Automobile Market: Significant Part of J...
Posted in Automotive by Adolf on Nov 12,2020 157
I love cars and the news of the grand car expo in town excited me to no end. Besides vintage models on display, vehicles of the future were the main highlight of the show. As we had heard and seen few brands manufacturing e-vehicles to reduce the carbon print on mother earth, there are others who are working with a more futuristic concept - the AI technology.
I am sure most of you must have seen the advertisement of a leading mobile phone brand that introduced the use of facial expressions and hand gestures to click pictures. Well this was quite a few years ago, the idea was basically coined to take self-pictures confidently and without touching the screen of the phone. Fast forward today, this new evolution has found its way in the automotive industry too. While visiting the expo with my friend, we were introduced to a luxury car brand with innovative features. Honestly, I could not contain my excitement when I saw that the car could be literally operated with gestures and speech recognition.
Taking safety into consideration, enhanced gesture and speech recognition is becoming a prominent feature in automated vehicles, thereby allowing drivers in required situations to connect and perform tasks simultaneously. This AI technique has been designed to imitate the way our brains work by providing meaningful results in natural language processing, controlling automated cars, image recognition etc. In recent years, the gesture recognition has emerged as a major innovation field in the automotive industry too, which will be increasingly used in the next-generation car for enhancing user’s driving experience. Gesture recognition usually determines whether the driver has presented a recognizable finger or hand gestures within an allocated space without contacting a touchscreen.
Value of the Automotive Gesture Recognition Market
Global Automotive Gesture Recognition Marketis valued at approximately US$1845 million in 2019 and is anticipated to grow with a healthy growth rate of more than 30.5% over the forecast period 2020-2027. The adoption of gesture control and recognition in automotive vehicles, making it easier to use built-in systems and mitigates the possibility of affecting a distraction-related accident by facilitating drivers to better concentrate on the road while driving.
Therefore, many automobile manufacturers, governments, and consumers have become increasingly aware of the reimbursements of this technology, thereby, component suppliers have started deploying dedicated electronic hardware to aid with gesture recognition. Furthermore, the rise in production & sales of passenger cars and commercial vehicles, along with the rise in trend of vehicle electrification and autonomous driving are the few factors responsible for the CAGR of the market during the forecast period.
According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2019, there were around 67.1 million units of passenger cars produced around the world, representing an increase of 65.7 million units in 2013. This, in turn, is expected to strengthen the market growth all over the world. Although, the recent outbreak of COVID-19 pandemic has been ravaging numerous countries across the globe, due to which the overall automotive industry is adversely impacting. While the capital investments are high in the sector before the COVID-19 crisis, and presently, they are expected to be postponed or put on for at least a year. Therefore, this factor is negatively influencing the demand for automotive gesture recognition in the recent year. However, the high implementation cost and technical challenges are is one of the major factors restraining the market growth over the forecast period of 2020-2027.
Automakers Move Towards the New Technology
Few automotive touchscreens now offer proximity sensing, a type of technology that allows touch-free screens for infotainment systems, light controls and keyless entry systems. The system can be controlled by moving the hand or a finger. Besides speech recognition technology in the form of voice-to-text operations has also gained momentum, as it delivers better precision. The process of implementing the gesture technology has been embraced by many automakers including Audi, BMW, Cadillac, Ford, GM, Kia, Lexus, Mercedes-Benz, Toyota etc.
The regional analysis of the global Automotive Gesture Recognition market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to the rise in the production of vehicles with advanced features, and the presence of a significant number of advanced vehicle manufacturers in the region. Major market player include Continental AG Synaptics Incorporated, Visteon Corporation, Harman International Industries, Inc., Qualcomm Inc. NXP Semiconductors N.V., Eyesight Technologies Ltd., Softkinetic Inc., Omek Interactive Ltd. and Cognitec Systems GmbH.
Automation is the new flavour of the market, right from the evolution of automated cars, computers and programs with artificial intelligence to industrial robots; we are surrounded with super intelligent machines. With the advancing revolution taking place in all the spheres of life, the new era is bringing humans and machines to start working together, as we take the help of smart devices to enhance our daily work. The incorporation of AI in our daily work makes it an important part of our lives, thereby saving time, money and giving us an opportunity to prepare for a better future.