The Lane Keep Assist System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Lane Keep Assist System Global Market Report 2024, The lane keep assist system market size has grown exponentially in recent years. It will grow from $8.66 billion in 2023 to $10.61 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to initial adoption of driver assistance features, government regulations on vehicle safety, rising awareness of road safety, urbanization and increased traffic, concerns over driver fatigue and distraction.
The lane keep assist system market size is expected to see exponential growth in the next few years. It will grow to $22.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to integration of advanced driver assistance systems (adas), stricter global safety standards, growing consumer demand for autonomous features, expansion of electric and autonomous vehicle markets. Major trends in the forecast period include integration of artificial intelligence in lane keep assist systems, development of advanced lane-keeping algorithms, evolution of 3d imaging for improved lane detection, convergence of lane-keeping with other adas features, increasing focus on semi-autonomous and autonomous driving capabilities.
The surge in demand for automobiles is expected to propel the growth of the lane-keep assist system market going forward. An automobile is an internal combustion-powered, four-wheeled self-propelled vehicle intended for personal mobility. Automobiles with Lane Keep Assist (LKA) have a driver-assistance system that lets drivers stay in their lane while moving. LKAS provides steering input to keep the car in the middle of a detected lane, and it also gives tactile and visual alerts if the vehicle is seen to be veering off course. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), a Belgium-based central lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Further, Chinese automakers had 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the surge in demand for automobiles is driving the growth of the lane-keep assist market.
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The lane keep assist system market covered in this report is segmented –
1) By Component: Vision Sensor Or Camera, Electronic Power-Assisted Steering (EPAS) Actuator, Electronic Control Unit, Other Components
2) By Function Type: Lane Keeping System, Lane Departure Warning
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
4) By Propulsion: Internal Combustion Engines, Electric And Hybrid
5) By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
Technological advancements are a key trend gaining popularity in the lane keep assist system market. Major companies operating in the lane keep assist system market are adopting new technologies to sustain their position in the market. For instance, in February 2023, ZF Friedrichshafen AG, a Germany-based technology company, launched OnTraX lane-keeping assist technology for PACCAR trucks. ZF’s OnTraX introduction is the company’s first lane-maintaining assistance on a commercial vehicle platform in North America, combined with ZF’s ReAX adaptive steering. The technologies are intended to assist in lowering the 32% of truck accidents brought on by unintended lane exits. Once OnTraX decides that the truck is in its lane and moving at least 40 mph, or cruising speed, it turns on. The lane maintaining aid technology is made possible by a forward-facing camera that ‘sees’ the borders of a specified lane.
The lane keep assist system market report table of contents includes:
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