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Traffic Light Recognition Market 2023-2027; A descriptive analysis of the five forces model, market dynamics and segmentation

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NEW YORK, January 5, 2023 /PRNewswire/ — According to Technavio, the global traffic light recognition market size is estimated to increase by $1068.08 million from 2022 to 2027. The market is expected to grow at a CAGR of 3.74% during the forecast period. North America held the largest global market share in 2022, and the region’s market is expected to witness further growth of 39%. For more information on market size, Request a sample report

Technavio has announced its latest market research report titled Global Traffic Signal Recognition Market 2023-2027

Technavio has announced its latest market research report titled Global Traffic Signal Recognition Market 2023-2027

Traffic Light Recognition Market – Five Forces
The Global Cloud Data Warehouse Market is Fragmented and Five Forces Analysis Covers–

  • The bargaining power of buyers

  • The threat of new entrants

  • Threat of rivalry

  • Bargaining power of suppliers

  • The threat of substitutes

  • Interpreting the five porter patterns helps in strategizing for the business, for all the details – buy the report!

Traffic Light Recognition Market – Customer Landscape

The report includes the market adoption lifecycle, from innovator to laggard. It focuses on adoption rates in different regions based on penetration. In addition, the report also includes key purchase criteria and price sensitivity factors to help companies assess and develop their growth strategies.

Traffic Light Recognition Market – Segmentation Assessment

Segment overview
Technavio has segmented the market based on vehicle type (passenger vehicle and commercial vehicle), type (color-based detection, shape-based detection, and feature-based detection) and geography (North America, EuropeACPA, South Americaand Middle East and Africa).

Geographic overview
By geography, the global traffic light recognition market is segmented into North America, EuropeACPA, South Americaand Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the Global Traffic Light Recognition Market.

  • North America It is estimated to contribute 39% to the growth of the global market over the forecast period. The presence of highly urbanized landscapes and increasing adoption of advanced technologies, such as traffic management systems, to manage traffic is driving the growth of the regional market.

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traffic light recognition marketMarket dynamics

Key driver of market growth

  • The market is driven by rapid urbanization and increased emphasis on road safety.

  • The increase in urban population leads to traffic jams, especially in Tier I cities around the world.

  • The growth of industries such as e-commerce, post and logistics, restaurant aggregator, and food delivery has further increased the number of vehicles on the road, making it difficult for people to travel.

  • This increases the need for proper traffic management systems to handle city traffic, which is driving the growth of the targeted market.

Main trends influencing the market

  • The need to improve traffic flow regulation is identified as the key market trend.

  • Various road safety measures and solutions are adopted across the world to improve traffic flow.

  • Governments are integrating traffic lights at intersections to ensure pedestrian safety and keep traffic flowing.

  • For example, in 2019, the Ministry of Transport in Kardinya, Australiacompleted traffic improvements by improving pedestrian facilities, additional street lighting, traffic signal modifications and signage improvements at the intersection of South Street and North Lake Road.

  • Such developments across the globe are positively influencing the growth of the market.

Major challenges hampering the growth of the market

  • The high cost of installation and maintenance is identified as the major market challenge.

  • Deploying intelligent management systems requires several hardware components, including sensors, communication devices, and control systems.

  • It also requires advanced software which requires a higher degree of maintenance.

  • The use of such components significantly increases installation and maintenance costs.

  • This reduces the growth potential of the market.

Driver, Trend and Challenges are the factors of market dynamics that indicate
consequences and sustainability of companies, discover some ideas from a sample
report!

What are the key data covered in this Traffic Light Recognition market report?

  • CAGR of the market over the forecast period

  • Detailed information on the factors that will drive the growth of the traffic light recognition market between 2023 and 2027

  • Accurate estimation of the Traffic Light Recognition market size and its contribution to the market focusing on the parent market

  • Accurate predictions on upcoming trends and changes in consumer behavior

  • Traffic Light Recognition Market Industry Growth Across North America, EuropeACPA, South Americaand Middle East and Africa

  • An in-depth analysis of the market competitive landscape and detailed vendor information

  • Comprehensive analysis of factors that will challenge the growth of the Traffic Light Recognition Market vendors

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Related reports:

  • the traffic light market the size should increase by $646.69 million from 2021 to 2026, and the growth momentum of the market will accelerate at a CAGR of 6.74%. Growth in road transport infrastructure investment is notably driving the traffic light market growth, although factors such as negative impact of weather conditions on traffic light may hamper the market growth.

  • the LED lighting market is expected to grow at a CAGR of 7.35% between 2022 and 2027. The market size is expected to increase by $34.82 billion. Decreasing manufacturing cost of LED lamps is notably driving the market growth, although factors such as limited thermal tolerance of LEDs installed in industrial facilities may hamper the market growth.

Traffic Light Recognition Market Scope

Report cover

Details

Page number

160

base year

2022

Historical period

2017-2021

Forecast period

2023-2027

Growth momentum and CAGR

Accelerate at a CAGR of 3.74%

Market Growth 2023-2027

$1068.08 million

Market structure

Fragmented

Annual growth 2022-2023 (%)

3.36

Regional analysis

North America, Europe, APAC, South America, Middle East and Africa

Successful market contribution

North America at 39%

Key countries

United States, China, Japan, United Kingdom and Germany

Competitive landscape

Major Vendors, Vendor Market Positioning, Competitive Strategies and Industry Risks

Profiled Key Companies

Aldridge Traffic Controllers Pty Ltd., Continental AG, DG Controls Ltd., Delphi Technologies Plc, Denso Corp., dSPACE GmbH, Elektrobit Automotive GmbH, Envoys Electronic Pvt. Ltd., European Safety Systems Ltd., Ford Motor Co., Gentex Corp., HELLA Aglaia Mobile Vision GmbH, Magna International Inc., Mercedes Benz Group AG, Mobileye Technologies Ltd., Robert Bosch GmbH, SKODA AUTO AS, SWARCO AG, Volkswagen AG and ZF Friedrichshafen AG

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID-19 Impact and Recovery Analysis and Future Consumer Dynamics, and Market Conditions Analysis for the forecast period.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Contents:

1. Summary

2 Market landscape

3 Market sizing

4 Historical market size

5 Five forces analysis

6 Market Segmentation by Vehicle Type

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic landscape

10 drivers, challenges and trends

11 Supplier Landscape

12 Vendor Analysis

13 Appendix

About Us
Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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Technavio Research
Jesse Maida
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Email: media@technavio.com
Website: www.technavio.com/

Global Traffic Light Recognition Market 2023-2027

Global Traffic Light Recognition Market 2023-2027

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