Driver Monitoring System Market Foreseen To Grow Exponentially Over 2033

[Latest Market Trends]

The driver monitoring system (DMS) market is projected to grow at a steady compound annual growth rate (CAGR) of 7.5% from 2023 to 2033. The market is expected to reach a valuation of USD 9.3 billion by 2033, up from USD 4.5 billion in 2023.

The increasing demand for self-driving and semi-autonomous vehicles, including both passenger and commercial vehicles, is driving the adoption of driver monitoring system technologies. These systems utilize advanced technologies such as high-end cameras, infrared sensors, lasers, and sophisticated sensors to enhance vehicle safety.

Improvements in road infrastructure and updated road safety regulations, particularly in relation to electric and autonomous vehicles, are anticipated to positively impact the market. Additionally, the integration of advanced technologies like artificial intelligence (AI) and advanced driver-assistance systems (ADAS) is contributing to the growing adoption of driver monitoring systems.

New startups are entering the market with innovative solutions such as alarm systems and smartphone integration, which provide custom alerts to drivers and their contacts. The recovery of logistics and tourism sectors post-COVID-19 is also fueling market growth.

The increasing number of accidents caused by driver distraction and drowsiness is prompting authorities to implement regulations mandating the use of driver monitoring systems and other safety features in vehicles. For instance, European safety organizations like Euro NCAP are pursuing ambitious goals such as Vision Zero, aiming to eliminate road accidents and further boost the demand for driver monitoring systems.

Key Takeaways from the Driver Monitoring System Market Report:

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.
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.
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.
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.
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.
Based on the vehicle type, the light commercial vehicle segment leads as it holds a market share of 26.0% in 2023.
Competitive Landscape:

The key vendors work on adding the latest safety technologies including infrared and laser sensory technology. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

Leading Key Players:

Continental AG
ZF Friedrichshafen AG
Mobileye
Aptiv Plc
Veoneer Inc.
Valeo SA
Magna International
Aisin Seiki Co., Ltd
Texas Instruments Incorporated
NXP Semiconductors N.V
Renesas Electronics Corporation
Intel Corporation
Hitachi, Ltd.
Driver Monitoring System Market Segmentation:

By Technology:

Ultrasonic Sensor
Lidar Sensor
Radar Sensor
Camera Sensor
Infrared Sensor
Pressure Sensor
By Sales Channel:

OEM
Aftermarket
By Vehicle Type:

Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle
Key Regions Covered:

North America
UNITED STATES
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
United Kingdom
France
Spain
Russia
Rest of Europe
Japan
APEJ
China
India
Malaysia
Singapore
Australia
Rest of Asia Pacific Excluding Japan (APEJ)
MEA
GCC Countries
Israel
South Africa
Rest of Middle East Asia (MEA)
Read More: https://www.futuremarketinsights.com/reports/driver-monitoring-syst...