June 18, 2024
Lane Keep Assist System Market

Lane Keep Assist System Market is Estimated to Witness High Growth Owing to Increasing Focus on Driver and Passenger Safety

A lane keep assist system (LKAS) is a driver assistance system that is designed to keep vehicles within their travelled lane and to provide steering inputs to the driver to prevent vehicles from leaving their lane unintentionally. The rising prevalence of road accidents caused due to negligence and driver fatigue has led to a growing demand for advanced driver assistance systems like LKAS. LKAS uses closed-circuit cameras and sensors mounted near the interior auto mirror to monitor road lane markings and detect if a vehicle is drifting from its lane without using indicators. If the vehicle crosses lane markings without signalling, the LKAS issues an audible warning and applies a corrective force to the electric power steering to center the vehicle.

The global lane keep assist system market is estimated to be valued at US$ 5.42 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the lane keep assist system market are Azure Biosystems, Inc.,Berthold Technologies GmbH & Co. KG,Carestream Health, Inc.,GE Healthcare,LI-COR Biosciences,PerkinElmer, Inc.,Syngene International Limited,Tecan Trading AG,Thermo Fisher Scientific Inc.,UVItec Limited. Significant investments in R&D of ADAS technologies by these players are helping accelerate commercialization of advanced LKAS.

The rising demand for comfort and convenience features from premium vehicle buyers along with stringent safety norms worldwide present significant growth opportunities. Governments in countries like the U.S., Canada, Germany, and Japan have implemented regulations mandating the adoption of advanced driver assistance technologies. This is expected to drive the demand for LKAS globally.

Asia Pacific is emerging as a major market for lane keep assist systems with China, Japan, and South Korea aggressively working to develop autonomous driving technologies. OEMs are also focusing on expanding their presence in other developing nations to capitalize on the increasing demand for advanced safety features. Meanwhile, developed regions like North America and Europe continue to be lucrative markets.

Market drivers

The increasing instances of road accidents caused due to distracted driving or fatigue are a major concern prompting regulatory interventions. According to WHO, road accidents claim around 1.3 million lives each year. Stringent safety norms mandating the adoption of ADAS are expected to be a key factor supporting the growth of the Lane Keep Assist System Market Growth. Additionally, growing consumer awareness about the safety benefits of such systems coupled with the availability of affordable vehicles with LKAS as standard or optional fitments will further accelerate the demand.

PEST Analysis

Political: Governments across various countries are increasingly mandating the installation of advanced driver assistance systems like lane keep assist in vehicles for improved road safety. Stringent safety regulations will drive higher adoption.
Economic: Consumers are showing an increased preference for vehicles equipped with the latest driver-assist and safety technologies. Higher disposable incomes allow more customers to opt for such systems.
Social: With growing traffic congestion and awareness about safety, more drivers want features to reduce stress and prevent accidents while driving. Lane keep assist provides a sense of security on highways.
Technological: Advanced deep learning and computer vision algorithms allow lane keep assist systems to accurately detect lane markings even in poor visibility. Dual cameras and integrated driver monitoring cameras further enhance functionality. Ongoing innovations will make the technology more affordable and accessible.

The market in terms of value is concentrated highly in North America and Europe owing to stringent vehicle safety regulations and high vehicle production volumes in countries like the US, Canada, Germany, France and UK. Asia Pacific is the fastest growing regional market for lane keep assist systems driven by strong economic growth, rising vehicle manufacturing and large development programs for intelligent transport systems in countries like China, India and Japan. Rapid infrastructure development and highway expansion are increasing adoption.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it