Press release
Vehicle Road Sign Assist Market to Grow at 21.3% CAGR, Reaching $12.53 Billion by 2029
Vehicle Road Sign Assist
Vehicle Road Sign Assist Market Outlook: How is the Market Expected to Grow by 2025?
The market size for vehicle road sign assist systems has undergone significant expansion over the recent past. The market valuation is expected to surge from $4.7 billion in 2024 to a considerable $5.79 billion in 2025, reflecting a compound annual growth rate (CAGR) of 23.1%. The impressive growth during the historical phase can be traced back to factors such as road safety legislations, the incorporation of driver-assistance systems, increasing vehicular congestion, urban growth, and infrastructure enhancement geared towards averting accidents.
Vehicle Road Sign Assist Market Forecast: What Size Will It Reach By 2029?
The market for vehicle road sign assist is projected to witness extraordinary growth in the coming years, reaching a valuation of $12.53 billion in 2029 with a CAGR of 21.3%. The progress during the forecast period is expected to come from the integration with connected vehicles, automation and self-driving trends, the universal standardization of road signs, governmental road safety initiatives, and improved image processing algorithms. Key market trends for this forecasted period would include technological innovation in image recognition, the incorporation of augmented reality (AR), the application of deep learning for sign recognition, the adoption of connected vehicle technology, integration with the global navigation satellite system (gnss), and the interpretation of signs based on context.
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Which Key Market Drivers Will Shape Vehicle Road Sign Assist Industry Trends in 2025-2029?
The rise in accident incidents is anticipated to fuel the expansion of the vehicle road sign assist market in the future. A traffic accident on the roads involves at least one vehicle in a collision which results in at least one individual getting injured or dying. Systems designed to aid drivers, such as traffic sign recognition, help to identify road signs and issue warnings to drivers, helping guard against accidents. For example, the National Highway Traffic Safety Administration, a US governmental agency, reported that in 2022 there were an estimated 42,795 fatalities from motor vehicle accidents, a marginal 0.3% reduction from the 42,939 deaths in 2021. Even with increased travel following the pandemic, the death rate improved to 1.35 per 100 million vehicle miles traveled, compared to 1.37 in 2021. As a result, the escalating frequency of accidents is propelling the vehicle road sign assist market.
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What Are the High-Growth Segments in the Vehicle Road Sign Assist Market?
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), After market
4) By Application: Providing Information Related To The Speed Limit, Warning About 'No Entry' Areas., Giving Signal On 'One Ways', Other Applications
Subsegments:
1) By Camera: Front Cameras, Rear Cameras, Side Cameras
2) By Speedometer: Analog Speedometers, Digital Speedometers
3) By Brake Boosters: Vacuum Brake Boosters, Electric Brake Boosters
4) By Indicators: Turn Indicators, Lane Change Indicators
5) By Electronic Systems: Control Units, Display Systems, Sensor Integration
Which Global Trends Are Driving Vehicle Road Sign Assist Market Expansion?
Leading businesses in the vehicle road sign assist market are concentrating on developing innovative products, such as intelligent speed assist solutions, in order to deliver dependable services to their customers. Intelligent speed assist solutions employ technology to automatically modify and control a vehicle's speed to adhere to the local speed limits. For example, Mobileye Global Inc., a company based in Israel that produces road sign assist systems, introduced the world's first camera-only intelligent speed assist solution in July 2023. This advanced solution helps the driver to identify the permitted speed limit and maintain their speed within it. The product boasts advanced features such as the relevance of traffic signs, the ability to identify city entrances through optical character recognition (OCR)-based signage with a European style, classification of road type, signature-based classification, advanced search engines, and signature-based classification.
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Who Are the Fastest-Growing Companies in the Vehicle Road Sign Assist Industry?
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
What Is the Regional Outlook for the Vehicle Road Sign Assist Market by 2029?
North America was the largest region in the vehicle road sign assist market in 2024. 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.
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