Increasing In-Vehicle Automation Leads Consumers to Embrace New Onboard Safety Systems, Xperi Reports

Rhea-AI Summary

Xperi Holding Corporation (NASDAQ: XPER) released findings from a national survey indicating that 86% of consumers are more inclined to purchase vehicles with advanced safety-focused computer vision systems. 98% of respondents prioritize safety in vehicle purchases. The study highlights potential consumer demand among younger demographics, with 92% of Millennials favoring vehicles equipped with features that detect driver drowsiness and ensure child safety. The research underscores the increasing interest in vehicle personalization and safety technology.

Positive

• 86% of consumers more likely to purchase cars with computer vision systems.
• 98% prioritize safety when buying vehicles.
• High demand from younger consumers, with 92% of Millennials favoring advanced safety features.

Negative

• None.

86% are more likely to purchase a vehicle containing a computer vision system that can protect all passengers

CALABASAS, Calif.--(BUSINESS WIRE)-- DTS^®, a global leader in next-generation audio, imaging and sensing technology, and a wholly owned subsidiary of Xperi Holding Corporation (NASDAQ: XPER) (“Xperi”), announced today a new research study that confirms the importance of in-car systems that are able to assess the safety status of vehicle drivers and all occupants (pets/children/passengers) in order to trigger alerts that can prevent dangerous situations. This study was part of a national CARAVAN® survey commissioned by Xperi and conducted by ENGINE Insights.

(Graphic: Business Wire)

The survey found that not only is safety important to 98% of consumers in their vehicle purchase choice, but 86% also reported that their likelihood to purchase a vehicle would increase if it had a safety-focused computer vision system. In addition, the survey revealed that consumers also look for personalization features such as automatically adjusting infotainment, wheel, and chair positions, and more.

“The survey uncovered car owners’ interest (especially Gen Z and Millennials) in a vehicle future made possible by secure in-vehicle computer vision technology that provides increasing personalization of the in-cabin experience. From sensing the vehicle occupant/driver to automatically customizing playlists, lighting, and HVAC systems - to hands-free selfies and pay-on-the-go capabilities,” said Jeff Jury, Xperi SVP and general manager, Connected Car. “The safety benefits for drivers and occupants, especially children, of secure in-vehicle sensing, are profound, and these survey results are testament to that. Supported by global safety legislation, we are focused on innovating computer vision technology to make a safer vehicle experience no matter where in the world car buyers are.” Summing up, Jury says, “At Xperi, the future is now!”

Top Takeaways:

• Younger Consumers are more likely to purchase a car with a computer vision system
  Millennials (92%) overwhelmingly say that they are more likely to purchase a vehicle model/brand if it has a computer vision system that can detect children/pets left in a hot vehicle, seatbelt status, sudden sickness, driver drowsiness and other distracted driving indicators that trigger alerts to the driver.

• Child Safety Top Priority - Pets are Important as Well
  Child safety emerged as a key priority for car owners. In-vehicle computer vision systems that detect if a child is present and properly secured in the vehicle – and then trigger alerts to the driver – are considered beneficial by nine out of ten adults. Seven in ten ranked the ability to detect a child left in a hot vehicle and trigger alerts as their top, or second most important, feature enabled by computer vision systems. Pet safety (alerts if left in a hot vehicle), while carrying less weight than children, is of major importance to over a third of respondents (36%).

• Health Checks, Personalization of Vehicle Interior/Infotainment Appeals to Drivers
  90% positively viewed a vehicle feature that could sense, in real-time, driver and occupant immediate health, and act on it to prevent accidents. Over half would like a sensing system that adapts their vehicle interior to driver/occupant preferences, such as wheel and chair position. Just as appealing is a feature that detects if a child is present in the car to personalize in-cabin infotainment to be appropriate, chosen by 52% of respondents. 37% would like a feature that identifies, and reacts to, driver emotions to adjust settings, such as infotainment and lighting.

“Our research earlier this year underscored the increasing importance of the personal vehicle because of the pandemic¹. This new research reveals that car owners not only want those vehicles to be both safe and personalized, but that they also embrace the role of secure in-vehicle computer camera systems to make this possible,” said Richard Tomasco, Vice President, ENGINE Insights. “While it is no surprise that 92% of respondents consider automation that can detect and notify drivers when they’re drowsy, falling asleep, or not paying attention, to be beneficial, it is noteworthy that having that feature can influence vehicle purchase decisions, especially with the important Millennial cohort,” continued Tomasco.

About the Survey

The CARAVAN survey was conducted by ENGINE Insights among a demographically representative U.S. sample of 1,004 adults ages 18 and older, comprising 502 men and 502 women. The survey was live August 2-4, 2021. Most questions in the survey were asked among consumers who own or lease a vehicle, or who plan to purchase one in the next year (N=900). To access the ENGINE Insights CARAVAN report on in-vehicle safety and personalization trends, click here.

About Xperi Holding Corporation

Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands (DTS, HD Radio, IMAX Enhanced, Invensas, TiVo), and by its startup, Perceive, make entertainment more entertaining, and smart devices smarter.

Xperi technologies are integrated into billions of consumer devices, media platforms, and semiconductors worldwide, driving increased value for partners, customers and consumers.

Xperi, DTS, IMAX Enhanced, Invensas, HD Radio, Perceive, TiVo, DTS AutoSense, and their respective logos are trademarks or registered trademarks of affiliated companies of Xperi Holding Corporation in the United States and other countries. All other company, brand and product names may be trademarks or registered trademarks of their respective companies.

SOURCE: Xperi Holding Corporation
XPER-P

¹tps://www.businesswire.com/news/home/20210401005276/en/Pandemic-Increases-Importance-of-Personal-Vehicle-and-In-Dash-Infotainment

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117005059/en/

Xperi Media Contact:

Melanie Webber, mWEBB Communications

+ 1 949-307-1723

melanie@mwebbcom.com

Xperi Investor Contact:

Geri Weinfeld, Vice President of Investor Relations

+1 818-436-1231

geri.weinfeld@xperi.com

Source: Xperi Holding Corp

FAQ

What did the recent survey by Xperi (NASDAQ: XPER) reveal about consumer preferences in vehicle safety?

The survey showed that 86% of consumers are more likely to buy vehicles equipped with safety-focused computer vision systems.

How significant is safety in vehicle purchasing decisions according to Xperi's survey?

98% of respondents stated that safety is a crucial factor in their vehicle purchasing choices.

What percentage of Millennials are inclined to purchase vehicles with advanced safety features?

92% of Millennials indicated they are more likely to choose vehicles with features like driver drowsiness detection.

What features do consumers want in in-vehicle computer vision systems?

Consumers are interested in features that enhance safety, detect children and pets left in vehicles, and provide personalization options.