Over the past couple of decades, the automotive sector has witnessed staggering advances in automobile technologies world over. These have been focused on improving the safety and convenience of the drivers and passengers in particular and the road safety in general. The market has seen amazing developments underpinned by the growing adoption of advanced driver-assistance systems (ADAS) in cars of all types, including passenger cars and off-highway vehicles.
The vastly rising demand for technologies in vehicles for improving their safety and the convenience of drivers and passengers through a better human-machine interface is a key factor driving the global market. The advent of ADAS equipped with a vast assortment of automated features is opening up exciting opportunities for auto makers and aftermarket players in various regions.
The global driver safety systems market is projected to rise from a valuation of US$1,921.3 Mn in 2017 to reach US$2,750.0 by 2022 end. The market is estimated to register a CAGR of 7.4% during the forecast period of 2017–2022.
Find below a critical evaluation of key trends and factors influencing the growth of the driver safety systems market:
The rising demand for technologies that aim for improving the convenience and comfort by drivers is a key factor driving the driver safety systems market. The burgeoning adoption of advanced driver-assistance systems and adaptive cruise control systems is a notable trend accentuating the market. The growing demand for distraction monitoring systems in passenger cars in response to stringent regulations for passengers’ safety in various regions is a key factor bolstering the uptake of driver safety systems in developing and developed regions. The rising number of road accidents and increasing fatalities in several developed and developing countries has led regional governments to focus on incorporating advanced safety standards for automobiles, thereby further fueling the market growth.
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The intensifying demand for ADAS for improving the comfort and reducing the fatigue of high-mileage drivers is catalyzing the demand for advanced driver safety systems. The implementation of safeguards to prevent collision and ensure better control of vehicles by drivers is a prominent trend accentuating the market.
The notable complexity and the high cost of the ADAS technologies used for driver safety systems is a key factor that has hindered the demand in some regional markets. Nevertheless, the tried-and-true benefits of various safety features under ADAS and the stringent regulations to ensure passengers’ safety are prominent factors boosting the market. Furthermore, constant advancements in automotive electronics in response to adoption of industry-wide quality standards in vehicular safety systems is a crucial factor expected to accentuate the market over the forecast period.
Geographically, Asia Pacific excluding Japan (APEJ) is projected to be the most lucrative market for driver safety systems and is anticipated to hold the leading revenue share of the global market throughout the forecast period. The APEJ driver safety systems market is estimated to hold a share 30.2% of the market by the end of 2017. The growth is driven by burgeoning adoption of safety features in the passenger cars segment and driver fatigue monitoring system in vehicles.
Of all the technologies used for driver safety systems, eye-tracking is the most attractive segment and currently holds the major share in the market. The segment is projected to reach a worth of US$673.7 Mn by the end of 2022. The vastly rising demand for this technology is driven by the demand for advanced safety features in cars that focus on improving the drivers’ awareness, so as to prevent any accidents and fatalities.
A number of players are focused on launching advanced and inexpensive driver assistance system technologies in order to consolidate their shares. Some of the prominent players operating in the driver safety systems market are Magna International Inc., Robert Bosch GmbH, Smart Eye AB, Seeing Machines, Valeo S.A., Continental AG, Denso Corporation, and Infineon Technologies AG.