Market Trends of Germany Traffic Sign Recognition Industry
Growing Demand For ADAS Features In Vehicles
Modern vehicles have become smarter and safer as more connected cars, autonomous cars, and ADAS are entering the market. The vehicle technologies that are presently available will soon be overlapped by new technologies that will require fewer human participants. Automotive companies are developing new and improved technologies to stay ahead in the market.
Rising traffic congestion and the adoption of ADAS in vehicles are expected to drive demand in the market. Furthermore, innovating technology for reading the signboards in harsh weather and obstructions is expected to be a key opportunity for players operating in the market.
Furthermore, innovating technology for reading the signboards in harsh weather and obstruction before traffic signs can be a good opportunity for the growth of the market. Looking at the expansion of these companies worldwide, companies are focusing on adopting various growth strategies to gain a competitive edge in the market. For instance,
- In March 2022, Acura announced the 2023 Integra with traffic sign recognition and traffic jam assist. The standard on every Integra is with rear cross-traffic monitoring.
As of mid-2022, all new cars put on the Europe market may have to be equipped with advanced safety systems. Following an agreement with the European Parliament in March 2021, the council adopted a regulation on the general safety of motor vehicles and the protection of vehicle occupants and vulnerable road users in a bid to significantly reduce the number of road casualties. Additionally, Euro NCAP, a government-backed group that rates cars for safety, may require cars to have a driver-monitoring system in order to earn a five-star safety rating starting in 2023 or 2024.
The above-mentioned development across the country is likely to witness major growth for the market during the forecast period.
Growing Connected Vehicle Demand
Germany is one of the leading vehicle manufacturing countries across the globe. The country has the major presence of housing industry giants such as Volkswagen, Daimler-Mercedes, BMW, Porsche, etc.
The automotive industry in the country accounts for much of the R&D spending of the country, with a share of over 35%. Several presences of automotive tier-1 suppliers, such as Robert Bosch, Continental AG, and others across the country, are likely to witness major growth for the connected vehicle market during the forecast period.
Several key players are collaborating to develop advanced technologies for the vehicle, which will promote the connected vehicle platform across the country. For instance,
- In February 2023, dSPACE GmbH and B-Design3D collaborated to enable developers of autonomous vehicles to validate sensors and algorithms during virtual test drives in high-precision, three-dimensional, real-world environments, getting self-driving cars on the road faster. As part of the collaboration, dSPACE has integrated a new, 3-D urban environment produced by B-Design3D into the latest release of AURELION, dSPACE's solution for sensor-realistic simulation, allowing the integration of top-grade visualization and cutting-edge, realistic sensors into processes to develop and validate autonomous driving functions.
Rising demand for electric vehicles across the country is likely to create an opportunity for the market in the coming years. Several vehicle manufacturers are introducing new connected vehicle platforms, which are likely to enhance growth during the forecast period. For instance,
- In November 2022, Next.e.GO Mobile SE (e.GO), a producer of urban electric vehicles (EVs), partnered with connected vehicle platform company Sibros to deploy connected mobility solutions into its new vehicles across Germany.
- In September 2022, Vodafone launched the V2X platform in Germany. The new platform informs about the current safety and traffic information in real-time with cars.
- In June 2022, PATEO Corporation and Qualcomm Technologies, Inc. (Qualcomm) expanded their relationship to develop solutions to support vehicle intelligence, smart car connectivity, Service-Oriented Architecture (SOA), and intelligent cockpits and multi-domain fusion based on central controllers.
With the development mentioned above across the country, the market is witnessing major growth during the forecast period.
