Driver Alert Systems Market Expects A Threefold Growth, Pegging A Value Of US$ 101 Bn By 2031

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.

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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.

 

Driver Alert System Revenue Analysis 2016-2020 in Comparison to Future Outlook 2021-2031

As per Fact.MR’s report, from 2016 to 2020, the driver alert system industry expanded at around 10% CAGR, surpassing a market value of US$ 27 Bn by the end of the aforementioned period.

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Manufacturers of driver alert systems are focusing on understanding the well-being of drivers while they are driving vehicles. Thus, to avoid road accidents due to fatigue and drowsiness, cameras and sensors are used on a large scale.

Due to the aforementioned factors, the driver alert system industry is expected to exceed US$ 101 Bn by registering a staggering double digit of CAGR of 14% by the end of the assessment period.

Mounting Concerns Regarding Road Safety Stimulating Uptake of Driver Alert Systems?

The World Health Organization (WHO) has stated that nearly 1.3 million people succumb to road accidents annually. It further identifies that road injuries among leading causes of deaths among people aged between 5 and 29 years. Furthermore, road traffic crashes cost most countries 3% of their GDP. To prevent such losses, governments are enforcing strict regulations aimed at improving road safety.

The surging demand for improved vehicle and road safety has made driver alert systems highly sought-after in the automotive sector. Driver alert systems offer features such as disaster alert, weather alert and road safety alerts respectively. An increasing number of small to medium vehicles come in-built with advanced features such as driver alert systems. These features are more common in luxury cars.

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.

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Competitive Landscape

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.

Report Scope

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