Key Insights on the Automotive Traffic Sign Recognition Market | Technavio

The global automotive traffic sign recognition market is expected to grow at an impressive CAGR of around 32% during the period 2017-2021, according to a new market research study by Technavio.

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The report categorizes global automotive traffic sign recognition market by application, including passenger cars and commercial vehicles. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: adoption of autonomous vehicle

Companies such as Continental, Bosch, Audi, Google, Delphi, and Mercedes-Benz are working towards enhancing the autonomous driving concept. Self-driving cars can be a reality toward the end of the forecast period. Technavio believes that the move toward self-driving or autonomous vehicles will fuel the automotive traffic sign recognition market.

According to Amey Vikram, a lead analyst at Technavio for automotive electronics research, “Autonomous vehicles are already a part of many industrial fleets including agriculture, mining, logistics, and construction. The penetration of autonomous vehicles and other ADAS such as traffic sign recognition can decrease the number of accidents.”

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Market trend: price fall in ADAS subsystems to help OEMs and consumers

The increasing growth of automotive safety systems and technological developments due to rising consumer demand and regulatory pressures may lower the costs of such technologies. These technologies include adaptive headlights, lane departure warning, active braking, blind spot detection, and traffic sign recognition in ADAS. Traffic sign recognition can also be offered with ADAS as a package to increase the penetration of traffic sign recognition in vehicles.

Market challenge: reading the signboards in harsh weather and obstruction before traffic signs

The visibility of traffic signs may be affected during harsh weather, such as fog and snow. This can also bring down the efficiency of traffic sign recognition. The lighting conditions may also vary in different regions and throughout the day as per the time of the year and weather conditions. This poses a challenge to traffic sign recognition and hinders precise detection.

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Key vendors in the market

• Bosch
• Continental
• Daimler
• Delphi Automotive
• Mobileye
• ZF Friedrichshafen

Traffic sign recognition is mainly used in the luxury cars that are produced by manufacturers such as Mercedes Benz, Volvo, and BMW. Currently, most of the installed traffic sign recognition works properly in Europe owing to the uniform format of traffic sign boards in the continent. The consumer demand for a minimum level of advanced driver assistance and regulatory mandates may increase the automotive traffic sign recognition market. For instance, NCAP regulations have made safety features compulsory in the US vehicles. Such regulations may help traffic sign recognition to become a built-in part of ADAS.

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