Automotive Gesture Recognition Market Trends 2018 & Forecast to 2024
Date: 2018-08-31   Author: Ronak Bora  Category: #market

Automotive Gesture Recognition Market Trends 2018 & Forecast to 2024

Automotive Gesture Recognition Market is projected to cross USD 13 billion by 2024. Shifting customer preference towards application-based automobile technologies combined with rising awareness for driver safety is enhancing the revenue generation over the study period. Increasing number of sensors and electronic components in the vehicle will further stimulate the product adoption rate.

Safety regulations designed by various governments is improving the product penetration owing to advantages offered such as compatibility of vehicle’s electronic systems and improved maneuvering control. Additionally, drivers will be able to access various features without losing steering wheel control. However, prohibitive cost of complexity, and integration may challenge the automotive gesture recognition industry from 2017 to 2024. Manufacturers are engaged in developing the technology resulting in increased cost.

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Passenger cars is predicted to dominate the automotive gesture recognition market with more than 32 million units by 2024. Increasing demand from navigation, multimedia, and infotainment features in the automobile will spur the industry. Upsurge in sales of high-end and medium passenger cars across the globe together with shifting customer preference towards advanced variants in the automobile is boosting the automotive gesture recognition market.

Touch based systems generated approximately USD 550 million in 2016 and is predicted to continue its dominance over the projected time span due to high customer preference. Touchless systems will pose a CAGR of approximately 44% over the forecast period due to provision of improved features and enhanced user experience.

Hand/fingerprint authentication segment of the automotive gesture recognition industry is predicted to be the fastest growing with over 43% CAGR between 2017 and 2024. This can be attributed to technological improvements coupled with rising usage of TOF sensors. Safety regulations is further boosting the product demand. Vision/iris will exhibit over 41% CAGR due to increasing customers and manufacturers interest in deployment of such systems. With technical improvements automotive gesture recognition business is estimated to witness sturdy growth over the projected time span. For instance, in May 2016, BMW installed gesture recognition in its 7- series cars.

Multimedia/navigation/infotainment segment is projected to capture maximum share of around 60% over the forecast time span. Automobile OEMs are concentrating on enhancing customer experience with navigation and infotainment systems, accelerating the product demand. These systems support in reducing driver distraction with easy multimedia operability in the vehicle, increasing the segment growth. Door/window opening application growth can be credited to automakers focusing on developing enhanced vehicle features.

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Europe automotive gesture recognition market is predicted to surpass USD 6 billion by 2024. Increasing sales of luxury cars such as BMW 5 and 7 series is significantly contributing the regional growth. North America will pose a CAGR of around 40% over the study period owing to increasing R&D expenditures by OEMs.

Major automotive gesture recognition market players are Continental AG, Harman International, Visteon Corporation, Cognitec System GmbH, and Qualcomm Technologies Inc. Other notable players are Softkinetic International SA, NXP Semiconductors, Synaptics Incorporated, Gestigon Gmbh, and Eyesight Technologies. Immense growth potential offered by the automotive gesture recognition industry is attracting new entrants, further intensifying the competition. Established players are focusing on investing in small-scale firms to gain access to recent technologies and strengthen their foothold.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.


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