February 21, 2024
Lane Keep Assist System Market

Emerging Connected And Autonomous Technologies Projected To Boost The Growth Of Lane Keep Assist System Market

Lane Keep Assist System help drivers stay in their lane by detecting road markings on the road and alerting the driver with audio or vibration when the vehicle deviates from its lane without signaling. It uses front cameras and sensors mounted behind the windscreen to monitor and interpret lane markings and the vehicle’s position within the lane. It applies a small steering torque to gently guide the vehicle back into its lane if it starts drifting out of it. Lane Keep Assist System improve driver assistance and safety on roads by preventing unintended lane departures. They provide convenience to drivers by reducing fatigue on long drives and alerting inattentive drivers.

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 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The key trend in the Lane Keep Assist System market is the adoption of camera and sensors based Advanced Driver Assistance Systems (ADAS). Manufacturers are focusing on integrating Lane Keep Assist with ADAS technologies like blind spot monitoring, surround view cameras, adaptive cruise control and automatic emergency braking. The growing demand for semi-autonomous and autonomous vehicles is also driving the Lane Keep Assist System market. As automakers aim to provide fully autonomous driving, advanced lane keeping assist technologies are becoming an integral part of vehicle systems. Another major trend is the development of more affordable and compact Lane Keep Assist System suitable for smaller vehicles and mass market models to access untapped markets.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the lane keep assist system market requires high R&D investments and technological capabilities.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many players in the market leading to availability of alternative products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have lower switching costs and suppliers have differentiation in technologies.

Threat of new substitutes: The threat of new substitutes is low as lane keep assist systems has limited substitutes and switching costs for buyers are high.

Competitive rivalry: High competitive rivalry exists among existing players.

Key Takeaways

The Global Lane Keep Assist System Market Demand  is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing autonomous vehicle production and sales.

Regional analysis – Asia Pacific region is expected to dominate the lane keep assist system market during the forecast period. Increasing automobile production and sales in countries such as China and India are driving the lane keep assist system market in Asia Pacific region.

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, Hella. Key players are focusing on manufacturing technologically advanced lane keep assist systems and establishing partnerships with automotive OEMs for new product developments. __

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