Automotive traffic sign recognition system: Key market research findings
- The increasing demand to curb road accidents drives market growth
- EMEA dominates the market geographically
- Key vendors – Daimler, Continental, Mobileye, and ZF TRW
Technavio’s market research analysts predict the global automotive traffic sign recognition system market to reach almost $3 billion by 2020. The demand for automotive traffic sign recognition systems in the market stems from the rising need to curb road accidents. These systems help a great deal in curbing the most critical risks associated with speeding vehicles, resulting in its growing adoption across the globe. During 2015, EMEA dominated the global automotive traffic sign recognition system market with a market share of around 45%. The presence of global automobile manufacturers such as BMW, Audi, and Mercedes-Benz coupled with the flourishing luxury car market in the region is expected to propel growth in the automotive traffic sign recognition system market in EMEA through the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The use of HDR cameras and Ethernet-based advanced driver assistance systems (ADAS) is an ongoing trend in the market. HDR technology is being largely leveraged owing to its improved image sensing capabilities. Besides, Ethernet-based ADAS reduces the complexities associated with the system as sharing of data across multiple domains is possible on a single network,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.
The development of autonomous cars is expected to revolutionize the global automotive traffic sign recognition system market. Companies such as Delphi, Continental, Bosch, Audi, Mercedes-Benz, and Google are working towards making the autonomous driving concept a reality. These campaigns and promotions are widening the market acceptance of semi-autonomous features in passenger vehicles, resulting an in increased demand for automotive traffic sign recognition systems in the market.
The key vendors in the market include Daimler, Continental, Mobileye, and ZF TRW. TSR systems have been an integral part of some luxury car brands like Mercedes-Benz and BMW. Currently, TSR systems work well in Europe due to uniformity in traffic signage across the continent. The Ford Motor Company has introduced features like speed limiter technology in its Ford S-Max model as recently as 2015. Since the US and Europe account for a high market share of luxury cars, suppliers of ADAS components will have to work with regulatory bodies on both continents to accelerate and homologate standards as well as their adoption.
A more detailed analysis is available in the Technavio report, Global Automotive Traffic Sign Recognition System Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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