The global automotive traffic sign recognition market is expected to foresee an explosive growth by the year 2028. Automotive traffic sign recognition system uses the advanced driver assistance concept to monitor traffic signs and displays them on the dashboard panel. This facilitates optimal traffic monitoring by automatic detection of neighborhood environment, which aids in accomplishing accident-free driving.
“The smart car control has allowed the evolution of advanced driver assistance with its onboard GPS-based navigation system, which permits Collision prediction and precision of current vehicle position. Attributed to the past several years of extensive research, the transport industry has developed robotic eyes that detects physical structures like an island, traffic sign, schools, hospitals, universities, waterbodies, offices etc.”
An introduction of government regulations focusing on safety initiatives to lower the statistical vehicle accidents is set to propel the growth of automotive traffic sign recognition market. Adaptive cruise control, blind spot monitoring, lane departure warning, active emergency braking, and traffic sign recognition are some of the advanced features that have been incorporated in mid-segment and entry-level vehicles. However, the high costs of these vehicles are restricting its growth in the emerging regions of the Asia Pacific and the Middle East & Africa.
The market presents a detailed depiction of the application segment which comprises passenger cars and commercial vehicles. Luxury automobiles have been acknowledged as the latest trend among the demographics of developed countries and, therefore, propelling the growth of passenger cars industry.
The comprehensive overview of the market has identified North America, Latin America, the Middle East & Africa, Europe and the Asia Pacific as the key regions. Homologation standards granted by the court of law in North America and Europe has helped to define the highest revenue generation in these regions.
The competitive landscape showcases the profiles and business strategies of the major players, along with their recent developments. Some of the dominant players operating in this market include Bosch, ZF Friedrichshafen, Continental, Autoliv, Daimler, Toshiba, Delphi Automotive, Magna International, Mobileye, Ford Motor Company, DENSO, Elektrobit, and Itzel among others. OEMs and Tier-1 manufacturers have identified the changing competitive dynamics and have fastened up their technological advancements to scale their economic positioning in the global market.
Leading players of Automotive Traffic Sign Recognition including:
• Delphi Automotive
• Magna International
• ZF Friedrichshafen
• Ford Motor Company
Market split by Type, can be divided into:
• Above 2 Sqm
• Between 1-2 Sqm
• Below 1 Sqm
Market split by Application, can be divided into:
• Commercial Vehicles
• Passenger Vehicles
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA