by Lane keep assist system (LKAS) helps vehicles stay centered in a lane on roads and highways by applying steering inputs when unintentional lane drift is detected. It recognizes the lane markings using a camera or sensor and is especially helpful for long drives and to reduce fatigue.
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 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the lane keep assist system market is the increasing adoption of advanced driver assistance systems (ADAS) features in vehicles. Manufacturers are integrating more ADAS functionalities in vehicles to make driving safer and convenient. According to a study, by 2030 around 50% of all new vehicles will have level 2 advanced driver assistance system capabilities which includes autonomous emergency braking, lane centering, and adaptive cruise control. This growing popularity of ADAS will drive the demand for lane keep assist systems in the coming years.
SWOT Analysis
Strength: Lane Keep Assist System provides safety to drivers by preventing vehicles from unintentionally drifting out of their lane. It alerts the driver if the vehicle deviates from its lane and even applies corrective steering to keep the vehicle centered.
Weakness: Lane Keep Assist System requires proper lane marking for it to function accurately. It may not work properly in poor visibility conditions or when lane markings are faded. Over-reliance on the system can lead to driver inattention.
Opportunity: With increasing awareness about road safety features, the demand for advanced driver assistance systems like Lane Keep Assist is growing. Strong government regulations for vehicle safety are also driving the market opportunities.
Threats: High installation and maintenance costs of Lane Keep Assist System can be a challenge in price-sensitive markets. Software and technology obsolescence is also a threat as newer and improved systems are regularly introduced.
Key Takeaways
The Global Lane Keep Assist System Market Size is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to increasing demand for advanced driver assistance and vehicle safety features. Proper lane keeping helps prevent accidents and promotes safer driving.
Regional analysis: North America currently dominates the Lane Keep Assist System market owing to stringent vehicle safety rules in the region. Asia Pacific is expected to be the fastest growing market due to rising vehicle production and sales led by countries like China and India. Growing middle class and awareness is driving the demand for premium vehicles with advanced driver assistance features in the region.
Key players operating in the Lane Keep Assist System market are Robert Bosch, Denso Corporation, Continental AG, Valeo, ZF Friedrichshafen, Hyundai Mobis, Delphi Automotive, Magna International, Valeo, Hella. The key players are focusing on developing more affordable and effective Lane Keep Assist Systems through technological innovations and strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
