Automotive Driver Monitoring Market to grow at a CAGR of 9.45% during 2024-2028
The Automotive Driver Monitoring Market is expected to grow at a CAGR of 9.45% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1726.9 million. The automotive driver monitoring market is experiencing significant technological advancements, which are set to shape market growth over the forecast period. Key companies in the market are introducing innovative products and solutions, integrating advanced health monitoring capabilities. For instance, Tobii Autosense, a leading driver and occupant monitoring system, leverages facial recognition technology to identify drivers and assess their facial expressions. This system employs artificial intelligence (AI) to recognize drivers' states, intentions, and activities, ensuring both driver and passenger comfort and safety. Such developments are poised to fuel the expansion of the global automotive driver monitoring market in the coming years.
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The Automotive Driver Monitoring Market is witnessing significant growth due to the increasing demand for advanced safety features in vehicles. This market includes various technologies such as Skin Conductance Monitoring, Respiration Rate Monitoring, Electroencephalogram (EEG) Monitoring, Heart Rate Monitoring, and Driver Health Monitoring. These systems use components like steering wheels, cameras, and sensors to analyze driver state through Facial Expression Analysis, Head Pose Analysis, Eye Tracking, and Vehicle Control Analysis. Sales of Driver Monitoring Systems (DMS) are driven by the propulsion type and vehicle type. Cameras are the most common component used in DMS, while safety features like drowsiness detection and accident prevention are key applications. The market for Driver Monitoring Systems is segmented based on sales channels, including OEM and aftermarket. Internet-Based Systems and Cloud Systems are gaining popularity due to their convenience and cost-effectiveness. Artificial Intelligence and Autonomous Vehicles are expected to further fuel market growth. Drowsiness, accidents, and cross-state passenger traffic are major concerns addressed by these systems. Technologies like EEG Monitoring and Facial Expression Analysis provide real-time driver state information, enhancing safety and reducing risks on the road.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for this market include the surge in electronic components utilization in automobiles, fueled by the expanding sales of EVs, motorcycles, and PCs, particularly in the last decade. The demand for electronic control units (ECUs) and other electrical components has witnessed substantial growth due to the increasing adoption of advanced technologies in the automotive industry.
The Automotive Driver Monitoring Market is experiencing significant growth, fueled by the safety benefits of in-vehicle driver monitoring systems. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
There are several factors that are causing the market to flourish safety benefits of in-vehicle driver monitoring systems
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Technavio analysts predict that the Driver state monitoring subsegment will lead the Type segment during 2024 and 2028 In the context of automotive advancements, driver state monitoring is a critical component of driver wellness systems. This technology, which includes drowsiness, tiredness, and distraction detection, is essential for ensuring road safety as the time spent driving continues to increase due to factors such as population growth and expanding road networks in countries like the US, China, Japan, and India. The burgeoning global vehicle market further contributes to the rise in road traffic, necessitating self-drive outstation trips. This heightened demand for personal mobility necessitates advanced driver monitoring systems to maintain safety and well-being behind the wheel.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Global Automotive Driver Monitoring market include:
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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