Driver safety Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Driver safety Market Research Report, Type, Vehicle Type and Region – Forecast till 2027” the market size is projected to be worth USD 24.89 billion by 2027, registering a CAGR of 8.72% during the forecast period (2021 – 2027).
Driver safety systems are software capable of alerting drivers and passengers and preventing accidents. They are highly needed in modern cars owing to rapid pace of traffic and deadlines imposed on fleet drivers. The global driver safety market report by Market Research Future (MRFR) contains projections on growth and revenue for the forecast period (2020-2027). The COVID-19 outbreak and its implications on the ride sharing industry has been included.
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Investments in advanced driver assistance systems (ADAS) and other features to lower car accidents is the prime priority of players.
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.
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Strict Government Laws to Encourage Market Growth
Rising concerns of driving accidents caused by driver drowsiness and driver distractions has led to enactment of strict laws pertaining to driver safety. Implementation of various systems for preventing deaths of riders has benefitted fleet owners. Introduction of electronic stability control and driver alertness detection systems can augur favorably for the market.
Investments in Driver Safety
Energy companies are investing in driver safety to increase the feasibility of fleets. Recently, Select Energy Services has introduced driver safety programs for its fleet drivers to stop working in case of drowsiness and long travel period. The company regularly transports million cubic liters of water to oil wells with the help of its fleet. Its collaboration with Nauto, an AI-driven driver and fleet safety platform uses algorithms to prevent driver accidents and avoid collisions.
Development of Side Airbags for Autonomous Vehicles
Autonomous vehicles and their tests have expanded rapidly owing to developments in AI and detection of passengers. Recently, Toyoda Gosei Co., Ltd., has developed a side airbag for protecting occupants. Preventive measures for avoiding frontal collisions and adherence to strict laws can drive the market growth.
High Implementation Costs to Impede Market Growth
The high costs of installation and its implementation by car manufacturers coupled with the price surge of vehicles can impede market growth. Exorbitant costs of traffic management systems can lead to high hesitancy levels.
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The COVID-19 outbreak has caused a delay in the supply of key components required for the functioning of driver safety systems. Moreover, concerns over the driving behavior of denizens during the pandemic, as per the report by Teletrac Navman is likely to drive the demand for such systems. But hurdles faced by automotive makers in attaining the components can pose a challenge to the market.
Driver Alertness Detection System to be the Leading Driver Safety System
By type, the market is segmented into driver alertness detection system, lane departure warning steering sensor, pressure/angle steering sensor, electronic stability control, vehicle-to-vehicle communication, eye-tracking/blink-monitoring, and others. Driver alertness detection systems are expected to gain huge demand from car manufacturers owing to development of roads and surge in international trade. Night shifts of commercial fleets as well as stringent driver safety standards can drive the segment growth. Its use in prevention of road accidents can bode well for the segment.
Passenger Cars to Lead in Demand for Driver Safety Systems
By vehicle type, the global driver safety market is divided into passenger cars and commercial vehicles. Passenger cars are likely to command the market demand share owing to efforts by car manufacturers to increase safety of drivers and passengers. Government initiatives in the way of road safety campaigns and research conducted on road accidents by car makers can lead to implementation of these systems. For instance, Bosch has a feature for preventing the wheels to lock during braking or skidding to prevent accidents.
APAC to be a Region of Heavy Demand in Global Driver Safety Market
APAC is set to dominate the market owing to huge sales of passenger and premium cars in South Korea, India, China, and Japan. Various features in driver safety systems such as eye tracking, vehicle position, and driver alertness levels are likely to foster massive growth. Awareness of safety solutions such as driver fatigue can augur favorably for the market.
Europe to Assume Second Position
Europe is set to assume the second position of the driver safety market owing to strict driver safety laws and technological advances in the automotive sector. Integration of AI and IoT for enhancing the performance of these systems can drive regional market growth.
Segmentation of Market covered in the research:
Information by Type (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), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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