Global Automotive Gesture Recognition System Market is anticipated display a CAGR of around 16% over the forecast period (2021-2027). The automotive gesture recognition system market is predicted to develop due to factors such as the acceptance of smart technology features in automobiles and the involvement of novel technologies for enhanced user interface (UI). However, market development is constrained by technological troubleshooting, upgrading, and maintenance, as well as a drop in vehicle production and sales. On the contrary, market participants are expected to benefit from engaging into agreements and contracts with car OEMs for long-term commercial possibilities and expansion in emerging countries.
Automotive manufacturers are concentrating their R&D efforts on equipping vehicles with more digital and modern technology in order to improve consumer safety and satisfaction. Tesla is the R&D investment leader, spending about $2,984 each car. In recent years, the car industry has made significant progress in advanced driver assistance systems (ADAS) to increase driver and passenger safety and operational efficiency. Furthermore, the growing demand for sophisticated ADAS features such as automated emergency braking and adaptive cruise control, as well as higher government restrictions aimed at reducing road accidents, has prompted major automobile OEMs to include ADAS technologies in their next-generation vehicles.
Based on the estimation, during the projection period of 2021-2027, Europe is expected to grow at a higher CAGR. By value and volume, the European area is anticipated to be the largest market with the highest proportion of the market. Because of the high penetration of Gesture Recognition System as well as significant car production and sales due to high discretionary income in countries like Germany and the United Kingdom, the European market is expected to be the largest.
Because of the existence of the world’s most well-known automotive manufacturers, the market in Europe is expected to increase significantly, owing to the high demand for gesture recognition systems. Many passenger automobiles and buses in Europe, for example, are outfitted with this technology, which greatly improves driver and vehicle safety. Some of the major players operating in the market includes Synaptics Incorporated, Continental AG, Visteon Corp, NXP Semiconductors, Qualcomm Inc., Cognitec Systems GmbH, Cipia Vision Ltd, Samsung Electronics Co., Ltd., Sony Corporation, Neonode Inc etc.