Global Driver Safety Systems Market: Snapshot
In recent years, there have been a spate of autonomous vehicular technologies with a variety of reactive and responsive features that aim to enhance the convenience and safety of drivers and the passengers. The increasing incorporation of advanced driver-assistance systems (ADAS) has boosted the adoption of driver safety systems in cars of all types, including compact, mid-sized, and commercial vehicles. In various regions, increased government focus on improving the safety of passengers and reduce the rising road fatalities have led car makers to incorporate driver safety systems. The growing popularity of driver safety systems equipped with a variety of functionalities such as lane departure warning, blind spot warning, steering angle sensor, and heart rate-monitoring is accentuating the market. The demand for ADAS as a part of aftermarket solutions bodes well for the driver safety systems market. The growing demand for distraction monitoring systems in passenger cars in developed and developing regions is boosting the market. The market is expected to witness the adoption of driver safety system in cars from premium and luxury segments to those in compact and mid-sized vehicles, especially in developing and developed nations.
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The global driver safety systems market is anticipated to be worth US$1,921.3 Mn by 2017 end and is projected to reach US$2,750.0 by the end of 2024. The market is anticipated to expand at a CAGR of 7.4% from 2017 to 2024.
Eye-Tracking Technology to Emerge As Most Lucrative Segment
The various technologies used for driver safety systems comprise eye-tracking, facial expressions, heart rate-monitoring, steering angle sensor (SAS), and lane departure system. Of these, eye-tracking is projected to lead the technology segment and is expected to witness prevalent demand among car buyers. The segment valued at US$ 456.6 Mn, represent a share of 23.8% of the market by 2017 end. Rising at an impressive CAGR of 8.1% from 2017 to 2024, the eye-tracking technology segment is projected to reach US$673.7 Mn by the end of the forecast period, representing the share of 24.5% of the overall technology market. The annual growth is pegged at US$43.4 Mn annually during 2017–2022. The burgeoning demand for eye-tracking technology is attributed to the wide adoption of driver safety systems that focus on improving the awareness of drivers for a safe driving.
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Asia Pacific excluding Japan (APEJ) anticipated to be Leading Regional Market
The various regions for the market for driver safety systems are North America, the Middle East and Africa, Latin America, Asia Pacific excluding Japan (APEJ), Japan, and Europe. Of these, Asia Pacific excluding Japan (APEJ) is projected to hold the dominant share of the global market, vis-à-vis revenue, throughout the assessment period. The APEJ driver safety system market is projected to expand at a CAGR of 8.4% during 2017–2024 and gain 138 basis point, vis-à-vis market share, by 2024 end. The regional market is estimated to hold a revenue share of 30.2% of the market by the end of 2017. The increasing incorporation of driver safety systems in a growing number of passenger cars and their vastly rising demand in several emerging economies of the region are prominent factors boosting the regional market.
North America is expected to Prominent Market
North America is a prominent market for driver safety systems. The regional market is fueled by the extensive adoption of technologies featuring advanced driver-assistance systems in vehicles and the rising popularity of autonomous cars. In addition, stringent regulations on incorporating devices for improving the road safety has further bolstered the demand for driver safety systems. The regional market is projected to rise at a CAGR of 7.2% during 2017–2024 and reach a valuation of US$695.9 Mn by the end of the forecast period.
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Competitive Analysis
Leading players operating in the in the driver safety systems market include Magna International Inc., Robert Bosch GmbH, Smart Eye AB, Seeing Machines, Valeo S.A., Continental AG, Denso Corporation, and Infineon Technologies AG. Several technology players are developing advanced systems with innovative features, in a move to gain a competitive edge over others.
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