Lane Keep Assist System Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Function Type (Lane Keeping System and Lane Departure Warning); Component (Vision Sensor/Camera, EPAS Actuator, Electronic Control Unit, and Others); Vehicle Type (Passenger Cars and Commercial Vehicle); Distribution Channel (OEM and Aftermarket); Region and Country
Detailed Analysis of COVID-19 Impact on the Lane Keep Assist System Market
Global Lane Keep Assist System is anticipated to display a CAGR of around ~16% over the forecast period (2021-2027). The majority of traffic accidents are caused by driver inattention or negligence. Rising awareness among people and governments across the world about the importance of ensuring public safety and security by reducing road accidents, which are mostly caused by driver irresponsibility and distraction, is a major factor that is expected to drive the lane keep assist system market. A rule stated by the US government requires autonomous vehicles or vehicles with lane keep assist systems to be equipped with an easy to trigger auto-drive disengage switch and an alert system for system failures in a few states in the US, such as California and Nevada, as well as the District of Columbia. Despite its many benefits, the lane keep assist system has a few flaws. An electronic processing unit and positioning system control the entire system, which is vulnerable to cyber-attack and hacking. A hacker with access to electronic processing can take entire control of the vehicle’s operation, posing a threat to human life. Furthermore, the lane keep assist system’s sensors are unable to detect faded lane markers, and the system fails to function effectively in extreme weather situations such as fog, rain, or snow. During the projection period, these small limitations are anticipated to stymie the lane keep assist system market.
Insights Presented in the Report
“Amongst Function Type, Lane Keeping System segment dominated the market in 2020”
Based on function type, the market is segmented into Lane Keeping System and Lane Departure Warning. The Lane Keeping System segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In 2020, the lane keep assist system market was dominated by the lane keeping system segment. Lane keeping systems use forward-facing cameras to monitor the lane lines around your car and provide visual, audio, and tactile indications such as seat vibration and steering wheel to alert the driver when an automobile approaches or crosses lane barriers
“Amongst Component, Electronic Control Unit segment dominated the market in 2020”
Based on component, the market is segmented into Vision Sensor/Camera, EPAS Actuator, Electronic Control Unit, and others. The Electronic Control Unit segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The electronic Control Unit (ECU) component segment is in charge of the lane keep assist system’s operations, and so is predicted to provide profitable prospects, increasing the worldwide lane keep assist system market over the forecast period. By accepting input from sensors and turning it into an understandable format, the ECU decreases the system’s convolution. As a result, it is predicted to grow significantly by 2027
“Amongst Application, Passenger Cars segment dominated the market in 2020.”
Based on vehicle type, the market is segmented into Passenger Cars and Commercial Vehicle. The Passenger Cars segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In 2020, the passenger car sector accounted for the majority of the market. The increasing demand for passenger vehicles internationally, primarily for local and intercity transportation, is largely responsible for the segment’s strong market share. In mountainous terrain, driver attention or nervousness in driving handling is likely to cause the car to leave the detected lane, causing serious damage to both the vehicle user and the vehicle. The lane keep assist technology prevents such collisions by gently wringing the steering wheel to keep the vehicle in its lane. The lane keep assist system works to keep the vehicle in the middle of a detected lane, preventing a collision or accident
“Amongst Distribution Channel, Aftermarket segment dominated the market in 2020.”
Based on distribution channel, the market is segmented into OEMs and Aftermarket. The aftermarket segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Because of the faster rate of adoption and shorter life of electronic components such as sensors and wirings, the aftermarket sales channel sector has a larger share of the lane keep assist system market than the other categories. Due to safety concerns, especially in passenger vehicles, the aftermarket segment is expected to develop at a significant rate during the projection period. Component failure is a primary driver that propels the aftermarket market
“Europe represents the largest market.”
