Market Size of China Traffic Sign Recognition Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 12.58 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Traffic Sign Recognition Market Analysis
The China traffic sign recognition market is anticipated to register a CAGR of over 12.58% during the forecast period.
- Traffic sign 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 a passenger is driving onto a section of the 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 sign 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.
