Driver Safety Market is projected to be worth USD 24.89 billion by 2027, registering a CAGR of 8.72% during the forecast period (2022- 2030)
Driver Safety Market is projected to be worth USD 24.89 billion by 2027, registering a CAGR of 8.72% during the forecast period (2022 - 2030)
Global Driver Safety Market is segmented based on Type, Vehicle Type, and Region. The driver safety market is anticipated to grow significantly in the coming years owing to a rise in the number of road accidents and deaths and an increase in the sale of EV & luxury vehicles. The growth of the automotive industry and the rise in technological advancements in the automotive industry are the major factors expected to promote driver safety systems in developed countries. Internet of Things (IoT) and artificial intelligence (AI) technologies will continue to revolutionize the automotive sector in the US. Device connectivity, autonomous driving, electric powertrains, and shared mobility are also the latest trends that will lead to the demand for the driver safety system in the near future.
Based on region, the report on the global driver safety market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Asia-Pacific accounted for the largest market share of 42.2% in 2019, with a market value of USD 21 billion; it is expected to register the highest CAGR of 8% during the forecast period. Asia-Pacific is expected to create a scope for the growth of the driver safety market owing to the high automobile sales in countries such as China, Japan, India, and South Korea. The driver safety market is growing with the increasing vehicle sales in this region as these systems are used in monitoring vehicle position, driver alertness, and eye-tracking for improving vehicle safety.
Europe was the second-largest market in 2019, valued at USD 3.6 billion; it is projected to exhibit a CAGR of 8%. Europe comprises Germany, France, the UK, and Italy. The European Union has introduced several norms regarding vehicle safety, which prompt the automotive OEMs and electronic component manufacturers to integrate electronics into automobiles consistently. The region hosts key electronics sensor manufacturers, such as Robert Bosch GmbH, Valeo, Infineon Technologies AG, and Continental AG, who provide electronic sensors, especially for premium vehicles.
Global Driver Safety Market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The key players of the global driver safety market are Denso Corporation (Japan), Robert Bosch GmbH (Germany), Continental AG (Germany), Magna International Inc. (Canada), and Infineon Technologies AG (Germany).
Infineon Technologies AG has developed the XENSIV BGT60ATR24C radar for in-cabin monitoring solutions. It has also partnered with Caaresys and bitsensing for enabling advanced signals and processing visual architecture.
Global Driver Safety Market, By Region, 2019
Source: MRFR Analysis
Key Questions Addressed by the Report
Driver safety systems are the systems that help drivers with tasks such as monitoring, warning, braking, and steering. These systems provide a two-second warning to drivers when an obstacle approaches. It keeps them alert to hazards such as pedestrians, lane changes, and short braking distances to avoid road accidents.
Stringent regulations from the government regarding driver’s safety and growing concerns regarding road accidents have surged the demand for driver safety technologies. Increasing road accident has made the manufacturer work on automotive safety & technologies to prevent accidents. The introduction of new technologies, such as driver alertness detection system and electronic stability control (ESC), has contributed to the growth of the driver safety market. These technologies tackled the safety issues and various causes such as driver’s distraction due to tiredness and drowsiness and have helped to lower down the road accidents in recent times.
Global Driver Safety Market is segmented based on Type, Vehicle Type and Region.
The Type Segment is bifurcated into lane departure warning steering sensor, electronic stability control, driver alertness detection system, pressure/angle steering sensor, vehicle-to-vehicle communication, eye-tracking/blink-monitoring, and others. Driver safety systems are active safety systems that help prevent accidents and crash by offering warnings or by providing additional assistance to the driver in the steering/control of the vehicle. Improving road safety standards/supporting legislation and consumer awareness in emerging markets are increasing the demand for driver safety systems in passenger and commercial vehicles.
Based on vehicle type, the global driver safety market is segmented into passenger cars and commercial vehicles. The increasing demand to improve vehicle efficiency and the incorporation of safety features in both passenger and commercial vehicles are likely to drive the need for driver safety systems in the global market. Passenger cars are used to carry passengers rather than goods. There is an increase in the demand for passenger cars owing to the increase in population, high purchasing power, and favorable regulations.
|CAGR||8.72% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Denso Corporation (Japan), Robert Bosch GmbH (Germany), Continental AG (Germany), Magna International Inc. (Canada), and Infineon Technologies AG (Germany).|
|Key Market Opportunities||
|Key Market Drivers||
The growth rate of the Driver Safety market is projected at 8.72%.
A few significant players of the global drive safety market are Valeo S.A., Denso Corporation, Continental AG, Robert Bosch GmbH, Magna International Inc., among others.
The North American region is estimated to witness the highest growth.
The passenger segment is slated to witness higher growth over the assessment period.
The increasing road accidents are one of the primary drivers of the global drive safety market.
The driver alertness detection system segment is anticipated to drive market growth over the review period.