Market Size of North America Traffic Signal Recognition Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 9.73 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Traffic Signal Recognition Market Analysis
The North America traffic signal recognition market is poised to grow from USD 20 million to USD 35 million, registering a CAGR of over 9.73% during the forecast period.
- Traffic signal recognition is a driver support function used to notify and warn the driver about the restrictions that are effective on the road. Such restrictions include 'speed limit zones' or 'no-overtaking' indications. The system can help the driver to maintain a permissible speed and obey the local traffic instructions or any other urban restrictions.
- Stringent emission regulations, adoption of enhanced technologies for road safety, advancements in research into sensors, cameras, and other automobile technologies, and scaling of manufacturing of sensor-based technologies across the world are some of the drivers for traffic signal recognition-enabled vehicles.
- As fatalities are increasing across the region, organizations involved in car safety regulations are focusing on advanced driver-assistance systems (ADAS) to enhance the safety of both passengers and pedestrians.
