Traffic Sign Recognition Market Forecasts to 2028 - Global Analysis By Vehicle Type (Commercial Vehicle, Passenger Cars and Other Vehicle Types), Traffic Sign Detection (Shape-based Detection, Color-based Detection and Feature-based Detection), Type (RFID

Traffic Sign Recognition Market Forecasts to 2028 - Global Analysis By Vehicle Type (Commercial Vehicle, Passenger Cars and Other Vehicle Types), Traffic Sign Detection (Shape-based Detection, Color-based Detection and Feature-based Detection), Type (RFID-based, Vision-based and Radar Sensor), Application (Cropped and Extract Features, Separation, Support Vector Machine (SVM), Blurring and Template matching) and Geography

According to Stratistics MRC, the Global Traffic Sign Recognition Market is accounted for $37.81 million in 2022 and is expected to reach $52.13 million by 2028 growing at a CAGR of 5.5% during the forecast period. A vehicle can recognise traffic signs installed on the road, such as those that indicate ""speed limit,"" ""children,"" or ""turn ahead,"" due to a technology called traffic-sign recognition (TSR). This is a component of the ADAS features. Several automobile suppliers are relying on the technology. To identify the traffic signs, it makes use of image processing techniques. The market's expansion is dependent on a variety of factors, including the nation's efforts to enhance transportation infrastructure, rapid urbanisation, and an increased emphasis on traffic safety regulations.

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.

Market Dynamics:

Driver:

Growing Demand for Autonomous Vehicles

As the need for autonomous vehicles increases and semi-autonomous vehicle development is anticipated to continue through the end of this decade, traffic signal recognition is being driven by this trend. During the projected period, it is anticipated that more urban autopilot systems will be implemented, resulting in fully autonomous vehicles. Up to 80% few people will die due to traffic accidents as a result of these improvements.

Restraint:

High Cost impeding the market growth

The installation and maintenance of nonintrusive sensors, such as image sensors, microwave sensors, and acoustic sensors, may not significantly affect the flow of traffic, and the cost of nonintrusive sensors is high in comparison to cutting-edge technologies for roads, such as inductive loops, which provide precise measurements of traffic flow. High costs impede wide distribution and restrict the use of nonintrusive sensors to acquire traffic information, reducing the demand for installing traffic sensors in cars. This is projected to further hinder the growth of the market during the projection period.

Opportunity:

Rising Safety Concerns

Increasing on-road vehicle traffic has led to an increase in traffic accidents. As there is a lot of traffic, the driver typically misses some of the traffic signs on the road because of the congestion caused by other vehicles, which can frequently result in fatal accidents. Driver distraction is a major factor in the majority of these accidents. To inform drivers and tackle this safety concern, automakers are installing their vehicles with traffic sign recognition technology. Therefore, the global market for traffic sign recognition systems is being driven by growing integration in vehicles and rising safety concerns.

Threat:

Improving the regulation of traffic flows

From the perspective of the nation's economic development, it is believed that increasing traffic flow will assist the country's economy since roads are the most essential form of transportation in the world. The key factors affecting a country's growth are efficient traffic, pedestrian and automobile safety, and economic expansion. Furthermore, traffic lights being connected is one of several road safety measures and solutions being explored to improve traffic flow.

Covid-19 Impact

The COVID-19 outbreak reduced vehicle production and sales, which in turn reduced demand for traffic sign recognition technology. However, due to the relief methods introduced by governments to support the automotive industry, these solutions are anticipated to have considerable demand in the post-COVID phase. The supply-demand gap has increased as a result of the lockdown that has been implemented in a majority of nations' transportation systems, which has adversely affected both domestic and international supply chains. Therefore, inadequate raw material supply is anticipated to slow down the manufacturing rate of road assistance and recognition systems, which would have a negative impact on the market's expansion.

The passenger cars segment is expected to be the largest during the forecast period

Passenger car segment is expected to have the largest market share during the forecast period owing to factors such as the increased demand for luxury cars in the passenger vehicle segment and the rising consumer disposable income will fuel the expansion of the worldwide TSR market in the passenger vehicle segment. Additionally, advanced driver assistance system (ADAS) technology, which is primarily focused on collision avoidance technologies (such as lane departure warnings and blind-spot applications), is available in these high-end passenger automobiles. Furthermore, in order to provide solutions that would enable their vehicles to interpret traffic signs intelligently, manufacturers of passenger vehicles are collaborating with tech firms.

The radar sensor segment is expected to have the highest CAGR during the forecast period

Due to the use of radar sensors in multiple frameworks, including adaptive cruise control systems, etc., as well as the rise in the number of accidents and increased safety awareness, the radar sensor segment is expected to grow at the highest CAGR during the projection period, particularly in China, the US, and major European nations. Furthermore, the market players' increased R&D on traffic sign recognition sensors is anticipated to help this segment in the coming years.

Region with largest share:

Due to the increasing demand for Advanced Driver Assistance Systems (ADAS) features in both commercial and passenger vehicles, North America holds a largest share of the global market for traffic signal recognition. Furthermore, the region's increasing car safety rules are another aspect boosting the market for traffic signal recognition. Further enhancing the position held by North America in the global traffic sign recognition system market is expected to be ongoing smart city initiatives with digital infrastructure that connects with automobiles.

Region with highest CAGR:

Owing to an increase in the sales and manufacturing of passenger cars, Asia-Pacific is expected to have a lucrative growth during the forecast period in the market for traffic sign recognition systems. Furthermore, the automobile industry's rapid adoption of cutting-edge technology and government regulations to promote safety and reduce accidents are fueling the market's expansion in this region.

Key players in the market

Some of the key players in Traffic Sign Recognition market include Continental AG, Ford Motor Company, Toshiba Corporation, Mobileye Corporation, DENSO Corporation, HELLA GmbH & Co. KGaA, Robert Bosch GmbH, ZF Friedrichshafen, Delphi Automotive and Daimler

Key Developments:

In April, 2021, Denso Corporation developed advanced driver assistance products for new Lexus LS, and Toyota Mirai.

Vehicle Types Covered:
• Commercial Vehicle
• Passenger Cars
• Hatchback
• Sedan
• Buses & Coaches
• Utility Vehicle
• Trucks

Traffic Sign Detections Covered:
• Shape-based Detection
• Color-based Detection
• Feature-based Detection

Types Covered:
• RFID-based
• Vision-based
• Radar Sensor

Applications Covered:
• Cropped and Extract Features
• Separation
• Support Vector Machine (SVM)
• Blurring
• Template matching

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements