Transparency Market Research has published a new report on the global driver alert systems market for the forecast period of 2019–2027. According to the report, the global driver alert systems market is projected to reach a value of US$ 4 Bn by 2027, expanding at a CAGR of ~15% during the forecast period.
Global Driver Alert Systems Market: Key Findings
- According to the report, the global driver alert systems market is likely to be driven by a rise in the preference for safety among consumers.
- Driver drowsiness has been a major cause of road accidents early in the morning, and it has been a leading cause for a large number of road fatalities.
- Rising demand for luxury vehicles among consumers has played a key role in propelling the market for driver alert systems, as most luxury vehicles are equipped with such alert systems to make them highly safe.
Expansion of Global Driver Alert Systems Market
- The driver alert systems market is estimated to expand at a notable pace during the forecast period. Europe and North America are highly developed markets for driver alert systems. High emphasis on the development of traffic safety and stringent traffic regulations in these regions have prompted manufacturers to integrate such safety systems into their vehicles, thus driving the driver alert systems market.
- Consequently, automakers are adopting driver alert systems to gain a competitive advantage and offer product differentiation in addition to developing safer vehicles. Fatigue and drowsiness are key reasons for road fatalities around the globe. Driver alert systems reduce accidents caused due to driver fatigue by alerting the driver and prompting him to focus on driving or to take a break. Urgency to reduce fatalities and prevent road accidents is expected to drive the driver alert systems market.
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- Driver alert systems had earlier been incorporated only in the top models of a few vehicles; however, rising preference and awareness among consumers about traffic safety has prompted automakers to offer the driver alert systems in several vehicle models and as an additional optional package.
Global Driver Alert Systems Market: Regional Analysis
In terms of region, the global driver alert systems market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a leading share of the global driver alert systems market, owing to significantly high production of vehicles as compared to that in other regions. Countries in Asia Pacific, such as China and India, have been major exporters in the automotive industry, which has contributed to the prominent share held by Asia Pacific in the global driver alert systems market space. However, Europe has been a prominent driver alert systems market, owing to the significantly high penetration of these systems. Europe is a major market for premium vehicles, which is also attributed to the significant share held by the region in the global driver alert systems market. Moreover, high safety standards in Europe and higher awareness toward automotive technology played a key role in boosting the driver alert systems market in region.
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Global Driver Alert Systems Market: Key Players
Prominent players operating in the global driver alert systems market include Continental AG, Delphi , STONAKM CO., LTD., Magna International Inc., Daimler AG, DENSO Corporation, Infineon Technologies AG, HELLA GmbH & Co. KGaA, Robert Bosch GmbH, Faurecia, Ford Motor Company, Johnson Controls Inc., Magneti Marelli S.p.A., Nissan Motor Co., Ltd., Tata Elxsi, Valeo SA, Visteon Corporation, and ZF Friedrichshafen AG.