by 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 Overview: Lane Keep Assist System can detect lane markings on the road and if the driver starts drifting out of the lane, it applies corrective steering to put the vehicle back in the lane. It uses cameras mounted behind the rearview mirror to detect lane markings and warnings or takes corrective actions to maintain vehicle position for safer driving. Market key trends: One of the key trend in the Lane Keep Assist System market is the adoption of autonomous driving technologies. With increasing popularity of autonomous and self-driving vehicles, automakers are focusing on infusing vehicles with advanced driver assistance features and systems for enhanced safety and convenience. Lane keep assist system plays a vital role in achieving higher levels of autonomy as it helps driver in lane centering under normal driving conditions without requiring constant hands-on driving. This has significantly boosted demand for accurate and efficient lane keep assist systems.
Segment Analysis
The global lane keep assist system market is dominated by the OEM segment. The OEM segment is estimated to account for over 65% share of the global lane keep assist system market in 2023. Rising production of vehicles that offer standard lane keep assist systems is a key factor driving the OEM segment. The aftermarket segment is also expected to grow at a steady pace during the forecast period due to the rapid fleet on road and need for advanced driver assistance systems in older vehicles.
Key Takeaways
The global Lane Keep Assist System Market Growth is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to increasing focus on road safety and growing demand for semi-autonomous vehicles features.
North America is expected to hold a leading share of the global lane keep assist system market during the forecast period. The U.S. and Canada are expected to drive the lane keep assist system market in North America. Europe is also anticipated to witness significant growth in the lane keep assist system market owing to stringent safety regulations 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 market is fragmented with top 5 players accounting for less than 35% share of the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
