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Traffic Sign Recognition System Market: Introduction

  • The traffic sign recognition system detects traffic signs and displays them to the driver of the vehicle through a display located in the instrument cluster. This system generally uses a forward-facing camera located behind the windshield of vehicle, or a RFID system, which detects, analyzes, and communicates the information of traffic signs
  • The traffic sign recognition system can also be advanced by integration of haptic feedback such as vibrations or by alarm sounds to warn the driver of traffic signs. Demand for these systems is increasing, as the integration of advanced driver-assistance systems (ADAS) in vehicles is rising.

Key Drivers of Traffic Sign Recognition System Market

  • Rise in number of on-road vehicles has resulted in high number of road traffic accidents. In high traffic situations, the driver often misses some of the traffic signs on the road because of overcrowding due to neighboring vehicles, which sometimes leads to fatal accidents. National Highway Traffic Safety Administration stated that 6.5 million road-traffic accidents were reported across the U.S. in 2017. Majority of these accidents are caused due to driver distraction. Automakers are equipping their vehicles with traffic sign recognition systems to alert drivers and to overcome this safety concern. For instance, Nissan has included Traffic Sign Recognition system in its Safety Shield packages for its new vehicles sold across Europe, which reads the road signs by the front-facing camera and displays it to the driver. Thus, growing integration in vehicles amidst rising safety concerns is fueling the global traffic sign recognition system market.
  • Traditional automobiles technologies are witnessing gradual transformation with the advent of new technologies. Technologies such as artificial intelligence and Internet of Things (IoT) have made integration of features such as voice recognition, image recognition, and many such other capabilities possible in automobiles. Demand for these next-generation vehicles is witnessing an increase due to a rise in purchasing power of consumers. Automakers are equipping their vehicles with these technologies that render different levels of autonomy and increase convenience of driver and passengers. Traffic sign recognition is one such driver assistance technology integrated by numerous automakers, such as Daimler AG and Mazda Motor Corporation, in their vehicles to alert drivers of speed limits, turns, and other such road signs. These growing autonomy levels of vehicles and a rise in the demand for next-generation vehicles are propelling the traffic sign recognition system market across the globe.

Challenges in Traffic Sign Recognition System Market

  • Traffic sign recognition systems are expensive and also vulnerable to cyber threats due to their connectivity. These factors restrict the application of traffic sign recognition systems only to high-end premium vehicles, which restrains the global market.

Impact of COVID-19 Pandemic on Traffic Sign Recognition System Market

  • Production and sales of vehicles declined amidst the COVID-19 pandemic, which in turn hindered the demand for traffic sign recognition systems. However, in the post-COVID phase, these solutions are expected to witness high demand owing to the relief packages announced by governments to boost the automotive industry.

North America and Europe Hold Significant Share of Global Traffic Sign Recognition System Market

  • North America and Europe account for a significant share of the global traffic sign recognition system market, as OEMs including Daimler AG, BMW AG, and Tesla are continuously developing next-generation vehicles that are equipped with traffic sign recognition systems. Furthermore, on-going smart city projects with intelligent infrastructure, which communicate with cars, are anticipated to further propel the share held by North America and Europe in the global traffic sign recognition system market.

Key Players Operating in Traffic Sign Recognition System Market

The traffic sign recognition system market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the traffic sign recognition system market are:

  • Robert Bosch GmbH
  • Toshiba
  • Continental AG
  • Mobileye Corporation
  • Mazda Motor Corporation
  • Nissan Motor Corporation
  • ZF Friedrichshafen AG
  • eInfochips

Global Traffic Sign Recognition System Market: Research Scope

Global Traffic Sign Recognition System Market, by Type

  • Vision-based
  • RFID-based

Global Traffic Sign Recognition System Market, by Vehicle Type

  • Passenger Vehicle
  • Hatchback
  • Sedan
  • Utility Vehicle
  • Light Commercial Vehicle
  • Buses & Coaches
  • Trucks

Global Traffic Sign Recognition System Market, by Sales Channel

  • Aftermarket
  • OEM

Global Traffic Sign Recognition System Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Nordic Region
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Traffic Sign Recognition System Market

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