driver Monitoring System Market Segment Analysis – By Application

Driver Monitoring System combines the use of sensors and cameras and other “intelligent” devices to provide the driver with assistance, guidance and warning regarding various critical situations and in the time of emergencies. The ever-increasing number of traffic accidents in the developed world due to a diminished driver’s vigilance level has become a problem of grave business for the countries. Drivers with a decreased vigilance level suffer from a pronounced diminution in their abilities of perception, realization, and vehicle control, and therefore pose serious risk to their own lives as well the lives of others. The rising demand for driver distraction monitoring as well as drunk driver monitoring in developing countries will propel market growth.

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Driver Monitoring System Market Segment Analysis – By Geography

Europe region holds the largest market share in the Driver Monitoring System Market, however, APAC will witness highest growth during the forecast period. The economic conditions in entire Europe are good and people have the purchasing power to buy more sophisticated products. The key technologies in the region are Image Sensing/Cameras, Pressure Mats, Infrared Sensing, Strain Gauges among others. The technological advancement and focus on governmental regulations has led the market in the coming years. Asia-Pacific holds a maximum share in adoption due to its strong foothold in vehicle productions. The other major factors expected to drive the market for Driver Monitoring System in Asia-Pacific are increasing sales of new automobiles, concentrating on research and development into Driver Monitoring System. Economic growth in the area directly influences the selling of passenger cars and commercial vehicles. Manufacturers are looking to improve their flexibility across the value chain thus shifting the market to a more aftermarket-based model.

Driver Monitoring System Market Drivers

Surge in Monitoring in Transportation and Logistics sectors

Growth of industrial sectors, logistics and transportation sectors have driven the growth of driver monitoring systems owing to its increasing applications. Through the use of driver monitoring systems included in fleet management solutions, information can be accumulated, stored, processed, monitored, reported and exported. Every aspect of the driver can be tracked focused on driver distraction, health as well as legal culpabilities due to drunk driving. The fleet management software uses a basic combination of big data analytics and GPS to track, analyze and store information and make predictions regarding driver behaviour owing to which it is adopted in the food delivery services. The driver monitoring solution enables live tracking that cuts down the number of steps required to communicate driver status and algorithm-based predictions, which are generally used in food delivery services, transportation and others. These advantages of driver monitoring solutions that enable transition to automated systems and others have fueled the growth of the market.

Shift to a B2C Based approach

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. This is the primary model currently used. However, B2C or business-to-customer model, wherein the end-user forms the consumer base as well, is witnessing significant adoption growth. 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. This system has the added advantage that the latest technology can be accommodated to keep up the modified norms for driver safety measurement system and monitoring systems, thus driving aftermarket demand.

Driver Monitoring System Market Challenges

High Cost of Comprehensive Driver Monitoring Systems

The main challenge faced by key market players is the exorbitant retail price of comprehensive Driver Monitoring systems. This hinders the supply-demand chain as most people prefer low-cost sensors or systems that provide limited monitoring. Despite the extensive capabilities of comprehensive driver monitoring systems, the high price acts as an adoption inhibitor for the technology, especially in the aftermarket. Despite the drawbacks of Driver Monitoring System, it saves long-term expenses with one-time installation due to the safety and security offered.

Driver Monitoring System Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Driver Monitoring System Market. Aisin Seiki Co Ltd., Autoliv Inc., Continental Automotive Systems, Delphi, Denso, Johnson Controls, Valeo, Visteon, Magneti Marelli and Robert Bosch GmbH are considered to be the key players of the Driver Monitoring System Market.

Acquisitions/Technology Launches/Partnerships

Magna International Inc., an automotive supplier is in plans of partnering with Bosch and Delphi. Major focus of this partnership is to develop real-world self-driving vehicles with ADAS systems including driver monitoring systems.

July 13, 2020- Tata Motors launched “Fleet Edge” which is a next-generation connected vehicle fleet management solution. The Fleet Edge provides real-time tracking and tracing of its commercial vehicles, fuel efficiency, fuel-loss alerts and others including focus on driver distraction detection.

Key Takeaways

Limited patent validity necessitates companies to come up with newer technologies and innovative products to cater to the growing demand of automotive technology.

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 software in passenger cars.

Related Reports :

A. Consumer Telematics Systems Market

https://www.industryarc.com/Report/104/consumer-telematics-devices-systems-market.html

B. Advanced Driver Assistance Systems (ADAS) Market

https://www.industryarc.com/Report/20/advanced-driver-assistance-systems-market.html

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