Driver Safety Market Size Expected to Grow at a CAGR over 6.3% from 2023 to 2032

Pune, India, August 2023, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Driver Safety Market.

Market Overview

Global Driver Safety Market in terms of value is estimated to reach a value of USD 5678.3 Billion by 2032, registering a CAGR of 6.3% during the forecast period.

The report covers segmentation and drivers for a better glimpse of the market in the coming years. The driver safety market has registered a significant growth over the past few years in developing nations, such as China, Australia, and Brazil, owing to the rising automotive production and growing automotive aftermarket. The driver safety market is mainly dependent upon the automobile production and sale. Thus, the fluctuation in demand for automobiles has an impact on the market. The global passenger and commercial vehicle production volume in 2019 was almost 91 million units and is expected to witness a steady growth rate in the coming years.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Driver Safety Market Trends

Competitive Analysis

Global Driver Safety Market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.

The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Denso Corporation, Robert Bosch GmbH, Continental AG, Magna International Inc., and Valeo are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development as their key strategy in the global driver safety market. Although the international players are dominating the market, regional and foreign players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.

Segmental Analysis

Global Driver Safety Market is segmented based on Type, Vehicle Type, and Region. The type segment is bifurcated 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. Driver safety systems are active safety systems that play a role in preventing accidents and crash by offering warnings or by providing additional assistance to the driver in the steering/control of the vehicle. Improving road safety standards/supporting legislation and consumer awareness in emerging markets are increasing the demand for driver safety systems in passenger and commercial vehicles.

Based on vehicle type, the global driver safety market is segmented into passenger cars and commercial vehicles. The increasing demand to improve vehicle efficiency and the incorporation of safety features in both passenger and commercial vehicles are likely to drive the need for driver safety systems in the global market. Passenger cars are used to carry passengers rather than goods. There is an increase in the demand for passenger cars, owing to the increase in population, high purchasing power, and favorable regulations.

Regional Analysis

Based on region, the report on the Global Driver Safety Market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

Asia-Pacific accounted for the largest market share of 42.2% in 2019, with a market value of USD 5.8 billion; it is expected to register the highest CAGR of 9.9% during the forecast period. Asia-Pacific is expected to create a scope for the growth of the driver safety market owing to the high automobile sales in countries such as China, Japan, India, and South Korea. The driver safety market is growing with the increasing vehicle sales in this region as these systems are used in monitoring vehicle position, driver alertness, and eye-tracking for improving vehicle safety.

Europe was the second-largest market in 2019, valued at USD 3.6 billion; it is projected to exhibit a CAGR of 7.9%. It comprises Germany, France, the UK, and Italy. The European Union has introduced several norms regarding vehicle safety, which prompt the automotive OEMs and electronic component manufacturers to integrate electronics into automobiles consistently. The region hosts key electronics sensor manufacturers, such as Robert Bosch Gmbh, Valeo, Infineon Technologies AG, and Continental AG, who provide electronic sensors, especially for premium vehicles.