Luton, Bedfordshire, United Kingdom, March 14, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Gesture Recognition System Market.
Global Automotive Gesture Recognition System Market is anticipated to grow at a CAGR of 17% over the following Six years to reach US$ 990.4 Million by 2029.
Automotive Gesture Recognition System Market Growth in upcoming years
Automotive gesture recognition systems are widely and majorly demanded by automotive manufacturers for automotive production activities. This system procurement witness’s open contracts and agreements between automotive OEMs and manufacturers of automotive gesture recognition systems. The commencement of the automotive gesture recognition system solution is expected to be carried out through contracts and agreements between end users and developers of automotive gesture recognition systems. These contracts mention a set of requirements that must be to be met in a certain timeframe. These contracts and agreements are associated with long-term business opportunities with end-users. Market participants need to focus on winning contracts and agreements to gain a competitive advantage and retain long-term business opportunities in the global market.
Contracts and agreements with automotive OEMs for long-term business opportunities for the automotive gesture recognition system market growth.
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Growth Drivers
Growing concern on safe driving practices around the world.
The advancement of tracking technology, as well as the rise in technology-focused lifestyles, are the major factors driving the growth of the automotive gesture recognition system market. Furthermore, there is an increase in awareness in the automobile industry about driver safety and regulations, where smart interaction with other vehicles and real-time data servers aid in the advancement of individual vehicle safety and intelligence. This advancement in vehicle management improves fuel efficiency and driver awareness. Furthermore, prompt vehicle management systems reduce utility costs while increasing in-car entertainment applications, thereby supporting overall market growth.
As a result of rising consumer disposable income and increased automation in the automobile industry, the automotive gesture recognition market is rapidly expanding. Furthermore, in response to growing concerns about driver safety, many countries are expected to require the incorporation of gesture controls in passenger vehicles. Manufacturers are achieving various economies of scale in order to acquire and integrate gesture recognition systems into their mid-segment vehicle models.
Restraints: High technology costs are the major constraints for global automotive gesture recognition systems.
The market is volatile, and there is fierce competition. Increased costs of developing and integrating gesture recognition systems in automobiles are among the factors that are expected to limit the market growth.
Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Automotive Gesture Recognition System Market
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Trends
- Increasing demand for advanced driver assistance systems (ADAS)
- Growing adoption of electric vehicles (EVs)
- Advancements in sensor technology
- Integration with artificial intelligence (AI)
- Focus on reducing driver distraction
Competitive Insight
Some of the notable market players operating in the global Automotive Gesture Recognition System Market covered in this report are:
- Cipia Vision Ltd.
- Cognitec Systems GmbH
- Continental AG
- NXP Semiconductors
- Qualcomm Technologies, Inc.
- Samsung Electronics Co., Ltd,
- Sony Corporation
- Synaptics Incorporated
- Usens Inc
- Visteon Corporation
Recent Developments
In August 2022, Renesas Electronics Corporation, a leading name in the semiconductor industry announced that it had entered into an agreement to acquire Steradian Semiconductors Private Limited, a Bengaluru-based start-up focused on radar technology. This acquisition is expected to strengthen Renesas’s portfolio of HMI (Human-machine Interface) systems such as gesture recognition.
In August 2022, STMicroelectronics, a leader in semiconductor manufacturing announced the launch of the new FlightSense Time-of-Flight (ToF) multi-zone sensors. These sensors are capable of mapping and gathering intelligence without a camera using ToF technology. The new sens
Browse the full “Automotive Gesture Recognition System Market By Component (Touch Based Systems, Touchless Systems) By Authentication Type (Hand/Finger Print/Leg Recognition, Facial Recognition, Vision/IRIS Recognition, Others) By Application (Multimedia/Infotainment/Navigation, Lighting Systems, Others) and Region, Global trends and forecast from 2023 to 2029” Report and TOC at https://exactitudeconsultancy.com/reports/13318/automotive-gesture-recognition-system-market/
Segment Overview
The Automotive Gesture Recognition System market is segmented By Component, By Authentication Type, and By Application.
| By Component | By Authentication Type | By Application |
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Regional Insights
Asia Pacific: Due to rising auto production, rising luxury vehicle demand, and the implementation of stringent regulations to ensure driver and road safety, the Asia Pacific automotive gesture recognition market is predicted to present extremely lucrative opportunities over the next six years.
Due to shifting consumer tastes and increasing levels of disposable income in these developing economies, India and China are anticipated to be key markets in this region. Furthermore, it is anticipated that the existence of important automakers in South Korea, Japan, India, and China will further accelerate the development of the automotive gesture recognition market in this area.
Reasons to Purchase the Automotive Gesture Recognition System Market Report:
- The report contains a wealth of data, including market dynamics and opportunities over the forecast term.
- Quantitative, qualitative, value (in USD million), and volume (in units million) statistics are among the segments and sub-segments.
- Data at the regional, sub-regional, and national levels also contains information on the market's supply and demand dynamics.
- The competitive environment includes the proportions of important actors, recent innovations, and strategies.
- Companies with extensive product offerings, pertinent financial data, current developments, SWOT analyses, and player strategies.
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/13318/automotive-gesture-recognition-system-market/#request-a-sample
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