Foresight Expands Thermal Imaging Market Potential as New Safety Regulation is Implemented by U.S. Department of Transportation
Foresight Autonomous Holdings (FRSX) announces the potential expansion of its market due to a new U.S. Department of Transportation regulation. The regulation mandates that all new passenger cars and light trucks must have automatic emergency braking (AEB) systems by September 2029. Foresight's stereoscopic thermal imaging technology enhances AEB performance in low-light conditions, increasing pedestrian safety. The NHTSA estimates this will save 360 lives and prevent 24,000 injuries annually. The regulation is expected to boost demand for thermal cameras, reducing costs and benefiting Foresight's technology.
- New U.S. regulation mandates AEB systems in all new cars and trucks by 2029.
- Foresight's stereoscopic thermal imaging improves AEB performance in low-light conditions.
- NHTSA estimates the regulation will save 360 lives and prevent 24,000 injuries annually.
- Increased demand for thermal cameras is expected to reduce their costs.
- Foresight's technology could become a key component in meeting new safety standards.
- Implementation of the new regulation is not until September 2029, delaying immediate financial benefits.
- Potential for increased competition as other companies may also enter the thermal imaging market.
- Current financial impact is speculative and dependent on the adoption rate by vehicle manufacturers.
Insights
The recent U.S. Department of Transportation regulation requiring automatic emergency braking (AEB) systems in all new passenger cars and light trucks by September 2029 is a significant positive development for Foresight Autonomous Holdings Ltd. This mandate is likely to create a surge in demand for the company's thermal imaging technology. As thermal imaging is increasingly recognized for its ability to enhance safety in low-light and adverse weather conditions, Foresight stands to benefit from an expanded market potential.
This regulatory change will likely facilitate a broader adoption of thermal imaging technologies, potentially driving down costs due to higher production volumes. This can lead to improved margins for Foresight, making the technology more accessible to manufacturers. Given Foresight's pioneering position in stereoscopic thermal imaging, the company is well-positioned to capitalize on this market expansion.
In the short term, there might be increased operational costs associated with scaling up production to meet heightened demand. However, in the long term, the regulatory tailwind is expected to enhance revenue growth and profitability, making Foresight an attractive opportunity for investors focusing on the automotive safety sector.
Foresight’s stereoscopic thermal imaging technology represents a substantial advancement in automotive safety systems. Unlike traditional AEB systems that rely primarily on optical sensors, thermal imaging can detect heat signatures, thus significantly improving pedestrian and object detection in low-light and challenging weather conditions. This is particularly relevant given the new regulation, which underscores the need for more reliable AEB systems.
Thermal imaging can effectively address the limitations of current AEB systems, such as reduced effectiveness in darkness and adverse weather. By integrating Foresight’s solution, vehicle manufacturers can ensure compliance with the new safety standards while enhancing overall vehicle safety. This technological edge not only positions Foresight favorably in the market but also sets a new benchmark for AEB system performance.
Furthermore, advancements in thermal imaging and its integration into broader automotive systems could lead to new applications beyond pedestrian detection, potentially opening additional revenue streams for the company.
From a market perspective, the new NHTSA regulation is likely to have a profound impact on the automotive industry. As vehicle manufacturers rush to comply with the new safety standards, the demand for advanced AEB systems incorporating thermal imaging technology is expected to soar. This regulation essentially creates a new market segment that Foresight is well-equipped to dominate.
The anticipated increase in production volumes could significantly lower the cost of thermal cameras, making them more affordable and accelerating their adoption. This trend will likely drive market consolidation, with leading players like Foresight gaining a larger market share. In the long term, the regulation could lead to increased penetration of thermal imaging technologies across various vehicle segments, including both passenger cars and commercial vehicles.
Retail investors should consider the broader market implications, including potential shifts in competitive dynamics and the overall growth trajectory of the automotive safety technology sector. The regulation not only enhances Foresight's market potential but also aligns with broader industry trends toward increased vehicle automation and safety.
Foresight’s stereoscopic thermal imaging improves automatic emergency braking for pedestrian safety in low light, addressing new U.S. regulation
Ness Ziona, Israel, May 16, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in automotive vision solutions, welcomes the finalization by the U.S. Department of Transportation’s National Highway Traffic Safety Administration (the “NHTSA”) of a new federal motor vehicle safety standard (the “Safety Regulation”). The Safety Regulation requires automatic emergency braking (“AEB”) systems in all new passenger cars and light trucks manufactured by September 2029. The regulation highlights the critical role thermal imaging plays in enhancing vehicle safety through superior object and pedestrian detection in challenging lighting conditions.
The NHTSA estimates this regulation will save at least 360 lives and prevent 24,000 injuries annually. AEB systems use sensors to detect oncoming collisions and automatically apply the brakes if the driver has not. While AEB is a valuable safety feature, it can have limitations in certain lighting and weather conditions. Thermal imaging uses heat signatures to detect objects, including humans and animals, in challenging conditions such as darkness, glare, and adverse weather. The Company believes that its thermal imaging technology offers superior pedestrian detection, making it a perfect complement to existing AEB systems.
The Company believes that being a pioneering innovator of automotive vision solutions using groundbreaking stereoscopic thermal imaging technology, gives it a significant advantage in offering safer AEB solutions. In addition, as the Safety Regulation is expected to lead to increased demand for thermal cameras, the associated costs are expected to decrease substantially in the coming years. The Company believes that it can help its customers comply with NHTSA standards and can offer vehicle manufacturers a readily available sophisticated and affordable thermal imaging solution engineered to save lives on roads.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.
For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on Twitter, or join Foresight Automotive on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses the expected phase-in compliance date for the Safety Regulation, the expected safety benefits of the implementation of the Safety Regulation, the advantages of its thermal imaging technology, its expectation that associated costs related to thermal cameras are likely to decrease substantially, and that it believes it can help its customers and vehicle manufacturers comply with NHTSA standards with its readily available technology. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on March 27, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third-party websites.
Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
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