Modern day vehicles are becoming more and more advance with technologies such as driver assistance systems, which helps the driver to gain better awareness of the road and its potential hazards. A traffic-sign recognition (TSR) system is one of these technologies, which can recognize a traffic sign placed beside the road such as, turn ahead, speed limit etc. Traffic Sign Recognition System is a part of ADAS (advanced driver assistance system).Traffic sign recognition system uses a camera mounted on the vehicle front to capture video of the roadside spaces. The process can be divided into two phases, which are detection and recognition. In the traffic sign detection process, the Traffic Sign Recognition System uses various methods to identify a road sign characteristics like, shape, color etc. In the recognition process, the Traffic Sign Recognition System identifies the information on the sign and displays output data to the driver.
The global traffic sign recognition system market is projected to grow at a CAGR of 3.5%, from US$ 37.81 Million in 2022 to US$ 53.34 Million in 2032.
Furthermore, most of the leading automotive companies are developing traffic sign recognition system to increase the safety rating of their vehicles. The stringent government regulations regarding the safety rating of a vehicle and the rising demand for driver assistance systems in automotive sector could create new growth opportunities for traffic sign recognition systems in the near future. However, the traffic sign recognition system is a high cost system.
Traffic Sign Recognition System Market: Dynamics:
Traffic sign recognition system can improve a driver’s efficiency and can lead to the future generation of road safety technology. Increasing awareness about the consumer’s safety, and need for comfortable driving is expected to significantly increase the growth of traffic sign recognition system market. The government regulations and new laws to establish road safety, such as New Car Assessment Program (NCAP’s), in which every vehicle has a safety rating, increases the safety measures in new car design. Such policies and regulations are projected to help fuel the market growth of traffic sign recognition system over the forecast period.
However, the traffic sign recognition system is a high cost system and at present installed in only premium vehicles. The system still requires much more development efforts, and there is a need to reduce the rate and margin of error in the technology. Such restraining factors may hinder the growth of the global traffic sign recognition system market over the forecast period.
Traffic Sign Recognition System Market: Regional Outlook:
North America region is estimated to account for a prominent share in the traffic sign recognition system market owing to fast growing demand of advanced driver assistance systems for passenger and commercial vehicles and also due to stringent government regulations about road safety. The European New Car Assessment program (EuroNCAP) is launched by European Commission to provide car buyers the potential safety benefits which are scientifically proven leads manufacturers to increase safety measures in the vehicles. Such measures are expected to significantly increase the growth of traffic sign recognition system market in European region over the forecast period.
The market in Asia Pacific region, particularly China, is expected to witness promising growth in the traffic sign recognition system market owing to growing demand for premium segment cars, increasing road safety awareness and the regulations of government about road safety and minimum safety measures in a vehicle.
Traffic Sign Recognition System Market: Market Participants:
Some of the market participants in the global traffic sign recognition system market are:
- Ford Motor Company Ltd
- DENSO CORPORATION
- ZF Friedrichshafen AG
- Robert Bosch GmbH
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
- Daimler AG
- HELLA Aglaia Mobile Vision GmbH
- Continental AG
- Škoda Auto a.s.
- dSPACE GmbH
- Magna International Inc.
- ELBIT
- Elektrobit
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
Traffic Sign Recognition System Market: Segmentation:
Traffic sign recognition system market can be segmented into Application, vehicle type and region.
On the basis of application:
- Traffic Sign Detection
- Blurring
- Colour-based detection
- Shape-based detection
- Cropped and Extract features
- Separation
- Traffic Sign Recognition
- Tesseract
- Support Vector Machine (SVM)
- Others (Template matching, SIFT etc.)
On the basis of vehicle type:
- Passenger Cars
- Commercial Vehicles
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
For More Info@ https://www.futuremarketinsights.com/reports/traffic-sign-recognition-system-market
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