Players within the global driver safety systems market are striving to develop advanced systems in order to gain a competitive edge above the others. Leading players with in the market are developing Innovative features in order to maintain their positions in the market, says Transparency Market Research (TMR) in its latest research report on this market. An increasing number of market players are focusing their efforts on introducing advanced yet inexpensive driver assistance technologies. Some of the leading players within the global driver safety systems market are: Magna International Inc., Continental AG, Robert Bosch GmbH, Seeing Machines, Smart Eye AB, Valeo S.A., Denso Corporation, and Infineon Technologies AG.
According to the report, the global driver safety systems Market is anticipated to rise from US$1,921.3 Mn in 2017 to reach US$2,750.0 by the end of 2024. The market is anticipated to expand at a CAGR of 7.4% from 2017 to 2024. On the basis of technology, the global driver safety systems market is segmented into facial expressions, steering angle sensor, heart rate monitoring, eye tracking, and lane departure system. Of these, the eye tracking segment is anticipated to enjoy higher demand among car buyers. This segment was valued at US$ 456.6 Mn and accounted for 23.8% of the total market in 2017. The eye tracking segment is anticipated to exhibit and 8.1% CAGR between 2017 and 2024 and account for 24.5% of the total market by 2024.
On the basis of geography, it is anticipated that Asia Pacific excluding Japan APEJ will hold the maximum share of the market. The APEJ segment will expand at an 8.4% CAGR from 2017 to 2024. It is anticipated to gain 138 basis point market share by 2024. The market’s growth in Asia Pacific excluding Japan is attributed to the adoption of driver safety systems in passenger cars. The high demand from emerging economies in Asia Pacific excluding Japan his behind the leading status of this region within the driver safety systems market.
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Increasing Demand For Convenience And Rising Number Of Road Accidents Driving Market
Rising demand for convenience and passenger safety along with driver safety has led to the growth of the global driver safety systems market. The rising adoption of advanced driver assistance systems has led to a rise in the adoption of driver safety systems in compare, commercial, and mid-sized vehicles, and all types of cars. This market is also boosted by various initiatives taken by government for the improvement of safety of passengers as well as for the reduction of road accidents. Car makers are thus pressurized to adopt and implement driver safety systems on account of the growing focus of the government with regards to the safety of drivers and passengers.
Increasing Popularity of Advanced Driver Assistance Systems Aiding Market’s Growth
The rising trend of driver safety systems equipped with functionalities such as steering angle sensor, lane departure warning, heart rate monitoring, and blind spot warning are helping drive the market. The growing popularity and demand for advanced driver assistance systems (ADAS) as one of the aftermarket solutions is also a driving factor for the global driver safety systems market. In passenger cars, there is an increasing demand for distraction monitoring systems in both developed and developing nations, which in turn bodes well for the global driver safety systems market. This market is expected to receive an impetus from an increasing number of premium and luxury cars adopting driver safety systems in both compact and midsize vehicles in both developed and developing nations, said a TMR analyst.
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