Traffic Signal Recognition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The traffic signal recognition market is anticipated to register a CAGR of over 3.5% during the forecast period, (2020-2025).

• Traffic Sign Assist 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 passenger is driving onto a section of 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 signs 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. 

Scope of the Report

The traffic signal recognition market has been segmented by tarffic sign detection type, vehicle type, and geography.

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Key Market Trends

Rise in Stringent Government Regulations and Growing Demand for Autonomous Vehicles

The number of on-road accidents is increasing rapidly, and it is estimated that, on average, every single road accident results in at least two deaths and five serious casualties. According to the World Health Organization, nearly 1.25 million deaths occur due to road accidents, annually. The efforts of various governments to reduce fatalities from road accidents have led to increased safety standards in new vehicles.

Organizations involved in car safety regulations are focusing on ADAS for enhanced safety of both the passengers and the pedestrians. The American New Car Assessment Program (NCAP) and the European New Car Assessment Program (Euro NCAP) have made certain features of ADAS mandatory in the new vehicles. Currently, Audi, Ford, BMW, Mercedes, Volvo, and Honda, are some of the major companies deploying the traffic sign recognition system in their vehicles. With the ongoing technological advancements in the traffic sign recognition system, the demand for components like processors and image sensing cameras are likely to increase and is expected to drive the market.

The growing demand of autonomous vehicles is driving the traffic signal recognition, as the development of semi-autonomous vehicles are expected to continue till the end of this decade. With the expansion of the urban autopilot systems, the vehicles are expected to go fully autonomous by the end of 2025. These features can reduce the fatalities due to road accidents up to 80%.

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