"From Science Fiction to Reality: How the Driver Monitoring System Market is Shaping the Automotive Industry"
July 28, 2023
July 28th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Driver Monitoring System Market.
Driver Monitoring System Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Driver Monitoring System Market is likely to witness an impressive CAGR of 10.8% during the forecast period. The development of autonomous and connected automobiles, the growing aim to prevent road accidents, and technological improvements in the entire automotive industry are all driving the driver monitoring system (DMS) market forward. Customers' growing awareness and expectations regarding safe driving have also contributed to the market growth. Many governments throughout the world are enforcing strict rules and regulations on driver, passenger, and pedestrian safety
Segment Analysis
By Monitoring Type
The market is bifurcated into driver state monitoring and driver health monitoring. Driver state monitoring is likely to remain the more utilized segment of the market in the foreseen future. As many accidents occur on roads due to drivers’ lack of concentration, governments of various countries are making efforts to reduce the number of accidents on the road by incorporating driver-state monitoring systems. This is a major factor that is expected to fuel the growth of the segment in the coming years.
By Component Type
The market is segmented into interior cameras, sensors, and other components. The sensors segment is expected to remain the most preferred component type during the forecast period. As technology progresses, additional sensors will be added to this system, and the MS sensor industry is expected to have a considerable market opportunity during the forecast period. The Ford S-Max Concept, for example, has an ECG Heart Rate Monitoring Seat that continuously monitors and records the driver's heart rate. Max Concept also aids in the detection of heart attacks.
By Instrument Type
The market is segmented into hardware and software. Between these instrument types, the hardware segment is likely to remain the bigger demand generator for driver monitoring systems during the forecast period. The hardware sub-segment has a larger market share due to the increased number of DMS systems installed across various models by various OEMs across geographies. Cameras and sensors are among the key hardware systems employed by automotive manufacturers. Camera-based Driver Monitoring Systems (DMS) are a critical component of next-generation ADAS technologies. The automotive and transportation industries are increasingly employing MS to reduce distraction and drowsiness-related crashes.
Regional Analysis
Asia-Pacific is expected to remain the largest market for driver monitoring systems over the forecast period on account of the rise in the popularity and demand for luxury cars, as well as an increase in the number of traffic accidents, which is likely to create new opportunities in the Asia-Pacific market. Furthermore, technological advancements in automobile-oriented countries such as Japan, India, and China are expected to increase the demand for driver monitoring systems (DMS) in the region. Even though North America and Europe have dominated the vehicle market, the region's competitive automobile sector and expanding standard of living will accelerate and deliver continually rising growth in the coming years.
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Driver Monitoring System Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
About Stratview Research
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