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.
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.
Major 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.