Published Date: 26-May-2023
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According to a new report, published by KBV research, The Global Driver Monitoring Systems Market size is expected to reach $3.4 billion by 2029, rising at a market growth of 9.6% CAGR during the forecast period.
The Electric Vehicles market would witness a CAGR of 15.7% during (2023 - 2029). This is because driver monitoring systems represent a recent advancement in automotive safety technology in EVs. Driver monitoring systems are essential to a comprehensive human-machine interface (HMI) strategy. These systems monitor critical vital sign parameters and driver attentiveness to ensure that appropriate assistance can be provided in the event that the driver is unable to operate the vehicle.
The OEM market is leading the segment in the Global Driver Monitoring Systems Market by Sales Channel in 2022; thereby, achieving a market value of $2.8 billion by 2029. This is due to the fact that OEMs are exploring the possibility of providing vehicles with advanced Driver Monitoring Systems that can gather comprehensive data about the driver's condition, such as fatigue, cognitive load, personalization, and health monitoring. This will enable them to offer more complete and intelligent driving experience.
The Cameras market would register a CAGR of 10.1% during (2023 - 2029). This is because the Driver Monitoring System is an innovative camera-based technology that monitors the attentiveness of drivers. This advanced system not only identifies the driver but also assesses their level of alertness to enhance safety for all passengers and fellow drivers on the road.
The Driver State Monitoring market is generating high revenue in the Global Driver Monitoring Systems Market by Type of Monitoring in 2022; thereby, achieving a market value of $2.9 billion by 2029. This is owing to the increased trend of road accidents in various countries. A significant portion of these accidents resulted from work-related incidents on the road. Governments are implementing measures to reduce road accidents. Incorporating driver-state monitoring systems may assist in reducing the number of accidents and resulting casualties.
The Heavy Commercial Vehicles market would experience a CAGR of 10.5% during (2023 - 2029). This is because the main purpose of implementing driver monitoring systems in heavy commercial vehicles is to minimize accidents due to fatigue, drowsiness, and distractions. However, they can also serve to enhance other facets. Heavy commercial vehicles present considerable hazards to the general public's safety. These automobiles' significant dimensions and weight make even a small mistake by the driver is potentially hazardous. These systems are designed to detect any potentially hazardous behavior drivers exhibit.
The Europe market dominated the Global Driver Monitoring Systems Market by Region in 2022; thereby, achieving a market value of $1.1 billion by 2029. The North America market is poised to grow at a CAGR of 8.9% during (2023 - 2029). Additionally, The Asia Pacific market would witness a CAGR of 10.5% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/driver-monitoring-systems-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Continental AG, Denso Corporation, Robert Bosch GmbH, NXP Semiconductors N.V., Panasonic Holdings Corporation, ZF Friedrichshafen AG, Intel Corporation, Hitachi, Ltd., Valeo SA and Renesas Electronics Corporation
By Vehicle Propulsion
By Sales Channel
By Type of Monitoring
By Vehicle Type
Unique Offerings from KBV Research
North America Driver Monitoring Systems Market size & Opportunities 2023-2029
Europe Driver Monitoring Systems Market & Growth Forecast 2023-2029
Asia Pacific Driver Monitoring Systems Market Share & Industry Outlook to 2029
LAMEA Driver Monitoring Systems Market Growth, Trends & Forecasts 2023-2029