In a recent published report, Kenneth Research has updated the market report for Global Traffic Signal Recognition Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Traffic Signal Recognition Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
To reduce the human error, increased integration of driving automation has replaced human intervention in several functions. Companies like General Motors and Google are coming up fully autonomous cars in the near future. Installation of sensor enabled road signs detection systems is being done by many of the major manufacturers. The rate of casualties due to human error is so high that adopting the technology of Traffic Recognition Systems will drastically reduce the accident rates.
Some of the drivers of this market are:
Strict regulations regarding the reduction of pollution
Usage of enhanced technology to reduce accidents and promote safety by Government
Advancements in research into cameras, sensor and other automobile technology
Rise in Disposable Income
Demand for cars with luxury features
But the Market will take some time to achieve high success due to various reasons like:
High costs of systems and components associated
Inadequate and Ongoing Research
Weather conditions – Fog and Misty Weather act as a restraining factor affecting the value of the system
Efficiency and Speed of the detection
The market is segmented based on end-user segments and types. The types of detection in the market can be segmented into:
The end users/ applications of this market based on which the market share and growth rate can be segmented are:
As already stated, Europe has the largest market share and Asia-Pacific region is the highest growth share market. Countries like China, Japan and South Korea have the capacity to grow more in the coming years. India has also shown some interest in this market segment due to high casualty rate on the roads. But it would need some good recognition systems due to the bad conditioning of roads and diverse cities.
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Some of the key players in this segment include Daimler, Delphi, Bosch, ZF-TRW, Denso, Toshiba. Others include Continental Automotive, Gentex, Ford etc.
Report ContentsRegional AnalysisReport Highlights
Global Market segments
Global Market Drivers, Restraints and Opportunities
Global Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Global Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
The Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of the Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market Dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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