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Automotive Gesture Recognition Market Set for Rapid Growth and Trend by 2024
Market Study Report adds a new Automotive Gesture Recognition Market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a 43% CAGR to 2024.Automotive Gesture Recognition Market is estimated to surpass USD 13 billion by 2024. High consumer preference towards application-based vehicle technologies coupled with rising awareness regarding driver safety will stimulate the revenue generation over the forecast timeframe. Increasing electronic components and sensors in vehicles will further support the adoption of these systems. In addition, drivers will access multiple vehicle features without losing control on the steering wheels.
Driver safety regulations by various governments have boosted the adoption of automotive gesture recognition systems due to provision of benefits such as improved maneuvering control, compatibility of vehicle's electronic systems and drivability. However, high cost of integration and complexity may limit their adoption, hampering the automotive gesture recognition market growth. Manufacturers are investing heavily for upgrading the existing gesture recognition technology with advanced sensors, resulting in increased costs, further posing a threat to the industry growth.
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With technological advancements in sensor technology, automotive gesture recognition market is expected to observe exponential growth rate over the forecast period. In 2016, BMW introduced gesture recognition in its 7- series cars. This model is among the best-selling cars across the globe. Surging demand for electric vehicles will further provide stable growth prospects to the automakers and technology providers.
Touch based systems accounted for maximum automotive gesture recognition market share, crossing USD 550 million in 2016 and will continue its dominance over the next eight years. This can be credited to high preference owing to their strong prevalence over the past years. Automotive gesture recognition touchless systems will exhibit substantial growth, exhibiting around 44% CAGR till 2024 owing to provision of advanced features and enhanced user experience delivered by these systems.
Hand/fingerprint authentication is estimated to be the fastest growing segment in the automotive gesture recognition market, exhibiting over 43% CAGR from 2017 to 2024. Its growth is credited to technological advancements in touch sensing along with increasing usage of time of flight (TOF) sensors. Safety regulations focusing on driver safety will boost the product demand. Vision/iris is likely to grow significantly, witnessing more than 41% CAGR owing to rising interest of manufacturers and customers towards installation of these systems.
Multimedia/navigation/infotainment application in the automotive gesture recognition market is anticipated to acquire the maximum share of more than 60% by the end of 2024. Automobile OEMs are focusing on improving customer experience with infotainment and navigation systems, primarily driving the demand. Driver distraction can be reduced with easy operability of multimedia in the car with gesture control, supporting the growth of the segment. Growth of door/window opening segment is attributed to vehicle manufacturers focusing on delivering improved functional features in the vehicles. Moreover, increasing driver control over the vehicle to ensure safety will stimulate the demand for the segment.
Qualcomm Technologies Inc., Continental AG, Visteon Corporation, Harman International, and Cognitec System GmbH are among major companies in automotive gesture recognition market. Other prominent vendors include Gestigon Gmbh, Synaptics Incorporated, Softkinetic International SA, Eyesight Technologies, NXP Semiconductors, and Neonode, Melexis and Jabil. The industry is dominated by few established players, competing to acquire maximum share. High growth potential of automotive gesture recognition market invites new participants, thereby intensifying the competition. Large players are focusing on acquiring or investing in small companies to gain access to latest technologies and increase their foothold.
More Report At: https://www.military-technologies.net/author/ashwin/
Related Report:
Global and Chinese Gesture Recognition System Industry, 2018 Market Research Report
The 'Global and Chinese Gesture Recognition System Industry, 2013-2023 Market Research Report' is a professional and in-depth study on the current state of the global Gesture Recognition System industry with a focus on the Chinese market. The report provides key statistics on the market status of the Gesture Recognition System manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
https://www.marketstudyreport.com/reports/global-and-chinese-gesture-recognition-system-industry-2018-market-research-report/?utm_source=RR-PSR
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