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The Traffic Signal Recognition Market has been Segmented by Traffic Sign Detection Type (Color-based Detection, Shape-based Detection, and Feature-based Detection), Vehicle Type (Passenger Cars and Commercial Vehicle), and Geography.
Fastest Growing Market:
The traffic signal recognition market is anticipated to register a CAGR of over 3.5% during the forecast period, (2020-2025).
The traffic signal recognition market has been segmented by tarffic sign detection type, vehicle type, and geography.
|Traffic Sign Detection|
|Middle-East and Africa|
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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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The global traffic signal recognition market is dominated by North America and followed by Europe. North America holds a significant share in the traffic signal recognition market as the demand for Advanced Driver Assistance Systems (ADAS) features in commercial and passenger vehicles growing. Another factor which is driving the demand for traffic signal recognition market in the region is the rising vehicle safety regulations.
In 2011, the American NCAP declared Forward Collision Warning (FCW), Traffic Sign Recognition (TSR), Lane Departure Warning (LDW) and Electronic Stability Control (ESC) as recommended features in the new cars.
In 2014, the Euro NCAP made Automatic Emergency Braking (AEB), Traffic Sign Recognition (TSR), and Lane Departure Warning (LDW) a mandate. In 2016, the Euro NCAP made the use of lane keeping assist mandatory.
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The traffic signal recognition market is dominated by few players Robert Bosch, Daimler, DENSO Corporation, Continental AG, Toshiba Corporation, and HELLA GmbH & Co. KGaA, among others. The companies are investing in IoT technologies, such as intelligent and connected devices, software platforms, and applications and services and making partnerships for being ahead in the competition. Technology manufacturers are also focusing on increasing connectivity in mobility and industry, consumer goods, and building and energy technology. For instance, Robert Bosch partnered with Mercedes-Benz for the production of self-driving cars. The company plans to help the car manufacturers to manage traffic and improve the road safety of the cars by the usage of smart systems.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Traffic Sign Detection
5.1.1 Color-based Detection
5.1.2 Shape-based Detection
5.1.3 Feature-based Detection
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicle
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Continental AG
6.1.2 Robert Bosch GmbH
6.1.3 DENSO Corporation
6.1.4 Toshiba Corporation
6.1.5 HELLA GmbH & Co. KGaA
6.1.6 Mobileye Corporation
6.1.7 Ford Motor Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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