The market size of the global Driver Monitoring System Working market was USD 1.97 billion in 2022. It is projected to reach USD 8 billion by 2032, with a rapid revenue compound annual growth rate (CAGR) of 15.6% during the forecast period. The market's revenue growth is driven by significant factors such as the increasing number of autonomous vehicles, the growing need for road safety, and government programs aimed at promoting driver safety.
Driver monitoring systems have gained significant popularity among both automakers and customers due to their ability to detect and alert drivers regarding their level of fatigue, distraction, and drowsiness. DMS technology is being utilized across various applications, including passenger and commercial vehicles, to help reduce the number of collisions caused by driver errors. By implementing DMS, the aim is to enhance road safety, mitigate accidents, and improve overall driver awareness and performance.
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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in RD activities are expected to boost market growth during the forecast period.
Some Key Highlights from the Report
- The hardware segment is expected to account for the largest revenue share in the market for driver monitoring systems throughout the projected period. The growing usage of advanced driver assistance systems (ADAS) and the integration of safety features into cars is boosting hardware demand. Driver monitoring systems' hardware includes cameras, sensors, and other monitoring instruments. These components are designed to monitor the driver's behavior and alert them to any danger or probable crashes. Cameras and sensors are installed on the dashboard, steering wheel, and other elements of the automobile to monitor the driver's actions and attentiveness.
- passenger cars segment held the highest revenue share in the global market for driver monitoring systems in 2021. The market for driver monitoring systems in passenger cars is projected to witness growth during the forecast period, driven by the increasing focus on reducing traffic accidents and the growing demand for passenger vehicles equipped with advanced safety features.
- In 2023, the North American market is expected to dominate the global DMS market in terms of revenue. The region's DMS market is witnessing significant growth due to the increasing demand for advanced driver assistance systems (ADAS) and the growing emphasis on passenger safety. With the presence of major automakers and the rapid adoption of ADAS technologies, the United States plays a significant role in the DMS market. Furthermore, the implementation of stringent safety regulations by the government is expected to further drive the demand for DMS in the region.
Competitive Landscape:
- Continental AG
- Valeo
- Bosch
- Delphi Automotive PLC
- Aisin Seiki Co. Ltd.
- Vision Technologies Systems Inc.
- Gentex Corporation
- Denso Corporation
- Seeing Machines
- Vehicle Intelligence Systems
- Magna International Inc.
Component Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Software
- Hardware
Vehicle Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Passenger Cars
- Commercial Vehicles
End-use Outlook (Revenue, USD Billion; 2022 - 2032)
- OEMs
- Aftermarket
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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