by The 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 Overview:
Lane Keep Assist System (LKAS) helps in keeping the vehicle within its lane by providing steering inputs to the driver. LKAS uses sensors like cameras and radar installed behind the windshield to detect lane markings on the road. If the vehicle begins to drift out of the lane without signaling, LKAS intervenes and gently nudges the vehicle back into the center of the lane by applying slight steering torque. This helps drivers stay focused and reduces fatigue during long drives, making driving safer and more comfortable.
Market key trends:
One of the major trends in the Lane Keep Assist System Market Growth is the growing adoption of advanced driver assistance systems (ADAS) by OEMs. ADAS incorporates various active and passive safety technologies to help drivers with features like emergency braking, blind spot monitoring, park assist among others. Within ADAS, lane keeping assistance is gaining traction as it helps drivers stay centered in the lane and handle lane departures safely. Also, growing awareness about road safety and stringent regulations regarding active safety systems are compelling automakers to equip their new models with LKAS. For instance, the European Union has made lane keeping assistance mandatory for all new vehicles above a certain tonnage from May 2022. This is expected to further propel the demand for lane keep assist systems during the forecast period.
Porter’s Analysis
Threat of new entrants: New companies find it difficult to enter this market due to high R&D costs and established brands.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various options from different brands. However, safety features are becoming crucial.
Bargaining power of suppliers: A few large suppliers exist for key components like cameras, making their bargaining power moderate.
Threat of new substitutes: Alternatives like driver-assistance features pose a low threat currently due to imperfect substitution.
Competitive rivalry: Intense competition exists among major players to offer advanced features.
SWOT Analysis
Strengths: Growing vehicular safety concerns and stringent regulations boost demand. Major OEMs have strong R&D capabilities.
Weaknesses: Higher system costs remain a challenge for mass adoption. Dependence on various vehicle sensors increases complexity.
Opportunities: Integration of AI and ML provides an opportunity to develop context-aware features. Converting advanced driver-assistance into self-driving presents large opportunities.
Threats: Component shortage and price volatility pose supply challenges. Data privacy and security threats need to be addressed.
Key Takeaways
The global Lane Keep Assist System Market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing road accidents globally. Regulations in various countries mandate safety features that help drive adoption.
The market is led by North America currently due to stringent regulations and high vehicle costs. However, Asia Pacific is expected to dominate the market growing at a CAGR of over 16% due to a large vehicle parc and production in countries like China and India.
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. Major players focus on product development, partnerships, and mergers & acquisitions to strengthen their presence and gain a competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
