According to a new study by Fact.MR, the rising demand for greater automotive safety will enable growth in the driver alert system market at above 14% CAGR between 2020 and 2030. Innovations in the field of advanced driver assistance systems (ADAS) is expected to create an environment conducive to the growth of the market. The World Health Organization (WHO) has stated that nearly 1.35 million people across the world died in road accident in 2018. The WHO also further identifies road injuries among leading causes of deaths among people aged between 5 and 29 years.
Some of the leading car makers are introducing cutting-edge technologies in their vehicles to curb this incidence. Spurred by these factors, sales recorded in the driver assistance systems market is surging at an impressive pace. Fact MR’s study on the market provides insights into various growth drivers. It also gauges the investment feasibility across key segment. Some of the key takeaways from the report are highlighted below:
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Competitive Landscape
The market for driver alert system is a highly competitive one. Market players are therefore adopting various strategies to gain competitive edge. Some of them are focusing on product launches to gain traction.
- For instance, Continental AG has launched their advanced driver alert system Turn Assist System equipped with short range radar in order to detect and send alert regarding movement and speed more precisely to protect cyclists and pedestrians in the current year.
- Delphi has launched their new ADAS Kit for driver safety alert in November, 2020 to expand their diagnostic capability in order to provide more advanced driver alert system solutions-. Their modular ADAS kit adds static and dynamic calibration of Advanced Driver Assistance Systems (ADAS) to Delphi Technologies’ existing suite of automotive diagnostic tools.
Driver Alert Systems Market – Segmentation
Fact.MR’s research study assesses the global driver alert systems market in terms of component, alert, type, vehicle, supplier, propulsion, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global driver alert systems market.
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Key Points Covered in Driver Alert System Industry Analysis
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Driver Alert System Market and How to Navigate
- Recommendation on Key Winning Strategies
Increasing Demand for ADAS Steering Growth
With the rapidly evolving automotive industry, the demand for various ADAS such as driver connective solutions, weather alerts, safety alerts, and others is increasing exponentially. 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 of the market.
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