Published Date : 23 Nov 2022
The global lane keep assist system market size was estimated at USD 9.19 billion in 2022 and is expected to surpass around USD 44.51 billion by 2030, growing at a CAGR of 21.8% during the forecast period 2022 to 2030.
Active safety systems such as lane keep assist and adaptive cruise control support drivers and help them avoid collisions. The advanced driver assistance systems which is considered the backbone of driverless vehicles include this combination of active safety features. The lane keep assist systems are designed to help drivers by recognizing lane lines on the road and the distance between them and the vehicle in front. The vehicle’s systems work together to lessen the risk of an unintentional collision. The lane keep assist system recognizes lane markings and supports the driver in keeping the car within the lane by issuing a warning or automatically directing the vehicle back into the desired lane when it drifts out of it. By delivering information about the vehicle’s driving conditions, the lane keep assist systems for automobiles lessen stress for the driver.
Lane Keep Assist System Market Report Scope
|Market Size In 2022||USD 9.19 Billion|
|Market Size By 2030||USD 44.51 Billion|
|Growth Rate from 2022 to 2030||CAGR of 21.8%|
|Forecast Period||2022 to 2030|
Europe is the largest segment of the lane keep assist system market in terms of region. This region’s automotive industries are working on safety applications such as lane keep assist systems and adaptive cruise control, which are predicted to improve road safety in terms of crash avoidance, post-crash phases, and crash severity protection.
Asia-Pacific region is the fastest growing region in the lane keep assist system market. This is attributed to the increasing safety awareness and an increase in the number of accidents, which has resulted in a high rate of adoption of the combined safety system in the region.
Drivers: Surge in sales of vehicles
Rising disposable income, increasing urbanization, and a surge in population has resulted in high demand for vehicles and automobiles. Even in underdeveloped and developing countries, the demand for vehicles has risen significantly. The government of various countries is also taking actions which is contributing towards the sales of automobiles. The lane-keep assist system is utilized in the vehicles as an important component. As a result, the surge in vehicles is driving the growth of the lane-keep assist system market.
Restraints: Lack of awareness among people
The underdeveloped and developing countries are not so aware of the lane keep assist systems. The lack of awareness among the people is leading to a negative impact on the lane keep assist system market. The key market players need to promote their products in such regions, as the market can have growth prospects in near future. Thus, the lack of awareness among people is hindering the growth of the lane keep assist system market during the forecast period.
Opportunities: Surge in demand for safety features
Due to the surge in the number of road accidents around the world, safety features such as lane keep assist systems are in high demand. The vehicles having a lane keep assist system installed may identify and classify particular objects on the road, inform the driver based on the road conditions, and occasionally even slow down or stop the vehicle automatically. The number of people killed in vehicle accidents has risen dramatically. As a result of these issues, the demand for automobile safety measures is increasing. Automobile manufacturers are developing and adopting safety features to fulfill client demands. As a result of the rising demand for safety features, the lane keep assist system market is growing. Thus, the surge in demand for safety features is creating opportunities for the growth of the lane-keep assist system market.
Challenges: High initial cost
The high costs of implementing applications in automobiles may limit the market for lane keep assist systems, as this element will increase vehicle costs. Consumers will face additional costs in the form of applications, hardware, and telecom services fees if advanced capabilities are included in vehicles. Furthermore, the automobile’s maintainability is challenging and specialized employees are necessary due to the automobile’s numerous electronic components and sensors. As a result, the high initial cost is a major challenge for the growth of the lane keep assist system market during the forecast period.
Key Players in the Report
Segments Covered in the Report
By Function Type
By Vehicle Type
By Distribution Channel
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