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| Lane Keep Assist System Market Growth |
The global Lane Keep Assist System Market is estimated to be valued at US$ 4.7 Bn or billion 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 (LKAS) helps drivers in keeping their vehicles within
the lane limits by providing steering inputs to the driver when the vehicle
deviates from its lane. LKAS uses visual, audible and haptic warnings to alert
the driver. It uses sensors such as cameras and radar or laser sensors to
monitor the road lane markings and detects unintended lane departures at speeds
above 40-60 km/h. LKAS is an active safety system that provides assistance to
the driver for better control over the vehicle. LKAS improves vehicle and road
safety by minimizing accidents caused due to unwanted lane changing.
Market key trends:
Growing vehicle safety regulations mandating adoption of advanced driver
assistance systems is expected to drive the lane keep assist system market
growth over the forecast period. For instance, according European New Car
Assessment Program (Euro NCAP) safety standards, advanced driver assistance
systems such as blind spot detection, lane departure warning and traffic jam
assist will be necessary for vehicles to achieve highest safety rating from
2022. Furthermore, increasing consumer demand for luxury and premium vehicles
equipped with advanced driver assistance and semi-autonomous driving features
is also contributing to the market growth. Rapid adoption of technologies such
as cameras, radar and other sensors by OEMs to provide effective lane keep
assistance without any driver effort is another key trend observed in the lane
keep assist system market.
Porter’s Analysis
Threat of new entrants: The lane keep assist system market requires huge
R&D investments and presence of several IP which creates high entry
barriers for new players.
Bargaining power of buyers: Presence of numerous OEMs and suppliers increases
bargaining power of buyers. However, growing demand of lane keep assist system
maintains balance in industry.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to
need of technology and components from few specialized manufacturers in lane
keep assist domain.
Threat of new substitutes: No direct substitute is available currently for lane
keep assist system technology. Autonomous driving tech can be considered as
indirect substitute.
Competitive rivalry: Intense competition exists among established players to
gain higher market share through continuous innovation and technology upgrade.
Key Takeaways
The global Lane
Keep Assist System Market Growth Is expected to witness high growth,
exhibiting CAGR of 14.% over the
forecast period, due to increasing autonomous car adoption and strict safety
regulations. The market size for 2023 is estimated to be US$ 4.7 Bn.
Europe dominates the lane keep assist system market currently owing to
stringent vehicle safety rules in the region. Asia Pacific is expected to
exhibit fastest growth during the forecast period with China, Japan and India
emerging as high potential markets.
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, and Hella. Players are focused
on achieving higher accuracy through continuous technological advancement.
Robert Bosch holds leading market share currently.
Read More: https://www.ukwebwire.com/lane-keep-assist-system-market-scope/