Description
Global Driver Safety Market Research Report – Forecast till 2025
Market Overview
Global Driver Safety Market is expected to register a CAGR of 8.3% to reach USD 20.2 Billion during the review period. The systems are intended to protect the driver from harm and performs monitoring, warning, braking, and steering. The introduction of new technologies, such as driver alertness detection systems and electronic stability control (ESC) is expected to enhance the growth of the driver safety market during the forecast period.
Global Driver Safety Market is estimated to register significant expansion during the study owing to the rising incidences of road accidents and deaths and an increase in the sale of EV & luxury vehicles. The growth of the global market is propelled by the expansion of the automotive industry and the surge in technology up-gradation in recent years. Moreover, Artificial Intelligence (AI) and revolution in the Internet of Things (IoT) are expected to command the automotive segment in the US. However, high competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain market growth.
Market Segmentation
Global Driver Safety Market is segmented based on Type, Vehicle Type, and Region.
The Type segment has been classified into 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.
Based on vehicle type, the global driver safety market has been bifurcated into passenger cars and commercial vehicles. The rising demand to rise vehicle efficiency and the incorporation of safety features in both passenger and commercial vehicles are expected to boost the need for driver safety systems in the global market. Additionally, an increase in population, high purchasing power, and favorable government policies are expected to surge the demand for passenger cars.
Regional Analysis
Geographically, the report on the global driver safety market has been spread across four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World.
In 2019, Asia-Pacific evaluated for the largest market share of 42.2% and registered market value of USD 5.8 billion. The region is expected to register the highest CAGR of 9.9% during the forecast period owing to growing automobile sales in countries such as China, Japan, India, and South Korea.7 The regional market growth is attributed to high automobile sales in countries such as China, Japan, India, and South Korea.
Europe registered the second-largest market in 2019, with a market value of USD 3.6 billion and it is projected to witness a healthy CAGR of 7.9%. the regional market is spread across Germany, France, the UK, and Italy. The government regulations for vehicle safety and presence of major electronics sensor manufacturers, such as Robert Bosch GmbH, Valeo, Infineon Technologies AG, and Continental AG, who provide electronic sensors is expected to drive the regional market during the review period.
Major Players
The prominent players of the global driver safety market are Denso Corporation (Japan), Robert Bosch GmbH (Germany), Continental AG (Germany), Magna International Inc. (Canada), and Infineon Technologies AG (Germany).
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
