The Vehicle Road Sign Assist Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vehicle Road Sign Assist Global Market Report 2024, 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.
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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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
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
The vehicle road sign assist market report table of contents includes:
1. Executive Summary
2. Vehicle Road Sign Assist Market Characteristics
3. Vehicle Road Sign Assist Market Trends And Strategies
4. Vehicle Road Sign Assist Market – Macro Economic Scenario
5. Global Vehicle Road Sign Assist Market Size and Growth
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26. South America Vehicle Road Sign Assist Market
27. Brazil Vehicle Road Sign Assist Market
28. Middle East Vehicle Road Sign Assist Market
29. Africa Vehicle Road Sign Assist Market
30. Vehicle Road Sign Assist Market Competitive Landscape And Company Profiles
Top Major Players:
- Volkswagen AG
- Mercedes-Benz Group AG
- Bayerische Motoren Werke AG
- Honda Motor Co. Ltd
- Robert Bosch GmbH
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