Press release
Vehicle Road Sign Assist Market Trends 2024: Enhancing Road Safety with AI
Vehicle Road Sign Assist
The Business Research Company presents an extensive market research report on the Vehicle Road Sign Assist Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The vehicle road sign assist market size has grown exponentially in recent years. It will grow from $3.75 billion in 2023 to $4.7 billion in 2024 at a compound annual growth rate (CAGR) of 25.5%. The growth in the historic period can be attributed to road safety regulations, driver assistance systems integration, increasing traffic density, urbanization and infrastructure development:, accident prevention.
The vehicle road sign assist market size is expected to see exponential growth in the next few years. It will grow to $10.66 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%. The growth in the forecast period can be attributed to integration with connected vehicles, automated and autonomous driving trends, global standardization of road signs, government initiatives for road safety, enhanced image processing algorithms. Major trends in the forecast period include technological advancements in image recognition, augmented reality (AR) integration, deep learning for sign recognition, connected vehicle technology, global navigation satellite system (gnss) integration, context-aware sign interpretation.
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Key Market Players:
Major companies operating in the vehicle road sign assist market report are Volkswagen AG, Mercedes-Benz Group AG, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Robert Bosch GmbH, Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd., Kia Corporation, Panasonic Corporation, Audi AG, Denso Corporation, The Volvo Group, ZF Friedrichshafen AG, Continental AG, Magna International Inc, Toshiba Corporation, Lexus, Skoda Auto a. s., Valeo SA, Aptiv PLC, Autoliv Inc, Harman International Industries Inc, Mobileye Global Inc, OmniVision Technologies Inc., Waymo LLC, Ambarella Inc., TomTom N.V., dSPACE GmbH, HELLA GmbH & Co. KGaA
Market Drivers:
Increasing instances of accidents are expected to propel the growth of the vehicle road sign assist market going forward. A road traffic accident is an accident that occurs when a minimum of a single automobile becomes involved in a crash on a public road and at least one person is hurt or killed. A driver assistance system, such as road sign recognition, assists drivers in recognizing traffic signs and alerting drivers to keep them secure from accidents on the road. For instance, in May 2022, according to the National Highway Traffic Safety Administration, a US-based federal government department, a total of 42,915 people died in road accidents in 2021, a 10.5% rise over the 38,824 deaths in 2020. Therefore, the increasing instances of accidents are driving the vehicle road sign assist market.
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https://www.thebusinessresearchcompany.com/report/vehicle-road-sign-assist-global-market-report
The vehicle road sign assist market covered in this report is segmented -
1) By Components: Camera, Speedometer, Break Boosters, Indicators, Electronic Systems
2) By Vehicle Type: Passenger Vehicles (PVs), Hatchbacks, Sedans, Multi-Purpose Vehicles (MPVs), Sport Utility Vehicles (SUVs), Commercial Vehicles (CVs), Lightweight Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)
3) By Sales Channel: Original Equipment Manufacturer (OEM), AfterMarket
4) By Application: Providing Information Related To The Speed Limit, Warning About 'No Entry' Areas., Giving Signal On 'One Ways', Other Applications
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