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Traffic signs are an essential part of our road infrastructures. These sign boards provides important information to the road users which propels them to adjust their driving actions so as to make sure they adhere to the given instructions or information. Traffic signs include school crossing, sharp turn, speed breakers, speed limits etc. More than one million people lose their lives cause of road accidents every year. Maximum deaths are triggered by road accidents. These signs play a vital role in controlling road accidents and other fatalities. Traffic sign recognition system uses a camera mounted on the dashboard of the vehicle to record video of the road signs. The system has two phases- detection and recognition. In the detection process, the system uses various means to recognise a road sign features like, shape, colour etc. In the recognition process, the system recognises the information on the sign and shows the output data to the driver. Traffic sign recognition system has become a primary need in vehicles. The traffic sign recognition system in vehicles assists the driver in detecting and recognising traffic signs on the road. With the use of IoT and AI, the system installed in the vehicle alarms when the driver does not abide to the traffic signs. Globally, with the rising number of vehicles on road and traffic congestions, the driver might overlook or miss some of the traffic signs on the roads which may be risky for him. This is the foremost reason which may propel the growth of the traffic sign recognition system market. The automotive sector has adopted advanced technologies that has transformed vehicles into smart ones. Development of Advanced Driver Assistance System in vehicles and use of artificial intelligence and internet of things are prevailing in the automotive industry. Moreover, the manufacturing companies are also spending high percentage on research to serve their customers highly technological equipped vehicles. This is leading to the growth of the traffic sign recognition market.
Key Market Driver -
The rising traffic congestion, adoption of ADAS in vehicles are driving the growth of the traffic sign recognition system market.
Key Market Restraint -
Complexity in handling and high installation cost may hamper the growth of the traffic sign recognition system market.
Globally, the traffic sign recognition system market is segmented by vehicle, and by geographic coverage. By vehicle type, the market is further segmented into passenger cars, light commercial vehicles and heavy commercial vehicles. The passenger car segment holds the largest share of the global traffic sign recognition system market and is expected to boost during the forecast period. The increasing urbanisation, improved standard of living and rise in the disposable income has boosted the sale and production of passenger cars across the globe. Also, with the rising safety awareness amongst people, and inclination towards luxury and convenience features, the passenger car market is expecting a boom during the forecast period.
Major players operating in the global traffic sign recognition system market include Robert Bosch GmbH, DENSO CORPORATION, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Continental AG, Škoda Auto a.s., HELLA Aglaia Mobile Vision GmbH, ZF Friedrichshafen AG, Ford Motor Company Ltd, dSPACE GmbH, and Daimler AG among others.
Geographically, the traffic recognition system market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America holds the largest share of the global traffic sign recognition system market owing to rapid adoption of advanced technology, increasing demand for advanced driver assistance system for commercial vehicles as well as for passenger cars. Moreover, the stringent government norms towards road safety is also propelling the growth of the market in this region. Europe is expected to show a significant growth in this market owing to the presence of prominent automotive companies such as BMW, Audi, and Mercedes-Benz are leading to the growth of the market. The European government has imposed stringent regulations towards safety measures of the driver and passenger and to curb accidents. This is adding to the growth of the market. Asia Pacific is also showing a substantial growth in the traffic sign recognition system market owing to the increasing number of sales and production of passenger cars. Moreover the rapid adoption of advanced technologies by the automotive industry and government regulation to reduce accidents and ensure safety are propelling the growth of the market in this region.
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