Germany’s Traffic Sign Recognition (TSR) market is expected to grow at a CAGR of 12.25% by 2020. The growth of the market in the country is driven by an increase in automation of vehicles and the growing demand for integrated connected systems. The drivers and customers prefer autonomous driving, including parking assistance, alerts for approaching vehicles, people and objects, traffic congestion assistance, and lane departure warnings. Thereby, with the increase in the convergence of sensor- and connectivity-based solutions, these systems are critical to making decisions based on information from the surrounding environment. In this respect, TSR systems help to significantly reduce the burden on drivers, augment the safety aspects and increase driver’s convenience.
The regulation norms of Euro NCAP provide consumers with an assessment of the safety level of the popular cars sold in Europe. With the European Commission’s motor vehicle safety efforts increasing the safety of drivers and passengers, the demand for cost-effective sensor enabled road signs/pedestrian detection systems has increased significantly in the country. The rate of casualties resulting from driver’s negligence on the roads has driven the employment of this technology. The combination of sensor-enabled technology, along with effective human-machine interfaces, has been effective in reducing accident rates significantly.
The development of sensor-based technologies across the world, coupled with the economic recovery of the country post the recession period, has helped to augment the demand for the luxury and sports vehicles, which in turn has affected affect the growth of traffic sign recognition systems in the country.
However, some functional defects associated with the detection of these systems in harsh weather conditions pose a threat in terms of acceptability of these systems and thereby, the growth of the market. The efficiency and speed of the detection are the critical factors that play a significant importance in the whole TSR process and can be achieved by reducing the search space and indicating the potential regions. Among the traffic sign detection types, the demand for color-based detection would attract greater market with a share of more than 38% in the market. The market for TSR from the OEMs is expected to gather major traction with the highest CAGR in the country.
The market is segmented by type and end-user segment.
Some of the key players in the market are:
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