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 observed in the historical period can be attributed to factors such as the implementation of road safety regulations, the integration of driver assistance systems, the rising density of traffic, urbanization, infrastructure development, and a collective focus on accident prevention. These elements have collectively contributed to the advancement and adoption of technologies aimed at enhancing road safety during the historical period.

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 anticipated growth in the forecast period is linked to several factors, including the integration with connected vehicles, the evolving trends in automated and autonomous driving, the global standardization of road signs, government initiatives focused on road safety, and the refinement of image processing algorithms. Key trends expected in the forecast period encompass technological advancements in image recognition, the integration of augmented reality (AR), the use of deep learning for sign recognition, the incorporation of connected vehicle technology, integration with global navigation satellite systems (GNSS), and context-aware sign interpretation. These trends collectively indicate a dynamic landscape characterized by continuous innovation and improvement in vehicle road sign assist technologies.

The anticipated rise in the number of accidents is expected to be a key driver for the growth of the vehicle road sign assist market. A road traffic accident is defined as an incident involving at least one vehicle on a public road, resulting in injury or death to at least one person. Driver assistance systems, including road sign recognition, play a crucial role in helping drivers identify and respond to traffic signs, enhancing road safety and preventing accidents. In May 2022, the National Highway Traffic Safety Administration reported a significant increase in road accident fatalities, with 42,915 deaths in 2021, marking a 10.5% rise from the 38,824 deaths recorded in 2020. The escalating instances of accidents serve as a driving force for the vehicle road sign assist market.

Major players in the vehicle road sign assist market are directing their efforts towards innovative products, with a focus on intelligent speed assist solutions to offer reliable services to customers. Intelligent speed assist solutions leverage technology to automatically adjust and limit a vehicle's speed in accordance with local speed limits. For instance, in July 2023, Mobileye Global Inc., an Israel-based company specializing in road sign assist systems, introduced the world's first camera-only intelligent speed assist solution. This solution assists drivers in recognizing and adhering to the specified speed limits, incorporating advanced features such as traffic sign relevancy, optical character recognition (OCR)-based identification of city entrances with a European style, road-type classifier, signature-based classification, advanced search engines, and signature-based classification.

In June 2023, Magna International Inc., a Canada-based manufacturing company of road sign assist systems, successfully acquired Veoneer Active Safety for an undisclosed amount. This strategic acquisition aims to broaden Magna International Inc.'s software, sensor, and systems engineering capabilities, capitalizing on an expanded geographic presence and enhanced customer reach in major automotive markets globally. Veoneer Active Safety, based in Sweden, is a manufacturer of road sign detection systems, contributing to Magna International Inc.'s position in the road sign assist market.

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.

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 countries covered in the Vehicle Road Sign Assist market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The vehicle road sign assist market consists of revenues earned by entities by providing services such as road sign detection, display of road sign data, improving road safety and alerting the driver. The market value includes the value of related goods sold by the service provider or included within the service offering. The vehicle road sign assist market also includes sales of sensors, forward-facing cameras and warning systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Vehicle Road Sign Assist is a driver assistance technology crafted to augment road safety by identifying and interpreting road signs, traffic signals, and other pertinent traffic-related information. This technology aids drivers in avoiding overlooking crucial signs by relaying highway messages directly to the vehicle's display panel. Its purpose is to provide timely and accurate information, enhancing overall driver awareness and contributing to safer road navigation.

The essential components of Vehicle Road Sign Assist include a camera, speedometer, brake boosters, indicators, and electronic systems. The speedometer, also known as a speed meter, is a device that measures and displays a vehicle's instantaneous speed. Vehicle types incorporating this technology range from passenger vehicles (PVS), hatchbacks, sedans, multi-purpose vehicles (MPVs), sport utility vehicles (SUVs), to commercial vehicles (CVs), lightweight commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). These vehicles are distributed through various sales channels, including original equipment manufacturers (OEMs) and the aftermarket. The applications of Vehicle Road Sign Assist encompass providing information related to speed limits, issuing warnings about 'no entry' areas, signaling 'one-way' directions, and other relevant notifications.

The vehicle road sign assist market research report is one of a series of new reports that provides vehicle road sign assist market statistics, including vehicle road sign assist industry global market size, regional shares, competitors with a vehicle road sign assist market share, detailed vehicle road sign assist market segments, market trends and opportunities, and any further data you may need to thrive in the vehicle road sign assist industry. This vehicle road sign assist market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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