Market Trends of North America Traffic Signal Recognition Industry
Rise in Stringent Government Regulations and Growing Demand for Autonomous Vehicles
- The autonomous vehicles market in the United States is estimated at 3.4 thousand units in the year 2021. The country currently accounts for a 40% share of the global market.
- 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 (WHO), 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 passengers and pedestrians. The American New Car Assessment Program (NCAP) and the European New Car Assessment Program (Euro NCAP) have made certain features of the advanced driver-assistance system (ADAS) mandatory in 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 for autonomous vehicles is driving traffic signal recognition, as the development of semi-autonomous vehicles is expected to continue till the end of this decade. With the expansion of 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 by up to 80%.
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Passenger Car will hold the major share in the Market.
- North America is a significant market for passenger car sales, encompassing countries like the United States, Canada, and Mexico. Historically, these countries have seen strong demand for passenger cars, with various factors influencing sales figures.
- United States' new vehicle sales of 1,374,910 units for May represented an increase of 1.3% from April 2023 and an increase of 22.8% from one year ago in May 2022 when supply chains restricted production, with all major manufacturers showing gains.
- There were 25 selling days in May 2023, one more than the 24 selling days in May 2022. May's passenger car sales increased 17.8% to 299,842 units, resulting in a 21.8% market share, while sports utility vehicle (SUV) and truck sales increased 24.3% to 1,075,068 units, resulting in a 78.2% market share.
- Passenger cars are a significant segment of the automotive market in North America. The integration of TSR systems in passenger cars has the potential to enhance safety by providing drivers with real-time information about traffic signals, helping them make informed decisions, and reducing the risk of accidents caused by human error or distraction.
- However, it is important to note that the adoption of traffic-sign recognition systems in passenger cars may depend on various factors such as vehicle models, trim levels, and optional features. Additionally, government regulations and safety standards can influence the incorporation of traffic-sign recognition technology in passenger cars.
- Considering the increasing advanced driver-assistance system (ADAS) features in passenger cars, and the increasing sales of passenger cars in North America will drive the market in the coming future.
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