Traffic Signal Recognition Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 3.50 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Traffic Signal Recognition Market Analysis
The traffic signal recognition market is anticipated to register a CAGR of over3.5% during the forecast period, (2020-2025).
- 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 policies 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, the employment of this technology in combination with active human-machine interfaces is likely to reduce the accident rates dramatically.
- 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.
Traffic Signal Recognition Market Trends
This section covers the major market trends shaping the Traffic Signal Recognition Market according to our research experts:
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 of autonomous vehicles is driving the traffic signal recognition, as the development of semi-autonomous vehicles are expected to continue till 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 the fatalities due to road accidents 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.
Traffic Signal Recognition Industry Overview
The traffic signal recognition market is dominated by few players Robert Bosch, Daimler, DENSO Corporation, Continental AG, Toshiba Corporation, and HELLA GmbH & Co. KGaA, 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. Technology manufacturers are also 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 companyplansto help the car manufacturers to manage traffic and improve the road safety of the cars by the usage of smart systems.
Traffic Signal Recognition Market Leaders
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Continental AG
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Robert Bosch GmbH
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Toshiba Corporation
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HELLA GmbH & Co. KGaA
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Mobileye Corporation
*Disclaimer: Major Players sorted in no particular order
Traffic Signal Recognition Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Traffic Sign Detection
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5.1.1 Color-based Detection
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5.1.2 Shape-based Detection
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5.1.3 Feature-based Detection
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5.2 Vehicle Type
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5.2.1 Passenger Cars
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5.2.2 Commercial Vehicle
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5.3 Geography
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5.3.1 North America
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5.3.2 Europe
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5.3.3 Asia-Pacific
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5.3.4 South America
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5.3.5 Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
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6.1.1 Continental AG
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6.1.2 Robert Bosch GmbH
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6.1.3 DENSO Corporation
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6.1.4 Toshiba Corporation
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6.1.5 HELLA GmbH & Co. KGaA
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6.1.6 Mobileye Corporation
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6.1.7 Ford Motor Company
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Traffic Signal Recognition Industry Segmentation
The traffic signal recognition market has been segmented by tarffic sign detection type, vehicle type, and geography.
| Traffic Sign Detection | |
| Color-based Detection | |
| Shape-based Detection | |
| Feature-based Detection |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicle |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Traffic Signal Recognition Market Research FAQs
What is the current Traffic Signal Recognition Market size?
The Traffic Signal Recognition Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Traffic Signal Recognition Market?
Continental AG, Robert Bosch GmbH, Toshiba Corporation, HELLA GmbH & Co. KGaA and Mobileye Corporation are the major companies operating in the Traffic Signal Recognition Market.
Which is the fastest growing region in Traffic Signal Recognition Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Traffic Signal Recognition Market?
In 2024, the North America accounts for the largest market share in Traffic Signal Recognition Market.
What years does this Traffic Signal Recognition Market cover?
The report covers the Traffic Signal Recognition Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Traffic Signal Recognition Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Traffic Signal Recognition System Industry Report
Statistics for the 2024 Traffic Signal Recognition System market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Traffic Signal Recognition System analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
