The global lane keep assist system market size was valued at US$ 8 billion in 2022 and is expected to hit around US$ 63.66 billion by 2032. It is poised to grow at a CAGR of 23.19% during the forecast period 2023 to 2032.
Access our Premium Real Time Data Intelligence Tool, Visit: Precedence Statistics
The Europe lane keep assist system market size reached US$ 3.20 billion in 2022 and is preddicted to grow around US$ 25.46 billion by 2032, at a CAGR of 21.8% from 2023 to 2032.
Europe dominated the lane keep assist system market in 2022. This is attributed to the rigorous standards governing automobile safety as well as technological developments in the field of automotive and automation sectors.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. This is due to rising safety standards and improved road infrastructure that aids the performance of the lane keep assist systems.
The lane keep assist systems assists the driver by keeping the automobile in the center of the lane throughout the whole speed range. By assisting the driver with his lateral control task, the device attempts to improve comfort. It necessitates the driver’s maintaining his grip on the steering wheel. The lane keep assist systems can be used in conjunction with adaptive cruise control to provide both lateral and longitudinal control. The driver can readily override the system at any time.
The current lane departure warning system aid technology evolved into the lane keeping assist system. Both systems use camera systems mounted behind the glass to monitor the road markings. This relieves stress on the car driver while also providing information on the vehicle’s driving status. The lane keep assist system is capable of assisting the driver in staying within a lane, whereas the lane departure warning system is a simple warning system intended to tell the driver via sensory means such as vision and touch if the vehicle crossed a lane marking. It combines the functions of a conventional system and a warning system. Typically, the technology aids the driver by providing computerized steering assistance. The features of this support are determined by a variety of circumstances, including the vehicle’s distance from the lane’s edge. To keep the car in the middle of the lane, a setup that prioritizes convenience generates torque forces on each side of the lane centerline. A setup that prioritizes safety, on the other hand, waits until the vehicle is near to the lane markers before intervening. A substantially stronger steering support torque is applied in this instance. In the sense of lane departure warning systems, this can also serve as a tactile warning.
The growing sales of automobiles is expected to drive the demand for the lane keep assist system in the market. The lane keep assist system have enhanced infrastructure and provides a wide range of safety characteristics to automobiles. Since a decade, the number of road accidents have increased. The government of developed and developing regions are imposing strict rules and guidelines for decreasing the rate of road accidents. In addition, the strict traffic rules and laws is expected to boost the growth of the global lane keep assist system market over the projection period. Moreover, technological developments are creating lucrative prospects for the growth of the lane keep assist system market.
|Market Size||USD 63.66 Billion by 2032|
CAGR of 23.19% from 2023 to 2032
|Fastest Growing Market||Asia-Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Function Type, Component, Vehicle Type, Distribution Channel, and Regions|
ZF Friedrichshafen AG, Denso Corporation, Gentex Corporation, Robert Bosch GmbH, Continental AG, Sensata Technologies Inc., Magna International Inc., Panasonic Corporation, Visteon Corporation, Hitachi Ltd.
On the other hand, the factors such as inadequate charging infrastructure and a lack of proper infrastructure is restricting the growth of the global lane keep assist system market over the projection period. In addition, a lack of awareness among the consumers is also hindering market growth. Moreover, the expansion of the automotive industry, the surge in demand for automobiles, and key regulations and policies against road accidents, and the growing emphasis of the utilization of lane keep assist system is creating growth opportunities for the expansion of the global lane keep assist system market over the projection period.
The adaptive cruise control, which identifies the slower moving car in front and decelerates the vehicle’s speed to avoid a front collision, can help to reduce the number of accidents caused by increased traffic flow. The lane keep assist and adaptive cruise control market for automotive is being driven by the safety and comfort given by the combination of these systems while driving. Long-distance driving is less demanding thanks to the integrated system, which ensures stress-free driving and passenger safety. During the forecast period, this is a key element that is projected to drive the lane keep assist and adaptive cruise control market for automobiles.
Due to safety and security concerns, awareness of modern driver assistance systems installed in vehicles has grown in recent years, which is likely to enhance the global lane keep assist system and adaptive cruise control market for automotive during the forecast period. However, in locations or countries where bad weather conditions such as fog, rain, or snow exist, the integrated safety systems is ineffective. In the medium car segment, the integrated system’s high cost has an impact on demand. Electronic components control the entire system, and when they fail, the system interprets data incorrectly, rendering it useless. During the projection period, these minor limitations are projected to restrain the lane maintain assist system and adaptive cruise control market for automobiles.
The lane keeping assist systems are currently available from a number of automobile companies. When combined with automated cruise control, with automated cruise control, which regulates not only the vehicle’s speed but also its distance from the car ahead, a high level of automation in vehicle control is currently achievable. These systems do not now allow for automatic driving, but they do provide the technological foundation for it. One of the examples of key market player is Tesla. Tesla’s lane assist technology is integrated with the adaptive cruise control system and branded as Autopilot.
The lane keeping system segment dominated the lane keep assist system market in 2020. When an automobile approaches or crosses lane dividers, lane keeping systems use forward facing cameras to monitor the lane lines around your vehicle and deliver visual, auditory, and tactile signals such as seat vibration and steering wheel to inform the driver.
The lane departure warning segment is fastest growing segment of the lane keep assist system market in 2020. The lane departure warning systems alert the driver if the vehicle drifts out of its travel lane or if it leaves a defined lane without utilizing the indication.
The lane keep assist systems market is moderately fragmented with the presence of several companies. These market players are striving to gain higher market share by adopting different marketing strategies, such as new product launch, investments, partnerships, and mergers & acquisitions. The companies are also spending on the development of improved products. Moreover, they are also focusing on competitive pricing.
Segments Covered in the Report
By Function Type
By Vehicle Type
By Distribution Channel
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client