April 17, 2024
Lane Keep Assist System Market

Lane Keep Assist System Market Driven By Increased Vehicle Safety Regulations

Lane Keep Assist Systems (LKAS) help drivers in maintaining vehicular positioning within a lane of travel, typically through automatic steering correction if the vehicle drifts outside lane markings. LKAS utilize sophisticated cameras and sensors to detect lane boundaries and the vehicle’s positioning relative to the lane. If an unintentional drift is detected, LKAS apply corrective steering to gently guide the vehicle back into the lane. LKAS help address the rising concerns regarding distracted driving and drowsiness, preventing unintended lane departures that could potentially lead to accidents.

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:

One of the key trends impacting the Lane Keep Assist System Market growth is the rising emphasis on vehicle active safety technologies. Automotive regulators worldwide are introducing more stringent safety norms to curb road accidents, with technologies like LKAS playing a key role. For instance, the European Union has made Advanced Driver Assistance Systems (ADAS) like LKAS mandatory for new vehicles from 2022. Similarly, the National Highway Traffic Safety Administration (NHTSA) in the U.S. has set out plans to make several ADAS features standard in new vehicles by 2025. Such regulations are driving OEMs to increasingly integrate ADAS as standard or value-added options, boosting LKAS adoption across new vehicle makes and models.

Porter’s Analysis

Threat of new entrants: The lane keep assist system market requires high R&D investments and manufacturing capabilities to produce sensors and other advanced components. This acts as a barrier for new companies.
Bargaining power of buyers: The presence of several manufacturers offering distinct features increases buyer options. However, market standards and regulations ensure not much differentiation.
Bargaining power of suppliers: A few specialized component manufacturers exist. This provides suppliers with some bargaining power regarding pricing and procurement policies.
Threat of new substitutes: No close substitutes exist for lane keep assist functions. Autonomous driving tech is separately developing but not replacing LKAS yet.
Competitive rivalry: Major automotive brands compete on technology integration and pricing. Collaborations also occur for shared resources and fast innovation.

Key Takeaways

The Global Lane Keep Assist System Market Demand is expected to witness high growth.

Regional analysis: North America and Europe currently dominate the LKAS market due to stringent safety norms and demand for advanced driver assistance systems in passenger cars. However, the Asia Pacific region is gaining ground with automakers setting up new manufacturing plants and customers aspiring for premium vehicles.

Key players: 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., UVItec Limited. They focus on R&D to introduce technologically advanced and affordable LKAS for mass production. Collaborations are also guiding continuous innovations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it