The Global Drowsiness Monitors Market is Projected to Reach US$4.2 Billion by 2024
Increasing
Focus on Active Safety Drives the Global Drowsiness Monitors Market, According
to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry
segments, trends, growth drivers, market share, size and demand forecasts on
the global Drowsiness Monitors markets. The global Drowsiness Monitors market is projected to reach US$4.2 billion
by 2024, driven by increasing focus on active safety around
the world.
Automobile safety technologies, an important feature
in vehicle engineering, have evolved rapidly over the past decade, driven
primarily by the growing OEM focus on safety measures and government mandates
to include safety technologies in automobiles. With the rise in vehicle
ownership and the increase in number of vehicle miles traveled, automobile
accidents are not surprisingly on the spiral. Advances over the years
although seen primarily in car or engine design, are also being extended to
safety of passenger, vehicle and pedestrian. Safety technologies in automobiles
have progressed a long way from technologies that react after the occurrence of
accident to proactive safety technologies that seek to prevent accidents.
Safety technologies are evolving over time and are presently in their third
generation of development. These technologies both warn and intervene to take
corrective actions in case of emergency scenarios. To
minimize errors in judgment on part of the driver, a host of advanced driver
assistance systems (ADAS) are being developed to monitor driver alertness and
assist in taking corrective actions in case of unforeseen errors. ADAS
technologies such as Blind Spot Detection (BSD), Night Vision System (NVS),
Lane Departure Warning (LDW), Anti-Lock Braking System/Electronic Stability
Control (ABS/ESC), Tire Pressure Monitoring System (TPMS) and Adaptive Cruise
Control (ACC) are some of the innovative technologies that have emerged over
the past few years to provide assistance to drivers.
The number of road accidents is high in developing
countries, due to the lack of adequate transport infrastructure to accommodate
the ever increasing vehicular traffic. Road accidents and urban congestion have become major issues
around the world. Every year, traffic accidents cause millions of injuries and
fatalities, while traffic jams increase driver idling time and, thus, add to
overall fuel consumption and air pollution. In addition, the social and
economic costs of road accidents are huge and immeasurable, particularly in
case of loss of life. Both indirect and direct costs associated with the
accidents such as hospitalization expenses and damaged assets represent around
2% of the global GDP every year. As a result, the importance of safety in
vehicles has become a key competitive factor in automobile industry and OEMs
are under pressure to incorporate safety measures in vehicles, which adhere to
international safety standards, in order to optimize the safety of driver and
passengers.
Lifestyle and sleep cycle changes have deteriorated
quality of sleep and are further exacerbating scenarios in which the driver may
be inattentive, stressed, and fatigued while behind the wheel. Worldwide about
1.3 million people die in road crashes each year. Each year, over 100,000
drowsiness related accidents are reported in the US, resulting in more than
1,500 deaths, besides fatal injuries and monetary losses. Similar trends are
also exhibited in other countries as well. Road accidents are forecast to be
the fifth leading cause of death by 2030. Studies
indicate that driver drowsiness accounts for about 20% vehicle-based accidents. Fatality increases manifold for sleepy drivers in comparison to other accidents
due to the fact that the combination of sleepiness and impact of high speed
generally impairs drivers from applying brakes or taking an appropriate action
to avoid the situation. In this context, it is
gradually becoming imperative for automobile manufacturers to provide systems
on-board that can monitor drivers, measure their drowsiness levels in real
time, and timely alert them through audible and visual warning in case of
detecting any dangerous cues.
As stated by the new market research report on Drowsiness Monitors, Europe represents the
largest market worldwide, followed by the United States. Asia-Pacific is
forecast to witness the fastest growth with a CAGR of 19.6% over the analysis
period. With car buyers in developing markets gradually moving up the value
chain, their preference for safety features is also increasing. Leading to OEMs
in these regions will shift their pitch from value to safety.
Key players in the market include BMW AG, Daimler AG,
Denso Corporation, Ford Motor Company, Seeing Machines Limited, Robert Bosch
GmbH, Tobii Technology AB, Volkswagen AG, and Volvo Car Corporation among
others.
The research report titled "Drowsiness Monitors: A Global
Strategic Business Report"
announced by Global Industry Analysts Inc., provides a comprehensive review of
market trends, growth drivers, innovations and launches, and strategic industry
activities of major companies worldwide. The report provides market estimates
and projections in US dollars for all major geographic markets including the US,
Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific, and
Rest of World.
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