Scope of the Study
Traffic sign recognition system is defined as the vehicles which can easily recognize traffic signs. Numerous sign can be easily recognized by traffic sign recognition system such as recognize speed limit, turn head of traffic, human in the road among others. This system designed in such a way that it will reduce the number of the road accident. For instance, in August 2017, as per an article published by World Health Organization, more than 1.25 million due to road accident. Hence, rising number of road accident across the worldwide and technology advancement in the traffic sign recognition system are projected to drive the global traffic sign recognition system market over the forecast period.
The market study is being classified, by Application (Bridges, Road, Tunnel, Mountain Pass and Others) and major geographies with country level break-up. According to AMA, the Global Traffic Sign Recognition System market is expected to see growth rate of 4.2%
Ford Motor Company Ltd (United States), Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), Robert Bosch GmbH (Germany), Toshiba Electronic Devices & Storage Corporation (United States), Daimler AG (Germany), HELLA Aglaia Mobile Vision GmbH (Germany), Continental AG (Germany), Škoda Auto a.s. (Czech) and dSPACE GmbH (Germany) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Magna International Inc. (Canada), Elektrobit Automotive GmbH (Germany), Gentex Corporation (United States) and Mobileye (Israel).
Research Analyst at AMA predicts that Germany and United States Vendors will contribute to the maximum growth of Global Traffic Sign Recognition System market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Traffic Sign Recognition System market by Type, Application and Region.
On the basis of geography, the market of Traffic Sign Recognition System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Vehicle Type, the sub-segment i.e. Passenger Cars will boost the Traffic Sign Recognition System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Traffic Sign Detection Type, the sub-segment i.e. Color-Based Detection will boost the Traffic Sign Recognition System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Urban Population and High Demographic Rates across the World
- Government Initiative Regarding the Safety Rating of a Vehicle
- Growing Number of Road Accident in both Developed and Developing Countries
- One of the latest trends of this market is Rising Requirement for Real-Time Information Systems
- The problem regarding the Lack of Standardized and Uniform Technologies in Developing Countries
- Rising Demand from Emerging Economics such as China, India, Brazil, among others
- Rise of IoT as well as Sensor Technologies in Traffic Signal Controller
- Growing Demand for Driver Assistance Systems in Automotive Sector Globally
- Issue related to Lack of Awareness of Traffic Sign Recognition System
Market Leaders and their expansionary development strategies
In April 2017, the Robert Bosch GmbH (Germany) Company has partnered with Mercedes-Benz (Germany) Company for the manufacturing of self-driving cars. It will benefit for the passenger to improve the road safety by the usage of the traffic sign recognition system. Hence, this partnership will strengthen the company presence in the traffic sign recognition system across the globe.
In June 2019, the Mapillary Company has launched traffic sign recognition dataset. It also helps autonomous vehicles understand road signage. In addition, it can easily recognition more than 300 traffic signal. Hence, this launched will increase the product portfolio of the company.
Key Target AudienceManufacturers of Traffic Sign Recognition System, Suppliers of Traffic Sign Recognition System, Wholesalers, Distributers and Retailers of Traffic Sign Recognition System, Governmental Bodies and Research Firms
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