Press release
Traffic Jam Assist Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Traffic Jam Assist Market
Traffic Jam Assist Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $4.41 Bn In 2028 At A CAGR Of 10.8% :
The traffic jam assist market size has grown rapidly in recent years. It will grow from $2.65 billion in 2023 to $10.4 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to increasing awareness about distracted driving, increasing investments in automotive research and development, development of connected car infrastructure, growth of the Internet of Things (IoT) in transportation, demand for convenience and comfort in commuting.
The traffic jam assist market size is expected to see rapid growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to rising consumer interest in semi-autonomous driving features, demand for safer driving experiences, rise of smart cities initiatives, adoption of adaptive cruise control systems, rising focus on reducing carbon emissions. Major trends in the forecast period include advancements in sensor technology, expansion of ride-sharing and carpooling services, technological convergence in automotive industry, integration of artificial intelligence, collaboration between automotive manufacturers and tech companies.
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Traffic Jam Assist Market Major Segments
The traffic jam assist market covered in this report is segmented -
1) By Component: Automotive Cameras, Ultrasonic Sensors, RADAR (Radio Detection And Ranging), LiDAR (Light Detection And Ranging), ECUs (Electronic Control Unit)
2) By Automation: Level 2, Level 3
3) By Method: Lane Tracking System, Vehicle Detection And Collision Avoidance System, Auto Steering And Speed Control System, Other Methods
4) By Vehicle Type: Passenger Cars, Commercial Vehicles
Key Driver - Smart City Initiatives Propel Traffic Jam Assistance Market
The emergence of smart city initiatives is expected to propel the growth of the traffic jam assist market going forward. Smart cities utilize information and communication technologies (ICT) to enhance operational efficiency, share information with the public, and improve government services and citizen welfare. Smart city initiatives are rising due to improving infrastructure, enhancing public services, and creating a better quality of life for residents by utilizing information and communication technologies (ICT) to optimize city functions and drive economic growth. The traffic jam contributes to the advancement of smart city initiatives by addressing traffic congestion challenges, improving traffic flow, reducing driver fatigue, and enhancing road safety by utilizing advanced technologies like automated steering, braking, and acceleration capabilities. For instance, in 2023, according to the Centre for Policy Research, an India-based social science research institute, the Government of India (GoI) allocated $965 million (₹8,000 crore) for the smart cities mission in the financials year 2023-24 budget estimates (BEs), which represents a 13% increase compared to the revised estimates for the financial year 2022-23. Therefore, the emergence of smart city initiatives is driving the growth of the traffic jam assistance market.
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Prominent Trend - Advancements In Sensor Technology Driving Traffic Jam Assistance Innovations
Major companies operating in the traffic jam assist market are developing innovative technologies, such as Staria Hybrid, to enhance the driving experience in heavy traffic conditions. Staria Hybrid is a smart traffic jam assist that utilizes features such as adaptive cruise control and lane departure warning to provide a safer and more convenient driving experience, making driving better, particularly in traffic situations. For example, in February 2024, Hyundai Motor Company, a South Korea-based automotive manufacturer, launched the Staria Hybrid with a new feature called 'Traffic Jam Assist.' This technology enhances driving safety and convenience, especially in congested traffic conditions, by automatically adjusting speed, maintaining a safe distance from the vehicle ahead, and keeping the vehicle in its lane.
Traffic Jam Assist Market Players
Major companies operating in the traffic jam assist market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Tesla Inc., Intel Corporation, Denso Corporation, ZF Friedrichshafen AG, Continental AG, NVIDIA Corporation, Aptiv PLC, Jaguar Land Rover Automotive PLC, Nissan Motor Co. Ltd., Garmin Ltd., Delphi Technologies PLC, Subaru Corporation, Mobileye Global Inc. , Mitsubishi Motors Corporation, Kia Corporation, TomTom North America Inc., Waymo LLC
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the traffic jam assist market in 2023. The regions covered in the traffic jam assist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Traffic Jam Assist Market Report Structure
3. Traffic Jam Assist Market Trends And Strategies
4. Traffic Jam Assist Market - Macro Economic Scenario
5. Traffic Jam Assist Market Size And Growth
…..
27. Traffic Jam Assist Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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