Automotive Gesture Recognition Market to see 40%+ gains to hit $13.6bn by 2024: Global Market Insights, Inc.

Multimedia, navigation and infotainment applications in auto gesture recognition market will witness robust growth of around 44% CAGR from 2018 to 2024 led by rising trend towards customer comfort and advanced driving experience.

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Selbyville, Delaware, Nov. 21, 2018 (GLOBE NEWSWIRE) --

Automotive Gesture Recognition Market is poised to cross USD 13 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing preference of customers to opt for cars with advanced safety features along with rising gesture-based infotainment systems in vehicles is driving the market share. Increasing electronics and sensors in vehicles for assisting in driving operations and enhancing the overall driving experience is further strengthening the industry growth.

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 manoeuvring control. However, prohibitive cost of complexity, and integration may challenge the automotive gesture recognition market from 2017 to 2024. Manufacturers are engaged in developing the technology resulting in increased cost.

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Implementation of optimized Human Machine Interface (HMI) offering ease in operativity of the vehicle functions is the prime focus area of the manufacturers. The interface used in the gesture recognition device is supported by the system solution or is integrated within it. The system is highly dependent on the camera capability, sensors used, integration facility and application of the operations required in the vehicle.

Higher development and maintenance cost associated with the system may hamper the automotive gesture recognition market growth till 2024. Further, problems related to the recognizing of temporal start and end points from continuous meaningful gestures pose additional challenges. Industry participants are continuously working on improving the gesture recognition technologies for increasing system efficiency and offer solutions at lower cost, providing a positive outlook for the market growth.

Touch based systems accounted for approximately 2,095.1 thousand units in 2017 and is predicted to continue its dominance over the projected time span owing to higher customer preference. Consistent advancement in the vehicle features and development in the interior are the prime factors fuelling the product demand. In addition, capacitive touch pads and touch screen used for infotainment, navigation features and HVAC systems are further fuelling the automotive gesture recognition market demand.

Hand or fingerprint authentication showcased significant growth rate of more than 44% CAGR over the forecast timeframe. This growth is attributed to its usage for environment controlling applications, vehicle access and other vehicle functions. Automobile manufacturers are installing these systems in their product portfolio to attract consumers and enhance their market share.

Browse key industry insights spread across 474 pages with 339 market data tables & 11 figures & charts from the report, “Automotive Gesture Recognition Market Size By Product (Touch Based Systems, Touchless Systems), By Authentication (Hand/Fingerprint, Face, Vision/Iris), By Application (Multimedia/Navigation/Infotainment, Door/Window, Sunroof, AC Blower), By Vehicle (PCV, LCV, HCV), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Belgium, Russia, Sweden, Switzerland, Netherlands, Austria, Luxembourg, Norway, Portugal, Finland, Greece, China, Japan, Korea, Australia, Taiwan, Singapore, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Cyprus, Turkey, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

Multimedia, navigation and infotainment applications will witness robust growth of around 44% CAGR from 2018 to 2024. Rising trend towards customer comfort and advanced driving experience are the key features boosting the product demand. Moreover, cabin monitoring through simple gestures, avoiding distraction and reducing the probabilities of accidents will further propel the automotive gesture recognition market growth.

PCV dominates the overall market size contributing at around 85% of the overall volume share in 2017. Rising standards of living, increasing middle-class population in emerging nations in conjunction with strong GDP growth is leading to upsurge in sales of high-end and medium passenger car sales. Superior sales of premium and luxury cars installed with advanced electronic systems will boost the auto gesture recognition market growth.

Europe accounted for the maximum revenue share of more than 43% in 2017. This dominance is credited to the continuous innovation in automotive industry along with focus on vehicle driver and passenger safety. Growing adoption of telematics control units in passenger cars to ensure occupants safety will further augment industry growth. Supporting government regulations for bringing rapid assistance to motorists involved in accidents is strengthening the industry growth.

Key automotive gesture recognition market players are Delphi Automotive PLC, Harman International, Melexis, Continental AG, eyeSight Technologies Ltd., and Sony Depthsensing Solutions. Other notable participants include Intel, Synaptics Incorporated, Visteon Corporation and Texas Instruments. Expansion of the product portfolio, increasing regional presence and developing advanced prototypes are among the major strategies adopted by the auto gesture recognition manufacturers.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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