In This Article:
According to a market research study on driver monitoring systems, market growth is driven by factors such as rising drowsiness-related accidents, greater cross-state passenger transportation, and a higher density of autonomous vehicles. Additionally, the capabilities of driver monitoring systems (DMS) are being made possible by the integration of artificial intelligence, cloud technologies, and internet-based systems.
NEWARK, Del, May 08, 2023 (GLOBE NEWSWIRE) -- The Driver Monitoring System Market is anticipated to expand its roots at a steady CAGR of 7.5% between 2023 and 2033. The market is expected to have a market share of US$ 9.3 billion by 2033 while it is likely to be valued at US$ 4.5 billion in 2023
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The higher demand for self-driving automotive including passenger and loading vehicles are pushing the vendors to adopt the driver monitoring system technologies. These technologies are deployed through high-end cameras, infrared, lasers, and advanced sensors.
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The advanced road structure and revised road safety policies according to the new electric and self-driving vehicles are expected to impact the market positively. Furthermore, advanced technologies like artificial intelligence and ADAS is also increasing the sales of driver monitoring systems.
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New startups with alarm systems and smartphone integration alert the drivers and their people back home with custom settings. Alongside this, the restoration of logistics and tourism activities post covid-19 contribute to the market growth.
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The higher number of accidents due to the lack of focus and drowsiness is making authorities take action. These actions involve the compulsion of DMS and other safety gears in the vehicle.
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The authority actions take us to the countries prioritizing road safety. For example, Europe NCAP has settled the roadmap in pursuit of vision zero that is expected to endure zero road accidents.
Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-14561
Key Points
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The United States market leads the driver monitoring system market in terms of market share in North America. The United States region holds a market share of 16.9% in 2023. The growth in this region is attributed to the presence of major autonomous vehicle vendors along with government policies pushing end users to adopt the technologies.
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In 2022, the United States market held a market share of 87.5% in North America, putting it as a leading region in terms of market share.
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The United Kingdom’s driver monitoring system market is another significant market in the European region. The market thrives at a CAGR of 5.2% between 2023 and 2033. The growth is attributed to the advanced European NCAP policies.
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The Chinese driver monitoring system market thrives at a CAGR of 11.8% during the forecast period. The growth is attributed to higher autonomous vehicle production and stringent safety rules.
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The ultrasonic sensors lead the technology type segment as it holds a market share of 20.5% in 2023. The growth is attributed to the higher affordability and its enhanced accuracy in the dark.
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Based on the vehicle type, the light commercial vehicle segment leads as it holds a market share of 26.0% in 2023.