Global driver alert system market predicted to exceed $101bn by 2031
A market research and competitive intelligence provider’s market intelligence report states the global driver alert system market is expected to exceed $101bn by registering a healthy CAGR of 14% in the forecast period 2021 to 2031.
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 $27bn by the end of the aforementioned period, expanding at a CAGR of 10%. Due to the COVID-19 pandemic, the driver alert system industry was significantly impacted, attributed to downturns in the global automotive industry.
Driver alert systems, being an integral part of ADAS, or advanced driver assistance systems, have emerged as a highly sought-after technology especially with rising focus on curbing the incidence of road accidents. Driver alert system is gaining traction not only in luxury vehicles segment, but also in small and medium sized vehicles 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 three times until 2031
- North America to account for 45% of the driver alert systems market demand
- Around 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% throughout Europe
- By component, driver alert sensors to accumulate over two fifths of the market share
- Steering and seat vibration alert systems to surge at a CAGR of 12% until 2031
- Passenger cars to account for 45% 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 systems providers include Continental AG, Delphi Technologies, STONAKM CO., Magna International Inc., Daimler AG, DENSO Corporation, Infineon Technologies AG, HELLA GmbH & Co. KGaA, Robert Bosch GmbH, Faurecia SE and Ford Motor Company among others.
- 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 behaviour of driver and alerts quickly.