Report cover image

Traffic Signal Recognition Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Publisher Global Market Insights
Published Oct 30, 2024
Length 170 Pages
SKU # GMI20306098

Description

Traffic Signal Recognition Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032


The Global Traffic Signal Recognition Market, valued at USD 427.2 million in 2023, is projected to grow at a robust CAGR of 11.7% from 2024 to 2032, driven by rising demand for safety features in vehicles. With an increasing focus on road safety, consumers are prioritizing vehicles equipped with advanced safety technologies. Awareness of safety has been propelled by factors like safety campaigns, media coverage of accidents, and personal experiences, prompting buyers to seek vehicles with features that enhance safe driving, thus fueling market growth. The integration of TSR technology within advanced driver-assistance systems (ADAS) is transforming the automotive industry.

ADAS, designed to assist drivers and improve road safety, requires sophisticated technologies like TSR for real-time traffic signal detection and interpretation. TSR technology significantly enhances decision-making, enabling ADAS-equipped vehicles to respond accurately to road conditions, which has become a critical element in modern vehicle design. In terms of components, the TSR market is segmented into hardware and software. The hardware segment led the market with a 67.5% share in 2023 and is anticipated to surpass USD 719 million by 2032. Essential hardware components, including high-resolution cameras, sensors, and processing units, capture and analyze real-time environmental data.

High-quality cameras, vital for detecting traffic signals under diverse lighting and weather conditions, work alongside LiDAR and radar sensors to improve ecological perception, ensuring accurate traffic signal recognition. Based on vehicle type, the market spans passenger vehicles, commercial vehicles, and special-purpose vehicles. In 2023, passenger vehicles held approximately 66% of the market share, attributed to their high sales volumes and the rising incorporation of safety features. As passenger vehicles dominate road traffic, TSR technology has become a focus for automotive manufacturers to enhance the driving experience, attract safety-conscious consumers, and further elevate the demand for these systems.

The U.S. TSR market accounted for 73% of revenue share in 2023 and is expected to reach around USD 246.5 million by 2032. The U.S. houses leading automotive and technology firms heavily invested in the research and development of ADAS and related safety technologies. This concentration of expertise promotes continual innovation and expedites the integration of advanced safety features like TSR, positioning the U.S. as a crucial market for TSR technology deployment. With the increasing emphasis on safety and ongoing technological advancements, the global traffic signal recognition market is set for significant growth, reflecting broader shifts in consumer preferences and automotive industry trends toward safer, more autonomous vehicles.

Table of Contents

170 Pages
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Automotive manufacturers
3.1.2 Technology providers
3.1.3 Infrastructure providers
3.1.4 Software developers
3.1.5 Telecommunications providers
3.1.6 End users
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Understanding impact of security and privacy measure on the market growth
3.7 Key news & initiatives
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Rise of autonomous vehicles
3.9.1.2 Growing adoption of ADAS
3.9.1.3 Urbanization and smart city initiatives
3.9.1.4 Consumer demand for safety features
3.9.2 Industry pitfalls & challenges
3.9.2.1 Lack of standardization
3.9.2.2 High development costs
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Component, 2021 - 2032 ($Bn)
5.1 Key trends
5.2 Hardware
5.2.1 Cameras and image sensors
5.2.2 LiDAR sensors
5.2.3 Radar sensors
5.2.4 Processing units/ECUs
5.2.5 Display units
5.2.6 GPS receivers
5.3 Software
5.3.1 Image processing algorithms
5.3.2 Machine learning models
5.3.3 Object detection software
5.3.4 Neural network solutions
5.3.5 Cloud-based platforms
Chapter 6 Market Estimates & Forecast, By Vehicle, 2021 - 2032 ($Bn, Units)
6.1 Key trends
6.2 Passenger vehicles
6.3 Commercial vehicles
6.3.1 Light commercial vehicles
6.3.2 Heavy commercial vehicles
6.4 Special purpose vehicles
Chapter 7 Market Estimates & Forecast, By Technology, 2021 - 2032 ($Bn)
7.1 Key trends
7.2 Image processing
7.3 Deep learning
7.4 Computer vision
7.5 Machine learning
7.6 Pattern recognition
7.7 Sensor fusion
Chapter 8 Market Estimates & Forecast, By Application, 2021 - 2032 ($Bn)
8.1 Key trends
8.2 Traffic light detection
8.3 Stop sign recognition
8.4 Speed limit detection
8.5 Warning sign recognition
8.6 Lane marking detection
8.7 Pedestrian crossing recognition
8.8 Railroad crossing detection
8.9 Yield sign recognition
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Spain
9.3.5 Italy
9.3.6 Nordics
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 ANZ
9.4.6 Southeast Asia
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.6 MEA
9.6.1 UAE
9.6.2 South Africa
9.6.3 Saudi Arabia
Chapter 10 Company Profiles
10.1 Audi
10.2 Bosch
10.3 Continental AG
10.4 Denso
10.5 Ford
10.6 General Motors
10.7 Hella GmbH & Co. KGaA
10.8 HERE Technologies
10.9 Hitachi Automotive Systems
10.10 Hyundai
10.11 Mobileye
10.12 Nissan
10.13 Nvidia
10.14 Renesas Electronics Corporation
10.15 TomTom
10.16 Toshiba
10.17 Toyota
10.18 Valeo
10.19 Veoneer
10.20 ZF Friedrichshafen
 

Pricing

Currency Rates
How Do Licenses Work?

How Do Licenses Work?

The primary function of a report license is to define how many people within a company are authorized to use the purchased report. This is separate to how a report might be delivered. Unless specifically identified otherwise, the purchase option is Single User. Below is a helpful description of that license, along with a sampling of others most commonly offered.

  • This license allows only one user to have access to and to use/read the report. It is not one user at a time or one user group; it is an individual who will be reading and utilizing the report.

  • This license allows for the entire purchasing company to read and use the report. This is the license level that would allow for a report to be placed on an internal company shared drive for access by all employees of that direct company. This license does not extend to parent or sister company use.

  • This license is designed to allow an entire department within a company full access to a report. The departmental license is a great option for companies that have more than one location and the department is spread out all over the country/world

  • This license is for companies that have one location where they want the report to be accessible by all employees within that physical location.

  • This is the most flexible of the licensing options. Some publishers will allow you to get a license for a preset number of people (typically 5). These licenses are ideal for small work groups.

License options are at the discretion of each publisher. As such, not all licenses indicated above are available for every product. If you are uncertain of the best license for your needs or would like a license that is not proactively available, please contact us and we will be happy to assist.

Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
Chat Now
Contact Us