During the projection period, the Europe region led the market for Lane Keep Assist System. This is owing to growth in safety awareness and an increase in the number of accidents in the region, which has resulted in a high rate of adoption of lane keep assist technology. During the forecast period, this tendency is expected to continue. Due to the presence of major vehicle manufacturers in Europe, the global lane keep assist system is likely to remain an important market. During the projected period, growing advancements in safety features and the availability of raw components are expected to break through the need for lane keep assist systems. Advance driver aid systems are the safety trend, and thanks to European Union policies, demand for active safety systems like lane keep assist is predicted to rise. Automobile manufacturers in this region are putting in extra effort to improve safety by including a lane keep assist system as an optional or standard feature in luxury and luxurious vehicles. Some of the major players operating in the market include ZF Friedrichshafen AG, Denso Corporation, Continental Ag, Robert Bosch Gmbh, Valeo, Aptiv PLC, Velodyne Lidar, Inc., Hella Gmbh & Co., Delphi Technologies and Bendix Corporation etc.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
The Global Lane Keep Assist System can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
You can also purchase parts of this report. Do you want to check out a section wise
1.1. Market Definitions
1.3. Stake Holders
1.4. Currency used in Report
2.1. Research Process of the Lane Keep Assist System Market
2.2. Research Methodology of the Lane Keep Assist System Market
2.3. Forecasting Method
2.4. Respondent Profile
2.5. Main Objective of the Lane Keep Assist System Market Study
5 LANE KEEP ASSIST SYSTEM MARKET COVID-19 IMPACT
6 LANE KEEP ASSIST SYSTEM MARKET REVENUE, 2019-2027F
7.1. Lane Keeping System
7.2. Lane Departure Warning
8.1. Vision Sensor/Camera
8.2. EPAS Actuator
8.3. Electronic Control Unit
9.1. Passenger Cars
9.2. Commercial Vehicle
11.1. NORTH AMERICA LANE KEEP ASSIST SYSTEM MARKET
11.1.1. United States
11.1.3. Rest of North America
11.2. EUROPE LANE KEEP ASSIST SYSTEM MARKET
11.2.3. United Kingdom
11.2.6. Rest of Europe
11.3. ASIA-PACIFIC LANE KEEP ASSIST SYSTEM MARKET
11.3.4. South Korea
11.3.5. Rest of Asia Pacific
11.4. REST OF WORLD LANE KEEP ASSIST SYSTEM MARKET
12.1. Market Drivers
12.2. Market Challenges
12.3. Impact Analysis
13 LANE KEEP ASSIST SYSTEM MARKET OPPORTUNITIES
14 LANE KEEP ASSIST SYSTEM MARKET TRENDS
15 LEGAL & REGULATORY FRAMEWORK
16.1. Demand Side Analysis
16.2. Supply Side Analysis
17 VALUE CHAIN ANALYSIS
18.1. COMPETITIVE LANDSCAPE
18.1.1. Company Shares, By Revenue
19.1. ZF Friedrichshafen AG
19.2. Denso Corporation
19.3. Continental Ag
19.4. Robert Bosch Gmbh
19.6. Aptiv PLC
19.7. Velodyne Lidar, Inc.
19.8. Hella Gmbh & Co.
19.9. Delphi Technologies
19.10. Bendix Corporation
A technology application that combines cameras, sensors, and autonomous assistance is the lane maintaining assist system. It is used on automobiles to force them to drive in a certain lane. When a vehicle deviates from a designated lane, these systems warn the driver that the situation is hazardous or that a collision is imminent. The increase in vehicle sales necessitates more manufacturing via improved infrastructure and safety features, which is predicted to have an impact on the lane keep assist system market’s growth. The expansion of the lane keep assist system market is also projected to be aided by numerous government rules for minimizing accidents and implementing a zero-emission approach. Furthermore, the adoption of strict traffic laws and an increase in consumer desire for automobiles equipped with modern safety systems are expected to boost the market for lane keep assist systems. Furthermore, technological improvements, combined with favorable government regulations, are likely to generate a large demand for lane keep assist systems, propelling the lane keep assist system market forward.
Because of the rising number of road accidents around the world, governments and international organizations have enacted a slew of new safety regulations, prompting automakers to install technology like the Automotive Lane Warning System in their vehicles (ALWS). Nearly 7% of all fatal accidents can be avoided with the use of a lane departure warning system. The market for lane keep assist systems is predicted to rise in response to rising automotive sales. The lane keep assist system has improved infrastructure and provides autos with a wide range of safety features. The number of traffic accidents has risen steadily during the last decade. The governments of both developed and developing countries are enforcing severe laws and regulations in order to reduce the number of traffic accidents.
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Lane Keep Assist System through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Lane Keep Assist System, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are function type, component, vehicle type, and distribution channel. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Lane Keep Assist System in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing government incentives and demand for eco-friendly transportation, etc. Historical trends and their year-on-year impact on the market size and share were analyzed. Demand and the supply-side scenario were also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Lane Keep Assist System across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Lane Keep Assist System in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Lane Keep Assist System. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of elevation system, type, product type, structure, and region.
The main objective of the Lane Keep Assist System Study
The current & future market trends of the Lane Keep Assist System were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Lane Keep Assist System in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include function type, component, vehicle type and distribution channel
- Defined analysis of the regulatory framework for the Global Lane Keep Assist System industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Lane Keep Assist System for the major regions & countries
- Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
- Company profiles of the Lane Keep Assist System players and the growth strategies adopted by them to sustain in the fast-growing market
Deep dive regional & country-level analysis of the industry