Selbyville, DE -- (SBWIRE) -- 12/18/2018 -- Automotive Gesture Recognition Market is estimated to surpass USD 13 billion by 2024; according to a new research report. Automotive gesture recognition market will exhibit over 42% CAGR from 2017 to 2024. High consumer preference towards application-based vehicle technologies coupled with rising awareness regarding driver safety will stimulate the revenue generation over the forecast timeframe. Increasing electronic components and sensors in vehicles will further support the adoption of these systems. In addition, drivers will access multiple vehicle features without losing control on the steering wheels.

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Driver safety regulations by various governments have boosted the adoption of automotive gesture recognition systems due to provision of benefits such as improved maneuvering control, compatibility of vehicle's electronic systems and drivability. However, high cost of integration and complexity may limit their adoption, hampering the automotive gesture recognition market growth. Manufacturers are investing heavily for upgrading the existing gesture recognition technology with advanced sensors, resulting in increased costs, further posing a threat to the industry growth.

Europe is anticipated to dominate the automotive gesture recognition market, crossing USD 6 billion over the next eight years. High penetration of the premium cars such as BMW 5 and 7 series across the region is expected to primarily support the regional dominance. Established automotive industry with substantial vehicle production is likely to further propel the revenue generation. North America automotive gesture recognition market will exhibit more than 40% CAGR from 2017 to 2024 owing to rising demand for these systems across the region. This high demand is credited to rising R&D investments by OEMs and shifting consumer preference towards advanced vehicle features.

Touch based systems accounted for maximum automotive gesture recognition market share, crossing USD 550 million in 2016 and will continue its dominance over the next eight years. This can be credited to high preference owing to their strong prevalence over the past years. Automotive gesture recognition touchless systems will exhibit substantial growth, exhibiting around 44% CAGR till 2024 owing to provision of advanced features and enhanced user experience delivered by these systems.

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Hand/fingerprint authentication is estimated to be the fastest growing segment in the automotive gesture recognition market, exhibiting over 43% CAGR from 2017 to 2024. Its growth is credited to technological advancements in touch sensing along with increasing usage of time of flight (TOF) sensors. Safety regulations focusing on driver safety will boost the product demand. Vision/iris is likely to grow significantly, witnessing more than 41% CAGR owing to rising interest of manufacturers and customers towards installation of these systems.

Multimedia/navigation/infotainment application in the automotive gesture recognition market is anticipated to acquire the maximum share of more than 60% by the end of 2024. Automobile OEMs are focusing on improving customer experience with infotainment and navigation systems, primarily driving the demand. Driver distraction can be reduced with easy operability of multimedia in the car with gesture control, supporting the growth of the segment.

Qualcomm Technologies Inc., Continental AG, Visteon Corporation, Harman International, and Cognitec System GmbH are among major companies in automotive gesture recognition market. Other prominent vendors include Gestigon Gmbh, Synaptics Incorporated, Softkinetic International SA, Eyesight Technologies, NXP Semiconductors, and Neonode, Melexis and Jabil. The industry is dominated by few established players, competing to acquire maximum share. High growth potential of automotive gesture recognition market invites new participants, thereby intensifying the competition.

Table of Contents

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Automotive Gesture Recognition Industry Insights

Chapter 4. Automotive Gesture Recognition Market, By Product

Chapter 5. Automotive Gesture Recognition Market, By Authentication

Chapter 6. Automotive Gesture Recognition Market, By Application

Chapter 7. Automotive Gesture Recognition Market, By Vehicle

Chapter 8. Automotive Gesture Recognition Market, By Region

Chapter 9. Automotive Gesture Recognition Market Company Profiles

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