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Automotive Gesture Recognition Systems Market Share Analysis, Leading Players, Growth, Trends, And Forecast To 2033
Automotive Gesture Recognition Systems Market Share
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According to The Business Research Company's, The automotive gesture recognition systems market size has grown exponentially in recent years. It will grow from $1.69 billion in 2023 to $2.05 billion in 2024 at a compound annual growth rate (CAGR) of 21.0%. The growth in the historic period can be attributed to rise in demand for advanced driver assistance systems (ADAS) features, increase in using time-of-flight (TOF) sensors, rising in-vehicle infotainment systems, increase in fuel efficiency, and increase in vehicle production.
The automotive gesture recognition systems market size is expected to see exponential growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to increasing road accidents, increasing vision-based systems, rising high-end luxury cars, growing demand for automation, and increasing demand for convenient human-machine interfaces (HMI) in vehicles. Major trends in the forecast period include smart technology features in vehicles, developing touch-and-swipe hand gesture control system, integration with internet of things (IoT) devices, technological advances in electric and self-driving vehicles, and implementing biometric iris recognition.
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Market Drivers and Trends:
The increasing number of road accidents is expected to propel the growth of the automotive gesture recognition systems market going forward. The growing number of road accidents is due to a lack of proper signage and insufficient lighting, a rise in vehicle ownership, and human errors such as speeding and reckless driving. Automotive gesture recognition systems help reduce the number of road accidents by allowing drivers to control in-car functions without taking their eyes off the road or hands off the wheel, improve driver safety, and minimize distractions caused by fiddling with touchscreens, buttons, or dials. For instance, in May 2022, according to the National Highway Traffic Safety Administration, a US-based government agency focused on transportation safety, the number of fatalities from motor vehicle crashes surged by 10.5%, reaching an estimated 42,915 deaths in 2021, compared to 38,824 in 2020. Therefore, increasing road accidents drive the automotive gesture recognition systems market.
Major companies in the automotive gesture recognition systems market are focused on developing advanced solutions, such as contactless gesture controls, to improve overall vehicle functionality. Touchless gesture-based controls enable users to interact with a vehicle's systems using hand movements without making physical contact and use sensors and cameras to detect and interpret gestures, allowing drivers to operate functions such as infotainment, adjusting the radio, navigation, and climate settings seamlessly and safely. For instance, in April 2022, STMicroelectronics, a Switzerland-based semiconductor company, launched STGesture, a solution for touchless gesture-based controls with STGesture recognition. This product includes free engineering software and a gesture-recognition engine designed to enable intuitive interactions with various devices. It offers features such as the ability to control infotainment systems and adjust climate settings without physical contact, thereby minimizing driver distraction and enhancing overall driving safety.
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Major Key Players of the Market:
Apple Inc., Robert Bosch GmbH, Intel Corporation, Panasonic Corporation, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Hyundai Mobis Co. Ltd., Magna International Inc., Flex Ltd., Faurecia SE, NVIDIA Corporation, Valeo S.A., Aptiv PLC, Mahle Aftermarket GmbH, NXP Semiconductors N.V., Yazaki Corporation, Renesas Electronics Corporation, Harman International Industries, Mando Corporation, Visteon Corporation, Xilinx Inc., Mobileye Global Inc., Synaptics Incorporated, Melexis NV, Ambarella Inc.
Automotive Gesture Recognition Systems Market 2024 Key Insights:
• The automotive gesture recognition systems market size is expected to see exponential growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%.
• Growing Automotive Gesture Recognition Systems Market Driven By Increasing Road Accidents And Safety Needs
• Innovations In Automotive Gesture Recognition Systems Enhance Vehicle Functionality And Safety
• Europe was the largest region in the automotive gesture recognition systems market in 2023
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