Source: Fact. MR announcement
ROCKVILLE, Md. — The global driver alert system market is expected to exceed $101 billion by registering a healthy CAGR (compound annual growth rate) of 14 percent in the period 2021-2031, according to a recent study released by Fact.MR. Manufacturers of cars are focusing on ensuring safety while driving. This, in turn, has increased the sales of driver alert systems.
Historically, from 2016 to 2020, the global driver alert system market exceeded market value of $27 billion by the end of the period, expanding at a CAGR of 10 percent. Due to the COVID-19 pandemic, the driver alert system industry was significantly impacted, attributed to downturns in the global automotive industry.
Automated Truck Sales Set for Major Growth
Driver alert systems, being an integral part of advanced driver-assist systems (ADAS), have emerged as a highly sought-after technology especially with rising focus on curbing the incidence of road accidents.
Driver alert systems are gaining traction not only in the luxury cars segment, but also in small and medium-sized vehicle 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.
Key Takeaways from Market Study
- Global market for driver alert systems to expand over 3x until 2031
- North America to account for 45 percent of the driver alert systems market demand
- Approximately two out of five driver alert systems are expected to be sold across the Asian market
- Driver alert system industry expected to hold market value around 35 percent throughout Europe
- By component, driver alert sensors to accumulate more than 2/5th of the market share
- Steering and seat vibration alert systems to surge at a CAGR of 12 percent until 2031
- Passenger cars to account for 45 percent of the driver alert systems market revenue
“Rising popularity of advanced driver assistance systems in response to the surging demand for semi-autonomous vehicles has been creating growth opportunities for the driver alert systems market,” said a Senior Research Analyst.
Prominent driver alert system 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
- 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 behavior of driver and alerts quickly.