The report forecasts the global automotive traffic sign recognition system market to grow at a CAGR of 29.83% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
An important trend spurring growth is the use of HDR cameras and Ethernet-based ADAS. A traffic sign can have several emitter segments that operate at various frequency levels. The cameras deployed for automotive applications capturing the composite image may have accuracy deficiency because of the several linear frames captured when the vehicle is in motion. The HDR technology that is now being used offers better image sensing capabilities.
According to the report, autonomous cars becoming a reality will drive market growth. Companies such as Delphi, Continental, Bosch, Audi, Mercedes-Benz, and Google (among others) are working to expand the autonomous driving concept. Such campaigns and promotions have widened the market acceptance of semi-autonomous features in passenger vehicles.
Further, the report states that factors such as mounting cost pressures on OEMs will act as a challenge for market growth. Automotive OEMs face enormous cost pressures due to dynamic regulations that govern several components within a vehicle. Stringent emission norms, the need for heavy investments in R&D programs, market competition, and evolving customer demands add to this pressure.