Market Size of Traffic Signal Recognition Industry
| 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 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 Size Summary
The traffic signal recognition market is experiencing significant growth, driven by the increasing demand for advanced driver assistance systems (ADAS) and the rising focus on vehicle safety regulations. Intelligent transport systems (ITS) have integrated traffic recognition systems (TSR) to enhance road safety by automating the detection and recognition of traffic signs. This technology aims to reduce accidents caused by human error, which remains a leading cause of road fatalities. Manufacturers are incorporating sensors and cameras into new vehicles, while companies like Mobileye offer add-on sensors for vehicles lacking pre-installed systems. The market is further propelled by the growing interest in autonomous vehicles, as semi-autonomous features are expected to evolve into fully autonomous systems, significantly reducing road accident fatalities.
North America leads the global traffic signal recognition market, followed by Europe, due to the increasing demand for ADAS features and stringent vehicle safety regulations in these regions. Key players in the market, such as Robert Bosch, Daimler, and Continental AG, are investing in IoT technologies and forming strategic partnerships to maintain a competitive edge. These companies are focusing on enhancing connectivity in various sectors, including mobility and energy technology. Regulatory bodies like the American and European NCAP have mandated the inclusion of traffic signal recognition features in new vehicles, further driving market growth. The ongoing technological advancements in traffic signal recognition systems are expected to boost the demand for essential components like processors and image sensing cameras, supporting the market's expansion.
Traffic Signal Recognition Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Traffic Sign Detection
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2.1.1 Color-based Detection
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2.1.2 Shape-based Detection
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2.1.3 Feature-based Detection
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2.2 Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicle
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Traffic Signal Recognition Market Size 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.
