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Traffic Jam Assist Market 2024 - By Size, Share, Segments, Application, End-users And Growth Outlook By 2033
Traffic Jam Assist Market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Traffic Jam Assist Market 2024 Key Insights:
• 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%.
• Smart City Initiatives Propel Traffic Jam Assistance Market
• Advancements In Sensor Technology Driving Traffic Jam Assistance Innovations
• Asia-Pacific was the largest region in the traffic jam assist market in 2023
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