Press release
Vehicle Road Sign Assist Market Size, Latest Trends, Growth Rate, Key Drivers And Forecast To 2033
Vehicle Road Sign Assist Market
Vehicle Road Sign 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 $10.66 billion In 2028 At A CAGR Of 22.7% :
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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Vehicle Road Sign Assist Market Major Segments
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
Key Driver - Vehicle Road Sign Assist Market Surges Amid Rising Accidents
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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Prominent Trend - Focus On Intelligent Speed Assist Solutions To Drive The Revenues
Major companies operating in the vehicle road sign assist market are focusing on advanced products, such as intelligent speed assist solutions, to provide reliable services to the customers. Intelligent speed assist solutions use technology to automatically adjust and limit a vehicle's speed to comply with local speed limits. For instance, in July 2023, Mobileye Global Inc., an Israel-based company that develops road sign assist systems, launched the world's first camera-only intelligent speed assist solution. The intelligent speed assist solution aids the driver in recognizing the allowed speed limit and driving within the limit. The advanced features of the product are traffic sign relevancy, optical character recognition (OCR) -based identification of city entrances for signage with a European style, road-type classifier, signature-based classification, advanced search engines and signature-based classification
Vehicle Road Sign Assist 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
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Largest And Fastest Growing Region In The Market
North America was the largest region in the vehicle road sign assist market in 2023. The regions covered in the vehicle road sign assist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Vehicle Road Sign Assist Market Report Structure
3. Vehicle Road Sign Assist Market Trends And Strategies
4. Vehicle Road Sign Assist Market - Macro Economic Scenario
5. Vehicle Road Sign Assist Market Size And Growth
…..
27. Vehicle Road Sign Assist Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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