Lane Keep Assist System Market Projected to Grow at 19.6% CAGR, Crossing US$ 40.8 Billion by 2032, Reports Market.us Research.

New York, April 20, 2023 (GLOBE NEWSWIRE) — The Lane Keep Assist System market size is projected to surpass around USD 40.8 billion by 2032, and it is poised to reach a registered CAGR of 19.6% from 2023 to 2032. The global lane keeps assist system market size was USD 7.13 Billion in 2022.

Lane Keep Assist (LKA) is an advanced driver assistance system (ADAS) that uses cameras and sensors to help drivers stay within their lane while driving. It does this by detecting lane markings on the road and providing steering inputs to keep your vehicle centered in its lane. If a vehicle begins to deviate away from its lane without signaling, the LKA system can provide gentle steering inputs to bring it back into its designated lane. The demand for LKA systems is being driven up by several factors, such as rising safety concerns among consumers, government regulations requiring the use of advanced safety technologies, It advances in camera and sensor technologies that make these systems more dependable and budget-friendly.

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Key Takeaway:

• By function type, in 2022, the lane-keep assist system market was dominated by the lane-keeping system segment due to its increased usage.
• By sensor type, the video sensors segment dominated with the largest market share in the sensor segment in 2022.
• By vehicle type, the passenger car segment dominated the largest market share in the vehicle segment
• By sales channel, the aftermarket segment dominated the largest market share in sales channels
• In 2022, Europe dominated the market with the highest revenue share of 45%.
• APAC is anticipated to have the highest CAGR among all the regions. APAC is expected to grow at a greater pace owing to the increasing prevalence of the automotive sector and the growing demand for safety features in cars.

Factors affecting the growth of the Lane Keep Assist System industry

There are several factors that are affecting the growth of the lane keep assist system industry. These include:

• Increased Demand for Safety Features in Vehicles: As awareness of the hazards of distracted and fatigued driving grows, governments in several countries implement regulations mandating that certain safety features should be installed in vehicles. One such feature that is becoming increasingly popular is LKAS( Lane Keeping Assist System).
• Technology Advancements: LKAS is becoming more sophisticated as manufacturers incorporate machine learning, artificial intelligence, and sensor fusion into these systems. This development has improved the accuracy and dependability of LKAS, leading to greater adoption of this feature in vehicles.
• Collaborations Between Automakers and Technology Companies: Automakers are increasingly teaming up with technology companies to develop advanced LKAS systems and other driver assistance features. This has resulted in the advancement of more complex yet reliable LKAS systems.
• Increasing Production of Electric and Autonomous Vehicles: With the rising production of electric and autonomous vehicles, demand for LKAS, an essential component, is on the rise. This has fuelled growth in LKAS market share as more vehicles are being equipped with this feature.
• Global Economic Conditions: Global economic factors such as interest rates, inflation rates, and exchange rates can impact the growth of the LKAS industry. For instance, a slowdown in the automotive industry due to economic issues could result in reduced demand for LKAS systems.

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Market Growth

The Lane Keep Assist System market has seen steady growth over the last few years due to rising demand for driver assistance systems in vehicles. LKAS is one such system that is becoming increasingly popular among consumers due to its capacity for improving safety and avoiding accidents by automatically steering a vehicle within its lane. The growing adoption of advanced driver assistance systems (ADAS) in vehicles, stringent safety regulations, and increasing demand for autonomous vehicles are some of the primary factors propelling growth in this market. Furthermore, auto manufacturers’ increasing focus on research and development activities to enhance vehicle safety and performance is expected to further drive its expansion over the coming years.

Regional Analysis

Europe is expected to dominate the lane keep assist system market with a projected market share of 45%, due to its commitment to environmental sustainability and safety. Vehicles now must include specific safety components, like lane departure warning systems, as per EU regulations. North America is seeing an increasing need for such systems due to the growth in automobile safety concerns. Ford and General Motors are two prominent competitors in this market. Regional government regulations mandating automakers include specific safety systems are driving the adoption of ADAS technologies. Asia Pacific’s automotive sector is growing, therefore, increasing demand for safety features in cars in this region. There is a substantial growth for lane keep assist system sales throughout Asia Pacific over the coming years.

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Scope of the Report

Market Drivers

Governments are encouraging the installation of LKAS systems as part of stricter safety regulations for automobiles. For instance, in the US, NHTSA (National Highway Traffic Safety Administration) has mandated that all new vehicles must have both LKAS and backup cameras by 2022. Due to increasing awareness of road safety hazards, consumers are becoming more alert to potential dangers that could arise while driving. They, therefore, seek strategies that can reduce these risks. LKAS systems offer an extra layer of safety, leading to an uptick in demand for this technology. As they’re an essential component of ADAS systems, demand for LKAS will only grow as the market matures. Due to technological advancements in LKAS systems, they’ve become more complex and efficient; some now feature cameras and sensors which detect lane lines and alert drivers visually and audibly when they start drifting off the course.

