September 11, 2018

US$ 20,070 million by 2026 will be the value forecasted for Driver Monitoring Systems Market

by tpcoto in Xesol Biometrics

Driver monitoring systems market keeps growing due to the increasing demand of safety systems by drivers, and it is expected to grow at a CAGR of over 10% during the period 2017-2021. This statement has been supported by a recent report published by Credence Research, a market research and counseling firm, whose target customers are driving organizations, governments, non-legislative associations and not-for benefits.

The report shows that driver’s safety concerns coupled with government initiatives for driver’s safety, mainly in developing countries such as Japan, the United States, Germany and the United Kingdom, guarantees the rising of the driving monitoring systems market worldwide.

In spite of being a solution for luxury vehicles, which reached more than US$ 560 billion in 2017 and is expected to grow 6% in coming years, driver monitoring systems will be also aimed at all range of vehicles. In fact, the NCAP (New Car Assistant Program) initiative lists driver monitoring systems as primary safety system.

Nevertheless, several factors such as the rise in number of on-road accidents caused by drowsy or distracted drivers, as well as the introduction of stricter new regulations, promote the market growth.

Nowadays, there are many companies developing driver monitoring systems, whose rivalry is based on costs, product quality, reliability, and service, since most of these companies are making rapid advances but its growth can also be affected by several key factors.