LONDON—According to the latest research report released by Technavio, the global automotive traffic sign recognition (TSR) system market is expected to record a CAGR of more than 29% until 2020.

This report titled ‘Global Automotive Traffic Sign Recognition System Market 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. The report examines key emerging trends and their likely effect on future market dynamics apart from covering other aspects such as the challenges faced by vendors and the market as a whole.

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“Technological advances have led to the emergence and increased uptake of automotive safety systems and are likely to lower the costs of such technologies. These include BSD, adaptive headlights, active braking, and LDW in ADAS. Automakers are introducing ADAS in several vehicle variants with different price points. This should help automotive OEMs to achieve economies of scale toward the end of the forecast period,” said Siddharth Jaiswal, one of Technavio’s lead industry analysts for automotive electronics.

Some of the other driving forces behind the growth of the global automotive traffic sign recognition system market are as follows:

  • Regulatory pressures
  • Autonomous cars becoming a reality to drive market growth
  • Rising awareness on automotive safety among end-users

Regulatory pressures

NCAP initiatives worldwide contribute to the growth of ADAS deployment by automakers that will offer significant benefits to the market growth. Potential changes in NCAP will drive OEMs to offer better safety features in a vehicle. NCAP forms a part of government efforts to assess new automobile designs and their ability to counter various safety threats. Over the past few years, the emerging need for enhanced safety features in a vehicle has led to the deployment of basic ADAS in several variants of vehicles. Some of the features or subsystems that ADAS comprise include easy park assist, adaptive cruise control (ACC), active emergency braking, LDW, blind spot monitoring, and traffic sign recognition system. NCAP has also contributed to enhancing the awareness of consumers on vehicle safety and thereby forced auto OEMs to deploy ADAS for sustaining in the competition. As NCAP is catalyzing the market penetration of vehicle and occupant safety technologies, it may drive the market for the automotive traffic sign recognition systems market.

Autonomous cars becoming a reality to drive market growth

Companies such as Delphi, Continental, Bosch, Audi, Mercedes-Benz, and Google (among others) are working to expand the autonomous driving concept. Such campaigns and promotions have widened the market acceptance of semi-autonomous features in passenger vehicle. Self-driving cars may soon become a reality toward the end of the forecast period. Automotive majors such as Mercedes-Benz and BMW are in advanced levels of achieving such a reality. We expect the move toward self-driving or unmanned vehicles will boost the uptake of traffic sign recognition systems.

Since information technologies and electronic content play a dominant role in these vehicles, technology players like Google and Apple are betting on the reality and this has evoked mixed sentiments from the automotive vendor landscape. This is all good news for the enhancement made to ADAS and may eventually drive the market for traffic sign recognition systems. Several carmakers (such as Ford, GM, Kia, Toyota, and Volkswagen) are joining the autonomous self-driving car race as per their announcement at the Consumer Electronics Show (CES) 2016 in Las Vegas, Nevada, US. Such actions lead us to believe that the growth rate in development and testing of a wide gamut of features in ADAS will only rise, and this should drive the growth prospects for traffic sign recognition suppliers.

Rising awareness on automotive safety among end-users

Awareness on automotive safety and the need for the same are assumed to be significant in developed regions such as Europe and the US. However, safety features are being demanded by consumers in developing countries such as India and China. These markets earlier focused on efficient fuel economy, lower maintenance costs, and affordable pricing. Since these are the highest growing markets for vehicles, rising awareness levels on safety features will prove beneficial for the traffic sign recognition market in the long run. As most consumers of vehicles will continue to remain price sensitive throughout the forecast period, it will be tough for OEMs to restrict ADAS to high-level segments only. Therefore, OEMs may be compelled to roll out such technologies in the mid-level and entry-level segments toward the end of the forecast period, or beyond.

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