Traffic sign recognition systems help in identifying speed limits, traffic signals, and other notifications on roads and highways. They detect road signs through built-in cameras and alert drivers in case they violate the posted speed limits or traffic signals. This helps in avoiding accidents and ensures road safety. The growing demand for advanced driver-assistance systems and strict government mandates for passenger safety are fueling the adoption of these systems.
The global Traffic Sign Recognition System Market is estimated to be valued at US$ 5.82 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Reducing accidents is a major opportunity for traffic sign recognition systems. As per estimates, around 1.35 million people die each year as a result of road traffic crashes. Traffic sign recognition systems play a vital role in minimizing accidents by alerting drivers about traffic signals and speed limits. With growing awareness about road safety, more automakers are incorporating these systems in new vehicles. Strict laws regarding distracted driving are also boosting the adoption of autonomous driving technologies including traffic sign recognition. This growing focus on road safety will drive the demand for these systems during the forecast period.
Porter's Analysis
Threat of new entrants: Low threat as this is a niche technology market requiring high R&D investment and economies of scale. Bargaining power of buyers: Moderate as there are many solution providers but customers have bargaining power due to brand loyalty. Bargaining power of suppliers: Low as key components can be sourced from multiple electronics suppliers globally. Threat of new substitutes: Moderate threat from emerging technologies like computer vision, deep learning and AI based applications. Competitive rivalry: High among key players to gain market share through product innovation and competitive pricing.
SWOT Analysis
Strengths: Growing demand for autonomous driving and preventive driver safety technologies. Established product functionalities and reliability.
Weaknesses: High R&D and manufacturing costs. Requirement of regular software and hardware upgrades.
Opportunities: Emerging markets adoption and government mandates. Integration with advanced driver assistance systems (ADAS).
Threats: Slow commercialization of autonomous vehicles. Stringent regulations and compliance standards.
Key Takeaways
Global Traffic Sign Recognition System Market Size is expected to witness high growth aided by increasing vehicle automation and adoption of advanced driver assistance technologies. Regional analysis: The Asia Pacific region is projected to grow at the highest CAGR during the forecast period due to the rapid adoption of advanced driver assistance systems in major automobile manufacturing countries like China, Japan and India. China dominates the regional market owing to the largest vehicle production in the world and government initiatives to enhance road safety. Meanwhile, countries like Japan and South Korea already have stringent regulations regarding traffic sign recognition and are early adopters of related automotive technologies.
Key players operating in the traffic sign recognition system market are Medline Industries Inc., Cardinal Health, Molnlycke Health Care AB, 3M Healthcare, Ahlstrom-Munksjo, Winner Medical Co. Ltd., Kimberly-Clark Health Care, DuPont Medical Fabrics, Johnson & Johnson, and B. Braun Melsungen AG. These players are focusing on developing upgraded software and intelligent cameras with better recognition capabilities to expand their market share.
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This report presents the worldwide Automotive Traffic Sign Recognition market size (value, production and consumption), splits the breakdown (data status 2013-2018 and forecast to 2025), by manufacturers, region, type and application.This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis.The Automotive Traffic Sign Recognition market was valued at Million US$ in 2017 and is projected to reach Million US$ by 2025, at a CAGR of during the forecast period.
In this study, 2017 has been considered as the base year and 2018 to 2025 as the forecast period to estimate the market size for Automotive Traffic Sign Recognition.Request a sample of this report @ http://www.orbisresearch.com/contacts/request-sample/2309976The following manufacturers are covered in this report:BoschDaimlerContinentalDelphi AutomotiveMobileyeItzelDENSOElektrobitToshibaAutolivMagna InternationalZF FriedrichshafenFord Motor CompanyAutomotive Traffic Sign Recognition Breakdown Data by TypeAbove 2 SqmBetween 1-2 SqmBelow 1 SqmAutomotive Traffic Sign Recognition Breakdown Data by ApplicationCommercial VehiclesPassenger VehiclesBrowse the complete report @ http://www.orbisresearch.com/reports/index/global-automotive-traffic-sign-recognition-market-insights-forecast-to-2025Automotive Traffic Sign Recognition Production by RegionUnited StatesEuropeChinaJapanOther RegionsThe study objectives are:To analyze and research the global Automotive Traffic Sign Recognition status and future forecast?involving, production, revenue, consumption, historical and forecast.To present the key Automotive Traffic Sign Recognition manufacturers, production, revenue, market share, and recent development.To split the breakdown data by regions, type, manufacturers and applications.To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.To identify significant trends, drivers, influence factors in global and regions.To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.This report includes the estimation of market size for value (million USD) and volume (Units).
Both top-down and bottom-up approaches have been used to estimate and validate the market size of Automotive Traffic Sign Recognition market, to estimate the size of various other dependent submarkets in the overall market.
Key players in the market have been identified through secondary research, and their market shares have been determined through primary and secondary research.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified primary sources.For the data information by region, company, type and application, 2017 is considered as the base year.
Whenever data information was unavailable for the base year, the prior year has been considered.Place a purchase order of this report @ http://www.orbisresearch.com/contact/purchase/2309976About Us:Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements.
