The Lane Keep Assist System Global Market Report 2023, provides comprehensive information on the lane keep assist system market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global lane keep assist system market is expected to grow from $7.06 billion in 2022 to $8.66 billion in 2023 at a compound annual growth rate (CAGR) of 22.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The lane keep assist system market is expected to reach $18.58 billion in 2027 at a CAGR of 21.0%.
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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 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
Europe was the largest region in the lane keep assist system market in 2022.
The table of contents in TBRC’s lane keep assist system market report includes:
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