TRAFFIC SIGN RECOGNITION SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Traffic Sign Recognition System Market, By Vehicle Type (Passenger Cars, Commercial Vehicles, Others), By Type (Road Sign Detection, Traffic Light Detection, Lane Detection, Others) , By Level of Autonomous Driving (Level 1, Level 2 & 3, Level 4, Level 5), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Traffic Sign Recognition System Market Regional Insights

North America is expected to be the largest market for traffic sign recognition systems during the forecast period, which accounted for over 34% of the market share in 2022. The growth of the market in North America is attributed to stringent safety regulations, early adoption of ADAS (Advanced driver-assistance systems) technologies, and the presence of major automotive OEMs (Original Equipment Manufacturer).
The Europe market is expected to be the second-largest market for traffic sign recognition systems, which accounted for over 29% of the market share in 2022. The growth of the market in Europe is attributed to the high penetration of luxury vehicles equipped with ADAS and government initiatives for the increasing adoption of active safety systems.
The Asia Pacific market is expected to be the fastest-growing market for traffic sign recognition systems, growing at a CAGR of over 22% during the forecast period. The growth of the market in Asia Pacific is attributed to increasing disposable incomes, rising production of vehicles with ADAS features, and growing awareness about active safety systems.

Figure 1. Global Traffic Sign Recognition System Market Share (%), by Region, 2023