Over 2/5th of Driver Alert Systems Market Revenue Driven by Passenger Cars: Fact.MR Study
Published : 14 Sep 2021 Industry: Automotive
Fact.MR’s report states the global driver alert system market is expected to exceed US$ 101 Bn by registering a healthy CAGR of 14% in the forecast period 2021-2031. Manufacturers of cars are focusing on ensuring safety while driving. This, in turn, has increased the sales of driver alert systems.
Historically, from 2016 to 2020, the global driver alert system market exceeded market value of US$ 27 Bn by the end of the aforementioned period, expanding at a CAGR of 10%. Due to the COVID-19 pandemic, the driver alert system industry was significantly impacted, attributed to downturns in the global automotive industry.
Driver alert systems, being an integral part of ADAS, have emerged as a highly sought-after technology especially with rising focus on curbing the incidence of road accidents. Driver alert system is gaining traction not only in luxury vehicles segment, but also in small and medium sized vehicles categories. The increase in demand for passenger vehicles, coupled with the diverse applications of sensors, starting from disaster to road safety alerts, is creating prospects for growth in the market.
Key Takeaways from Market Study
- Global market for driver alert systems to expand over 3x until 2031
- North America to account for 45% of the driver alert systems market demand
- Around 2 out of 5 driver alert systems are expected to be sold across the Asian market
- Driver alert system industry expected to hold market value around 35% throughout Europe
- By component, driver alert sensors to accumulate over 2/5th of the market share
- Steering and seat vibration alert systems to surge at a CAGR of 12% until 2031
- Passenger cars to account for 45% of the driver alert systems market revenue
“Rising popularity of advanced driver assistance systems (ADAS) in response to the surging demand for semi-autonomous vehicles has been creating growth opportunities for the driver alert systems market,” said a Fact.MR analyst.
Prominent driver alert systems providers include Continental AG, Delphi Technologies, STONAKM CO., LTD., Magna International Inc., Daimler AG, DENSO Corporation, Infineon Technologies AG, HELLA GmbH & Co. KGaA, Robert Bosch GmbH, Faurecia SE and Ford Motor Company among others.
- In April 2021, Continental AG presented software and sensor technology for driving. This technology will facilitate integration of software functions in vehicle components.
- In December 2020, STONAKM CO launched 1080P Driver Monitor System Driving Status Detection. This system detects unsafe behaviour of driver and alerts quickly.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global driver alert system market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of component (sensors, cameras and others), alert (steering and seat vibration, sound alerts and others), type (fatigue, drowsiness, drunk driving and others) vehicle (passenger vehicles and commercial vehicles), supplier (OEMs and aftermarket) and propulsion (gasoline, diesel, hybrid and electric) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive