Vehicle Road Sign Assist Market Overview and Forecast Analysis Up To 2025

Vehicle road sign assist is a technology by which a vehicle is made capable of recognizing the traffic signs on the road, for example ‘Speed Limit’ and ‘School Ahead’. This is a part of the ADAS (Advanced Driver Assist System). The road sign assist uses a video camera with road sign recognition algorithms to sense and sort signs including ‘Speed Limit’ and ‘No Entry’. Vehicle road sign assist uses the data from onboard electronic systems and cloud data sources, in which the data for various transport bodies is stored, which forms the basis to provide current valid speed limits and road regulation information. This information can be displayed on the infotainment system and used by driver assistance systems.

Demand for vehicles integrated with more user-friendly features is increasing among consumers. Taking this into consideration, vehicle manufacturers are focusing on providing more user-friendly dashboards with advanced technology features. Ease of access in driving a vehicle is a key in developing the vehicle road sign assist as a unit on the dashboard. These assists provide signals on the basis of the information provided by electronic components (sensors and actuators). Technological advancements in these electronic components have augmented the use of road sign assists. Furthermore, the ever-increasing production of vehicles and the rising demand for light-weight and luxurious vehicles are projected to boost the vehicle road sign assist market during the forecast period.

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Additionally, development in autonomous and electric vehicles boosts the demand for vehicle road sign assist systems. Keeping the safety of consumers in mind, automobile manufacturers are concentrating on safety measures. Indicators in vehicles are highly useful in this regard. Factors such as strict safety norms and higher emphasis on the performance and efficiency of vehicles have encouraged several manufacturers from the passenger car segment to focus on the vehicle road sign assist technology. Growing demand for the in-dash navigation system for the autonomous vehicles can account for the reduction in the vehicle road sign assist market as GPS based in-dash navigation system can be the better substitute for the vehicle road sign assist system. Proper functioning of this system is supported only by the appropriate infrastructure and traffic system. Many developing countries don’t have the proper infrastructure so the vehicle road sign assist market is not emergent in such regions.

The vehicle road sign assist market can be segmented based on vehicle type, components used, mode of vehicle operation, application, and geography.

Based on vehicle type, the vehicle road sign assist market can be segmented into passenger vehicles (PVs) and commercial vehicles (CVs). Passenger vehicles include hatchbacks, sedans, multi-purpose vehicles (MPVs), and sport utility vehicles (SUVs). Commercial vehicles include lightweight commercial vehicles (LCVs) and heavy commercial vehicles (HCVs).

Based on components used, the market for vehicle road sign assist can be categorized into camera, speedometer, break boosters, indicators, and electronic systems. A camera is used to observe the road ahead and image/sign scanning. A speedometer is employed to check the speed and sync it with the speed shown on the road sign. Break boosters are used to accelerate or decelerate the vehicle accordingly. Indicators are used as informants for the driver. Electronic systems are used to code and decode the data received from the camera and cloud-based system.

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Based on mode of vehicle operation, the vehicle road sign assist market can be segmented into autonomous vehicles and semi-autonomous vehicles. Autonomous vehicle is a self-driving vehicle in the auto-pilot mode, which uses various in-built technologies, actuators, and sensors. A semi-autonomous vehicle, on the other hand, requires the presence of a human driver. An autonomous vehicle requires a more powerful and technologically advanced system than a semi-autonomous vehicle to detect the road signs. In autonomous vehicles, control on movement is possible by using the vehicle road sign assist.

Based on application, the vehicle road sign assist market can be segmented into providing information related to the speed limit, warning about ‘no entry’ areas, giving signal on ‘one ways’, and others.

Geographically, the vehicle road sign assist market can be segmented into North America, Europe, Asia Pacific, and Rest of World (RoW). Asia Pacific accounts for a major share of the global vehicle road sign assist market, owing to high adoption of vehicle road sign assists and booming in the automotive sector leading to increased production of vehicles with vehicle road sign assist, especially in China and India. Countries in North America and Asia Pacific have a majority of key players and there is significant growth and adoption in the vehicle road sign assist system in this region.

Some of the key players operating in the global vehicle road sign assist market are Continental AG, Delphi Automotive LLP., Denso Corporation, Autoliv Inc., Harman International Industries Inc., Robert Bosch GmbH, Mobileye, and Daimler AG.

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