Traffic Signal Recognition Market - Growth, Trends, and Forecast (2019 - 2024)
The global traffic signal recognition market is anticipated to register a CAGR of about 3.65% during the forecast period (2019 – 2024).
Traffic Sign Assist detects traffic signs with a multifunction camera and assists the passenger by displaying detected speed limits and overtaking restrictions in the instrument cluster. If the system detects that passenger is driving onto a section of road in the wrong direction, it triggers a warning. The camera also detects traffic signs with a restriction indicated by an additional sign.
Intelligent transport systems (ITS), an umbrella term to describe systems that ease the processes of traffic and driving through automation, have evolved to include traffic recognition systems (TSR), which enable automatic traffic signs detection and recognition. Given the rate of deaths and casualties resulting from human errors on the roads, employment of this technology in combination with effective human-machine interfaces, is likely to dramatically reduce the accident rates.
While most manufacturers are integrating sensors and cameras for traffic sign detection and recognition in new cars, other sensors-based companies are offering add-on sensors, which can be used in cars without pre-installed pedestrian detection systems, including Mobileye, among others.
Scope of the Report
The global traffic signal recognition market has been segmented by traffic sign detection type, vehicle type, and geography.
Key Market Trends
Rise in Stringent Government Regulations and Growing Demand for Autonomous Vehicles
The number of on-road accidents is increasing rapidly, and it is estimated that, on average, every single road accident results in at least two deaths and five serious casualties. According to the World Health Organization, nearly 1.25 million deaths occur due to road accidents, annually. The efforts of various governments to reduce fatalities from road accidents have led to increased safety standards in new vehicles.
Organizations involved in car safety regulations are focusing on ADAS for enhanced safety of both the passengers and the pedestrians. The American New Car Assessment Program (NCAP) and the European New Car Assessment Program (Euro NCAP) have made certain features of ADAS mandatory in the new vehicles. Currently, Audi, Ford, BMW, Mercedes, Volvo, and Honda, are some of the major companies deploying the traffic sign recognition system in their vehicles. With the ongoing technological advancements in the traffic sign recognition system, the demand for components like processors and image sensing cameras are likely to increase and is expected to drive the market.
The growing demand for autonomous vehicles is driving the traffic signal recognition, as the development of semi-autonomous vehicles is expected to continue until the end of this decade. With the expansion of the urban autopilot systems, the vehicles are expected to go fully autonomous by the end of 2025. These features can reduce fatalities due to road accidents by up to 80%.
North America - Driving the Traffic signal Recognition Market
The global traffic signal recognition market is dominated by North America and followed by Europe. North America holds a significant share in the traffic signal recognition market as the demand for Advanced Driver Assistance Systems (ADAS) features in commercial and passenger vehicles growing. Another factor which is driving the demand for traffic signal recognition market in the region is the rising vehicle safety regulations.
In 2011, the American NCAP declared Forward Collision Warning (FCW), Traffic Sign Recognition (TSR), Lane Departure Warning (LDW) and Electronic Stability Control (ESC) as recommended features in the new cars.
In 2014, the Euro NCAP made Automatic Emergency Braking (AEB), Traffic Sign Recognition (TSR), and Lane Departure Warning (LDW) a mandate. In 2016, the Euro NCAP made the use of lane keeping assist mandatory.
The global traffic signal recognition market is dominated by few players Robert Bosch, Daimler, DENSO, Ford, Toshiba, ZF TRW, and among others. The companies are investing in IoT technologies, such as intelligent and connected devices, software platforms, and applications and services and making partnerships for being ahead in the competition. Also, technology manufacturers are focusing on increasing connectivity in mobility and industry, consumer goods, and building and energy technology. For instance, Robert Bosch partnered with Mercedes-Benz for the production of self-driving cars. The company to help the car manufacturer to manage traffic and improve the road safety of the cars by the usage of smart systems.
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