Research report presented by UnivDatos, Emphasis on Application (Driver Monitoring Systems, Passenger Occupant Systems, Gesture UI Control, Theft Prevention Systems, Others); Vehicle Types (SUVs, Sedans, Hatchback, Others); and Geographical analysis (key regions and countries).
As per the research report, Radar Based In-Cabin Sensing Systems Market is expected to reach the market valuation of US$ 361.4 million by 2027 expanding at a reasonable CAGR of 54.1% during the forecast period (2021-2027) from US$ 258 million in 2019.
A rise in vehicle accidents is one of the key factors contributing to the growth of the market. As per the World Health Organization, approximately 1.35 million people die each year because of road traffic crashes. More than 90% of road traffic deaths occur in low- and middle-income countries. Moreover, driver distraction is one of the prominent reasons for the vehicle crash accident. As per a study, around 11% of the vehicle crashes in the United States happened due to a driver’s mistake. In Addition, road traffic injury death rates are highest in the African region. As per International Telecommunication Union, technology-caused driver distraction is a global problem and has its stake in the more than 1.2 million people dying in road crashes each year. Some of the main internal sources of driver distraction are adjusting temperature controls, moving an object in the vehicle, using a device or object integral to the vehicle, as revealed by WHO.
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Moreover, the demand for passenger occupancy systems due to the surging number of child fatalities in hot cars is adding growth to the market of in-cabin sensing systems. As per National Safety Council, 2018 was the deadliest year on record in the past 20 years (since 1998) as 53 children died in hot cars. Since 1998, around 800 children's have died in hot cars, and out of that 54.2% of deaths happened due to the forgetting a child in a vehicle by a caregiver, 25.2% of deaths happened as the child gained access to the vehicle and 19.1% deaths happened due to knowingly leave the child in the vehicle.
Also, the COVID-19 adversely impacted the production and inventories of automobiles and their components. Worldwide, the sector has experienced a collapse in demand for new vehicles of something in the order of 30 percent as a result of the crisis. The exact reduction varies by region, with China experiencing a decline of about 23 percent and Europe suffering a decline closer to 40 percent, with variations within regions.
Hyundai, Robert Bosch, Bit sensing, General Motors, Texas Instruments, Infineon Technologies, Denso Corporation, Jaguar (JRL), NXP, Smart Radar Systems, etc., are some of the prominent players operating in the Radar Based In-Cabin Sensing Systems market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Application, Driver monitoring systems segment holds the major share”
Based on the application type, the market is fragmented into Driver monitoring systems, passenger occupant systems, gesture UI control, Theft prevention systems, and Others. The driver monitoring systems segment dominated the market with a share of 46% in 2020 and is expected to maintain its dominance during the forecast period owing to the emerging demand for safety and security in an automobile.
“Amongst Vehicle Type, SUVs segment dominated the market during the forecast period”
Based on vehicle type, the market is mainly fragmented into SUVs, Sedans, Hatchbacks, and Others. In 2020, the SUVs segment accounted for a maximum market revenue share of 57.2% and is expected to remain dominant during the analyzed period. The affordable prices of cars coupled with the launch of new models are leading to the growth of this segment.
“North America represents one of the largest markets of Radar Based In-Cabin Sensing Systems market”
For a better understanding of the market dynamics of the Radar Based In-Cabin Sensing Systems Market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ 148.6 million in 2020 owing to the rising per capita income coupled with the emerging number of vehicle sales. As per data released by the Bureau of transportation statistics, the car sales in U.S and Canada reached 14,665,787 and 1,656,775 units respectively in 2020.
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