Lane keep assist system (LKAS) is an advanced driver assistance system designed to help drivers maintain lane position and reduce the chances of unintended lane departures. It helps detect lane markings and provides steering inputs to help drivers keep their vehicles centered in the lane by subtly correcting the vehicle's course. The rising demand for active safety systems and increasing concern over road fatalities due to driver errors are fueling the adoption of LKAS.
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:
The rising demand for advanced safety features is a key trend fueling the growth of the lane keep assist system market. Newer vehicles are now incorporating ADAS features as standard to enhance safety. According to a report by the Insurance Institute for Highway Safety, lane keeping assistance reduces the occurrence of unintended lane departures by nearly 24%. Many countries have also made significant investments in upgrading road infrastructure with adequate lane markings, which is supporting the adoption of LKAS. With the growing awareness about safety benefits, more consumers are opting for vehicles equipped with LKAS, fueling the market growth over the forecast period.
Segment Analysis
The global Lane Keep Assist System market is dominated by the computer vision & sensor-based sub-segment. This sub-segment accounted for around 55% share of the total market in 2023. This is because computer vision & sensor-based systems offer enhanced safety and compliance with regulations compared to other sub-segments. The technology analyzes lane markings and detects vehicles using cameras and sensors to provide steering assistance to prevent lane departure.
Key Takeaways
The Global Lane Keep Assist System Market Demand is expected to witness high growth.
Regional analysis shows that Asia Pacific is expected to dominate the market during the forecast period. Countries like China, India, and Japan are rapidly adopting advanced driver assistance systems to reduce road accidents. This makes Asia Pacific the fastest growing regional market.
Regional analysis: Asia Pacific is expected to grow at over 9% annually till 2030 making it the dominant as well as fastest growing regional market. This is attributed to rising vehicle production and sales along with growing consumer demand for enhanced safety features. Countries like China, India, and Japan are witnessed high vehicle parc which is encouraging OEMs to offer advanced driver assistance systems as standard features.
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., and UVItec Limited.
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Lane keep assist system market is a technological application of the combination of cameras, sensors, and autonomous assistance applied in vehicles so that the vehicles move in a particular lane.
These systems either inform the driver of the vehicle when the vehicle is drifting from a particular lane, and it is unsafe to do so or there is a risk of collision.
These systems can also be used to automatically drift the steering wheel so that the vehicle comes back into the lane.lane keep assist system market is expected to register a healthy CAGR of 18.35% in the forecast period of 2019-2026.
The report contains data from the base year of 2018 and the historic year of 2017.
This rise in market value can be attributed to the significant adoption of ADAS and a rise of autonomous vehicles prevalent in the market.Get a Sample Copy of Global lane keep assist system market Report to Understand the Complete Insights @https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-lane-keep-assist-system-marketMarket Drivers and Restraints:Rising levels of initiatives and support policies provided by governments to reduce the number of road accidents globally is expected to drive the growth of the marketIncreasing concerns and awareness regarding the safety of individuals along with the vehicles is expected to drive the growth of the marketPrevalence of the preference of consumers to purchase vehicles equipped with advanced systems and technologies; this factor is expected to drive the growth of the marketRestrictions of the sensors and cameras in detecting land markings that are clearly visible; this factor is expected to restrain the growth of the marketInability of these systems to operate in certain environmental conditions is also expected to restrain the growth of the marketThe major players covered in the Lane Keep Assist System Market Few of the major competitors currently working in the global lane keep assist system market are ZF Friedrichshafen AG; DENSO CORPORATION; Gentex Corporation; Robert Bosch GmbH; Valeo; Ficosa Internacional SA; Aptiv; Continental AG; Mobileye; Hitachi, Ltd.; Velodyne Lidar, Inc.; PRECO Electronics; AISIN SEIKI Co., Ltd.; Calsonic Kansei Corporation; WABCO; Autoliv Inc.; HYUNDAI MOBIS; Magna International Inc.; Panasonic Corporation; Visteon Corporation; Knorr-Bremse AG; Iteris, Inc. and HELLA GmbH & Co. KGaA.Major TOC Of The ReportChapter One: Lane Keep Assist System Market OverviewChapter Two: Manufacturers ProfilesChapter Three: Global Lane Keep Assist System Market Competition, by PlayersChapter Four: Global Lane Keep Assist System Market Size by RegionsChapter Five: North America Lane Keep Assist System Market Revenue by CountriesChapter Six: Europe Lane Keep Assist System Market Revenue by CountriesChapter Seven: Asia-Pacific Lane Keep Assist System Market Revenue by CountriesChapter Eight: South America Lane Keep Assist System Market Revenue by CountriesNew Business Strategies, Challenges & Policies are mentioned in Table of Content, Request Detailed TOC at @https://www.databridgemarketresearch.com/toc/?dbmr=global-lane-keep-assist-system-marketKey Report HighlightsComprehensive pricing analysis based on different product types and regional segmentsMarket size data in terms of revenue and sales volumeDeep insights about regulatory and investment scenarios of the global Lane Keep Assist System Market Analysis of market effect factors and their impact on the forecast and outlook of the global Lane Keep Assist System Market The detailed assessment of the vendor landscape and leading companies to help understand the level of competition in the global Lane Keep Assist System Market A roadmap of growth opportunities available in the global Lane Keep Assist System Market with the identification of key factorsThe exhaustive analysis of various trends of the global Lane Keep Assist System Market to help identify market developmentsInsightful Details Available @https://www.databridgemarketresearch.com/reports/global-lane-keep-assist-system-marketKey Questions Answered in Report:What is the key to the Lane Keep Assist System Market?What will the Lane Keep Assist System Market Demand and what will be Growth?What are the latest opportunities for Lane Keep Assist System Market in the future?What are the strengths of the key players?About Us:Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches.
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