Press release
Sales of Iris Gesture Recognition are Anticipated to Bring in Revenues Worth over US$ 4.2 Bn Over The Forecast
The automotive industry is one of the fastest-growing industries, significantly contributing to the gross domestic product of several countries. Unfortunately, the COVID-19 pandemic posed serious challenges for which the industry was under-prepared. Halted production and disruptions in the supply chain resulted in a huge setback in the automotive industry.However, with the acceleration in the vaccination process across several countries like the U.K., the U.S., Germany, India, and China, manufacturers are making conscious efforts to bring the automotive industry back on track, with innovations and expansion strategies. The dominance of the touch-based gesture recognition systems in the automotive gesture recognition market against the backdrop of a prominent end-user sentiment for touch-based technologies.
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An improved operability of drivers is pivotal in boosting the efficiency of automobiles. Through automotive gesture recognition systems, drivers are not compelled to use physical contact for operating the vehicle's key features, and can reserve their handheld control to steering systems. Automotive gesture recognition systems are becoming popular among car buyers, owing to their advantage in reducing driver distractions, and lowering the occurrence of road mishaps caused by preoccupied drivers. With growing adoption of technologies, there is a strong chance that almost every passenger car hitting the road will be equipped with automotive gesture recognition systems in the years to come.
Fact.MR's report on the global automotive gesture recognition market offers key insights on how adoption of automotive gesture recognition will gain vigorous momentum during the forecast period, 2017-2022. In 2017, the global sales of automotive gesture recognition market are pegged to reach a value of US$ 1.19 Bn. With rising inclination towards touchless operability solutions, the global sales of automotive gesture recognition are anticipated to bring in revenues worth over US$ 4.2 Bn, reflecting a soaring CAGR by the end of 2022.
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Key Companies
Continental AG
Harman International
NXP Semiconductors
Cognitec Systems GmbH
Gestigon GmbH
Eyesight Technologies
Synaptics Incorporated
Softkinetic
Visteon Corporation
Qualcomm Technologies Inc.
Following insights from the report offer an analytical forecast on the growth of automotive gesture recognition across multiple regions and segments.
Owing to its outright dominance in the global automobile production, the Asia-Pacific excluding Japan (APEJ) region is slated to dominate the global automotive gesture recognition market in 2017, and beyond. The region will be observed as most attractive, owing to presence of automobile manufacturing hubs such as China, India and South Korea. By the end of 2022, revenues amassed from sales of automotive gesture recognition systems in the APEJ region are anticipated to soar at a stellar CAGR.
Between 2017 and 2022, Europe's automotive gesture recognition market is likely to witness an incremental opportunity of more than US$ 850 Mn.
By 2022-end, North America will witness a rampant growth in its automotive gesture recognition market, reflecting a robust value CAGR, and bringing in revenues worth nearly US$ 1 Bn.
In 2017, more than 80% of the global automotive gesture recognition market will be dominated by sales of touch-based products. Touchless products available in the global automotive gesture recognition market are likely to witness a relatively sluggish growth, exhibiting a vigorous CAGR over the forecast period.
Hand or finger print recognition systems will gain traction towards the latter half of the forecast period. On the other hand, facial recognition systems will contribute to less than 5% of global automotive gesture recognition market value, through 2022.
Towards the end of 2022, the report projects that sales of automotive gesture recognition in multimedia, navigation and infotainment applications will be considerably high, accounting for more than three-fourth of global market revenues.
Close to three-fourth of global automotive gesture recognition market will be attributed by revenues accounted by sales of automotive gesture recognition systems in passenger cars. The demand for automotive gesture recognition in commercial systems, however, is less likely to grow, owing to high installation costs of recognition systems.
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Additional Questions Answered
With the inclusion of all the market facets, the report covers additional insights of the automotive gesture recognition market as follows-
Which will be the region-specific adoption rate in the automotive gesture recognition market?
What will be the key business strategies adopted by manufacturers to maintain global market position?
What will be the intensity of government driver safety regulations on the outlook of the automotive gesture recognition market?
How will the combination of advancing technology and associated cost impact the performance of the automotive gesture recognition market?
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