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automotive-gesture-recognition-system-market-1628746126 (3)
Automotive Gesture Recognition System market Size, Share, Competitive Landscape and Trend Analysis: Global Opportunity Analysis and industry Forecast, 2021-2030
PORTLAND, PROVINCE: OREGAON, UNITED STATES, June 17, 2024 /EINPresswire / -- According to a recent report published by Allied Market Research, titled, "automotive gesture recognition system market by component, authentication type, and application: global opportunity analysis and industry forecast, 2021-2030"
The global automotive gesture recognition system market was valued at $0.99 billion in 2020, and is projected to reach $4.35 billion by 2030, registering a CAGR of 18.4% from 2021 to 2030.
Europe dominates the market, in terms of revenue, followed by North America, Asia-Pacific, and LAMEA. U.S. led the global automotive gesture recognition system market share in 2020, and is expected to grow at a significant rate during the forecast period, owing to changing automotive consumer preference toward safety and growing adoption of electric and autonomous vehicles.
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Growth in concerns toward driver safety and comfort propel growth for high-end technology enabled systems such as automotive gesture recognition systems as it minimizes full engagement of drivers to operate other electronic devices. Moreover, it helps to maintain focus of drivers toward the driving operations and minimizing risk of accidental threat, which occurs due to insignificant focus of drivers on driving while operating in-vehicle devices.
Europe is dominant in the global automotive gesture recognition system market and the U.S. is expected to be a leading consumer in the market during the forecast period. In the upcoming years, Germany, the U.S., and India are expected to witness emerging growth in the global market, owing to changing automotive outlook and growth in adoption of high-end technology such as automotive gesture recognition at the time of automotive production from these countries. The global automotive gesture recognition system market is a fairly consolidated market with limited number of players holding majority of the market share in the global market. Majority of the market participants are strategically involved in partnership, product launch, expansion, and product development activities.
In recent years, adoption of automotive gesture recognition systems for multimedia solution, infotainment solution, and navigation solution is high amongst other applications and is expected to maintain its dominance, owing to changing consumer perspective toward in vehicle systems. Moreover, the touchless systems segment is anticipated to create lucrative growth opportunities for the automotive gesture recognition system market, owing to integration of high-end technologies in vehicles to attain operational efficiency.
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For the automotive gesture recognition system market, 2020 was witnessed as a negative performing year, owing to negative demand and supply outlook from the COVID-19 crisis restrictions and supply chain disruptions. Market participants of automotive gesture recognition systems are following certain approaches to manage operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in short term to overcome financial downturn. In February 2021, the second wave of COVID-19 hit majority of countries across the globe. This second wave had a severe impact on the overall economic activities as this strain spreads rapidly than the first wave of COVID-19, thereby creating a health crisis. This second wave limits demand from consumers due to lower consumer confidence. The global impact of COVID-19 has significantly affected the automotive gesture recognition system market in 2020.
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Leading Market layers :
Cipia Vision Ltd., Cognitec Systems GmbH, Continental AG, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd, Sony Corporation, Synaptics Incorporated, Usens Inc, and Visteon Corporation.
Key Findings Of The Study
By component, the touchless systems segment is expected to register significant growth during the forecast period.
On the basis of authentication type, the hand/finger print/leg recognition segment is projected to lead the global market in terms of market share by the end of the forecast period.
On the basis of application, the multimedia/infotainment/navigation segment is projected to lead the global market, in terms of market growth rate, by the end of the forecast period.
Europe dominated the global automotive gesture recognition system market in 2020 in terms of market share.
David Correa
Allied Market Research
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