The North America Traffic Signal Recognition market is poised to register a CAGR of over 5% during the forecast period (2020 - 2025).
- Traffic signal recognition is a driver support function, which is used to notify and warn the driver about the restrictions that are effective on the road. Examples for such restrictions are ‘speed limit zones’ or ‘no-overtaking’ indications. The system can help the driver to maintain a permissible speed, 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.
- Organizations involved in car safety regulations are focusing on ADAS for enhanced safety of both the passengers and the pedestrians as the fatalities are increasing across the region. For instance, According to Governors Highway Safety Association estimates there were around 6,590 pedestrian fatalities in 2019, which is a 5% increase from 2018.
Key Market Trends
New Development of Smart Traffic Solution will Drive the Market
Vehicles were becoming smarter with the development of every new technology but for that smarter vehicle traffic infrastructure should also be smart for that many industry participants are working in collaboration with the state or city traffic authorities for making the roads accident-proof. For instance, in 2019, Denso announced that it is investing USD 1.42millionfor for the Smart Mobility Ecosystem in the city of Dublin, Ohio. This ecosystem is designed to improve the region’s transportation network.
Whereas, a joint project is done by SEAT with the Spanish Traffic Authority, the Barcelona City Council, and ETRA. In this project, they have successfully connected vehicles with traffic lights and the traffic control center so that drivers can anticipate their upcoming traffic signal status. These projects also share information about motorway incidents directly to vehicles without the need for any information panels.
Along with the above-trend, various companies are introducing new technologies and vehicles with the latest features for enhanced safety. For instance
In 2018, DENSO Corporation announced that it has developed a vision sensor that can detect pedestrians at night, cyclists, road signs, and driving lanes. When it is employed with millimeter-wave radar sensor, the vision sensor allows vehicles to automatically activate emergency braking when obstacles are identified.
Whereas Tesla updated Hardware 3 package have the traffic light and stop sign control feature allow the vehicles to recognize and accordingly respond to traffic lights and other stop signs. When any vehicle approaches to any signal, car display system shows a notification to slow down.
Passenger Car will hold the major share in the Market.
The penetration rate of connected vehicle technology and ADAS is high as compared to commercial vehicles. Although previously these technologies are the feature of luxury and high-end cars now major manufacturers are implementingADASand connected vehicle technology in low-priced cars also. A consistent increase in the demand for compact and mid-sized automobiles equipped with the advanced safety features will ultimately propel the growth of the traffic signal recognition market.
Apart from automotive tier 1 or tier 2 players various semiconductors and software companies have entered into the ADAS market as modern cars are becoming software governed rather than driver governed. Electronic control units, microcontroller units, sensors, cameras, actuator are the elements which collectively drive modern cars more safely than humans. For instance,
In 2020 Consumer Electronics Show (CES), Qualcomm Technologies, Inc. launched the Qualcomm Snapdragon Ride Platform which is an open autonomous driving solution, which consists of Snapdragon Ride Safety system-on-chips (SoCs), Snapdragon Ride Safety Accelerator and Snapdragon Ride Autonomous Stack.This platform offers automakers a suitable solution for all three industry segments of autonomous systems, that include automatic emergency braking, traffic sign recognition,automated highway driving, self-parkingand lane keeping assist functions.
The North Americatraffic signal recognition market is consolidated with the presence of many major players like Robert Bosch Gmbh, DENSO Corporation, Continental AG, Toshiba Corporation, HELLA GmbH and Co. KGaA, and among others. The market is transforming at a rapid pace and in the coming year, many new ADAS technologies will come, although, traffic signal recognition technology will have the highest priority in ADAS. Additionally, companies are introducing various new technologies and joining hands with other players to stay ahead in the market. For instance,
- In 2019, ZF has developed the dual-cam two-lens camera for the commercial trucks which is to be used with other ZF ADAS technologies. This Dual-cam has various features such as traffic signal recognition, lane-keeping assist, object and pedestrian detection, and automatic emergency braking (AEB).
- In 2018, FLIR Systems, Inc. launched the FLIR ThermiCam V2X, a thermal traffic sensor for the vehicle-to-everything (V2X) technology. The FLIR traffic sensor will allow vehicles and traffic infrastructure to communicate and share data through system.
- In 2018, HELLA launched an open platform for camera-based driver assistance systems, in which it provides the possibility of updating hardware components and other software functions, such as lighting control, traffic signal recognition, pedestrianrecognition, according to customer preferences.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support