by With growing focus towards enhanced vehicle safety features, lane keep assist system or LKAS has emerged as an important driving assistance technology. LKAS uses on-board cameras and sensors to detect lane markings and positions of vehicles to prevent the car from unintentionally changing lanes. It alerts drivers when the vehicle unintentionally deviates from its lane and also automatically applies corrective steering to help maintain the vehicle’s position. With rising concerns over road accidents caused due to drifting from lanes, LKAS has gained widespread prominence across major automakers.
The global Lane Keep Assist System Market is estimated to be valued at US$ 4.7 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand for autonomous driving technologies is a major trend propelling growth of the lane keep assist system market. LKAS forms an important component of advanced driver assistance systems and automated driving as it helps vehicles stay centered in lanes during autonomous driving modes. Since LKAS enhances vehicle control and safety without requiring driver intervention, automakers are focused on integrating this technology across their model lineups including luxury, economical and sports vehicles. This is set to drive wider adoption of LKAS solutions globally and support market revenue growth over the forecast period .
SWOT Analysis
Strength: The lane keep assist system has advanced features that can accurately detect lane markings and vehicle position. This improves road safety.
Weakness: Adverse weather conditions like fog, heavy rain can reduce the visibility of lane markings limiting the effectiveness of lane keep assist system. High installation and maintenance costs of such advanced driver assistance systems.
Opportunity: With the growing focus on automation and integration of advanced driver assistance systems in vehicles, the demand for lane keep assist is expected to rise significantly in coming years.
Threats: Issues related to product recalls owing to software/hardware defects can negatively impact the market. Stringent regulations associated with self-driving features pose challenges.
Key Takeaways
The Global Lane Keep Assist System Market Size is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific region dominates the lane keep assist system market currently and is expected to continue its dominance through 2030. Rapidly growing vehicle production and sales, presence of key system manufacturers and integration of advanced driver assistance systems as standard features are driving the market in the region.
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. Standardization of such systems and development of affordable solutions for mass market vehicle segments will be the focus of major players going forward.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
