Automotive Road Sign Recognition Market Insights by Size, Status and Forecast 2027
The automotive road sign recognition system, also referred to as traffic sign recognition system, is an enhanced safety system in an automotive that automatically recognizes a well-defined road sign, including an LED (light emitting diode) sign, and displays the corresponding information such as applicable road sign and speed limit on the vehicle display screen. The automotive road sign recognition system is a technology that is part of the advance driver assistance system that comprises intelligent software and forward-facing video camera to recognize the road sign. It is a key technology of the automotive advance driver assistance system (ADAS), which primarily offers driver assistance and safety to both passenger and vehicle.
Prominent players operating in the global automotive road sign recognition market include Robert Bosch GmbH, Magna International Inc., Continental AG, Delphi Technologies, ZF Friedrichshafen AG, Mobileye, Denso Corporation, Toshiba Corporation, Valeo, Elektrobit, Autoliv Inc., Gentex Corporation, Pasco Corporation, Bertrandt AG, and Wabco.
Delphi Technology developed the road side recognition system, named Rear and Side Detection System (SRR2), which helps make drivers aware of approaching vehicles when changing lanes or making turns. Applications provided by this system include blind spot detection, lane change assist, pre-crash sensing.
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Adoption of more advanced components, systems, and technologies to enhance vehicle safety
Continuous developments in the field of electronic components and sensors have resulted in the innovation of sophisticated components and system. This is a key factor that is projected to boost the automotive road sign recognition market during the forecast period. Moreover, rising adoption of the advance driver assistance system in conjunction with safety norms and policies are anticipated to drive the automotive road sign recognition market during the forecast period. Vehicles that are not equipped with road sign recognition system do not alert or indicate the driver of a road or traffic sign. This often results in road accidents causing severe injuries and, sometimes, even loss of lives, especially on long journeys. This is anticipated to propel the automotive road sign recognition market in the near future. Major components used in the automotive road sign recognition system include sensor, radar, camera, and electronic control unit. In terms of component, the camera segment accounts for a higher share of the market, as compared to that held by the other segments. This is primarily attributed to the higher cost of the component and its vital role in detecting road and traffic signs.
Rising awareness about vehicle safety system and its installation in vehicles
Countries across the globe have been focusing on the development of advance technology in order to enhance safety of both the passenger and vehicle while driving, owing to an increase in road fatality rate. Penetration of the automotive road sign recognition system is higher in passenger vehicles primarily due to higher rate of adoption of ADAS and safety systems in passenger vehicles, especially in luxury and premium cars.
Adequate development in Europe
Europe dominates the global automotive road sign recognition market, owing to the higher rate of adoption of safety systems in the region coupled with stringent safety norms enacted by regulatory bodies of the European Union. Moreover, Europe is considered to be a pioneer of a majority of advance technologies adopted in the global automotive industry. Europe is followed by Asia Pacific and North America, in terms of rate of adoption and market share.
Increased cost of vehicle due to higher prices of components hamper the market
The higher cost of the system supplemented with malfunction of the mechatronics components that eliminate its effect are likely to hamper the market during the forecast period. Higher rate of replacement and shorter lifespan of mechatronics components leads to regular replacement of the system, which is likely to result in added cost to the consumer.
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