Market Restraints

One major barrier for the LKAS market is its cost. Systems require both hardware and software components, which can add significant costs to vehicle expenses. As a result, many consumers may not be willing or able to bear the additional expense associated with installing LKAS. Many consumers may not be aware of the advantages of LKAS or have a clear understanding of their operation. While these systems are designed to keep vehicles within lane markings on the road, they may not be as effective in certain conditions, such as rain or poorly marked roads. Some consumers and manufacturers are worried about the liability implications of LKAS. If an LKAS fails to prevent an accident, manufacturers could be held responsible – creating a substantial financial risk. Unfortunately, compatibility issues between different ADAS can limit LKAS’ effectiveness and hinder its widespread implementation.

Market Opportunities

Due to increased consumer awareness about safety, there is an increasing demand for advanced safety features in vehicles. Lane-keep assist systems are one such feature that can help avoid accidents caused by drifting out of lanes. Governments around the world are mandating the use of safety features in vehicles to reduce road accidents. Lane keep assist systems may be included in these regulations, providing manufacturers with a significant market opportunity. Additionally, as electric cars become more mainstream, manufacturers are looking for ways to differentiate their products from those of rivals. Lane-keep assist systems are an attractive feature of electric vehicles, giving manufacturers a chance to design systems tailored specifically for these vehicles. As competition in the market increases, manufacturers may benefit from joining forces and developing groundbreaking lane-keep assist technologies. Doing so allows them to expand their product lines and gain an edge over rivals.

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Report Segmentation of the Lane Keep Assist System Market

Function Type Insight

The global lane-keep assist system market is segmented into lane departure warning systems, lane-keeping systems, and other function types. Of these types, the lane-keeping system segment is expected to be the most lucrative with a projected CAGR of 20.8% over the forecast period. By 2022, the lane-keeping system function segment will account for 55% of the global revenue share. Lane Keep Assist systems use sensors to determine a vehicle’s position relative to lane markings and provide steering inputs in order to maintain cantering within the lane. Lane Departure Warning function will be the fastest growing segment within this market in 2022; these systems use sensors that detect when a vehicle is drifting out without its turn signal activated.

Sensor Type Insight

The video sensors segment is forecast to be the most attractive segment in the global lane keep assist system market, with a market share of 52% and a projected CAGR of 21.8% by 2022. Video sensors, commonly referred to as cameras, are currently the most common type of sensor employed in LKAS. Laser sensor data offers high-resolution visual data to help detect vehicle position about lane markings. Furthermore, the laser sensor segment is expected to account for 27.4% of revenue during the forecasted period and become the fastest-growing segment within this industry. Laser beams can measure distances between vehicles and their environment, which is commonly employed in Lane Keep Assist systems to create detailed 3D maps of an area so that vehicles can be detected relative to lane markings or other nearby objects.

Vehicle Type Insight

Based on the vehicle type, the market is divided into passenger cars, light commercial vehicles, heavy commercial vehicles, and other vehicle types. The passenger car segment is forecast to be the most profitable segment in the global lane keep assist system market, boasting a revenue share of 47% and a CAGR of 20.8% over the forecast period. Passenger cars are the most common vehicles equipped with Lane Keep Assist systems. These systems are becoming more frequent in mid-range and high-end models, with some automakers offering LKAS as a standard feature on some of their models. LKAS is also becoming more widely used in commercial vehicles like buses, delivery trucks, and other large vehicles to improve safety and reduce accidents on the road.

Sales Channel Insight

The market is divided into OEM, aftermarket, and other sales channels. Of these channels, the aftermarket segment is estimated to be the most lucrative in the global lane keep assist system market with a revenue share of 60% over the forecast period due to its greater adoption and shorter life of electronic components such as sensors and wirings, due to safety concerns, particularly in passenger vehicles, along with malfunctioning of these components being another major factor driving demand in this market. Furthermore, OEM (Original Equipment Manufacturer) sector also has high demand which is projected to expand during the estimated period.

Recent Development of the Lane Keep Assist System Market

• In May 2022, General Motors announced its collaboration with INRIX Inc. to deliver safety solutions data directly to the U.S. Department of Transportation through its analytics-powered cloud-based application under their Safety View by GM Future Roads & Inrix initiative.
• In 2022, Toyota Motors announced the addition of computer-based vision technology from Austin, Texas-based start-up company Invisible AI to their North American assembly plants. This cutting-edge system can process body motion data for improved quality, safety, and efficiency.

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Market Segmentation

Based on Function Type

• Lane Departure Warning System
• Lane Keeping System
• Other Function Type

Based on the Sensor Type

• Video Sensors
• Laser Sensors
• Infrared Sensors
• Other SensorTypes

Based on Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Other Vehicle Types

Based on Sales Channel

• OEM
• Aftermarket
• Other Sales Channel

By Geography

• • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe

• • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe

• • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

• • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

The lane keeps assist systems market is highly fragmented with several companies present. To gain a larger share of this lucrative industry, these players are employing various marketing tactics such as new product launches, investments, partnerships, and mergers & acquisitions. Furthermore, companies are investing heavily in product development to remain competitively priced.

Some of the major players include:

• Bendix
• CONTINENTAL AG
• Delphi Automotive PLC.
• Denso Corporation
• Hitachi Ltd
• HYUNDAI MOBIS
• Magna
• MOBILEYE
• Panasonic Corp.
• Robert Bosch GmbH
• SDS
• VALEO
• Visteon
• WABCO Holdings Inc.
• ZF Friedrichshafen AG
• Other Key Players

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