Lane keep assist system (LKAS) is an advanced driver assistance system designed to detect lane markings and provide gentle steering interventions to help drivers stay within the lane. LKAS monitors roadway markings to identify lane boundaries and detects unintended lane drifts or departures using a forward-facing camera and other sensors. The system then applies subtle steering inputs to help drivers steer back toward the lane’s center. Modern LKAS can also alert the driver with visual and audible warnings if it detects that the driver is not paying attention. LKAS is used primarily in passenger cars and commercial vehicles. Major automakers are integrating LKAS as a standard feature across vehicle lineups to improve road safety and enhance the driving experience. Furthermore, regulations in some countries require the integration of driver assistance systems like LKAS.
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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The key driver referred from the heading is the rising adoption of advanced driver assistance systems in automotive industry. Advanced driver assistance systems (ADAS) like lane keep assist system (LKAS) improve vehicle safety and driver comfort, which is a major factor boosting their adoption across passenger and commercial vehicle segments. Stringent safety regulations in countries like the U.S., Japan, and member states of the European Union have accelerated the integration of such active safety systems. Furthermore, growing consumer demand for comfort and convenience features is compelling automakers to offer advanced driver assistance technologies as standard or optional features. This rising demand for ADAS technology is fueling the growth of the lane keep assist system market. Additionally, increasing technological advancements are enabling the development of more sophisticated active safety systems with improved detection capabilities and functionalities. This is another key driver expanding the addressable market size of LKAS over the forecast period.
Segment Analysis
The lane keep assist system market is segmented based on vehicle type, component, sales channel, and region. Of them, the passenger cars segment dominates the market and is expected to continue its dominance over the forecast period. This is attributed to the growing adoption of ADAS features by OEMs in passenger cars.
PEST Analysis
Political: Governments across regions are promoting initiatives to enhance road safety which is driving the adoption of lane keep assist systems. Some countries have also mandated the integration of certain ADAS features in new vehicles.
Economic: Rising disposable incomes and increasing demand for safety and comfort in vehicles are fueling the sales of vehicles equipped with advanced driver assistance features like lane keep assist systems.
Social: Growing awareness about safety benefits of ADAS technologies among consumers is a key factor driving the uptake of lane keep assist systems. Continuous technological advancements are also improving consumer experience.
Technological: Ongoing developments in sensor technologies, artificial intelligence, and vehicle connectivity are allowing automakers to offer more sophisticated lane keep assist functionalities. Technologies such as camera, radar, and LiDAR based systems are enhancing the precision of these systems.
Key Takeaways
The Global Lane Keep Assist System Market Growth is expected to witness high over the forecast period. Passenger cars dominate the market currently and are projected to maintain their leading position throughout the period.
Regional Analysis: The Asia Pacific region is expected to witness the fastest growth in the lane keep assist system market during the forecast period. This is attributed to the growing production and sales of vehicles in major countries such as China, India, and Japan. OEMs in the region are rapidly adopting various ADAS technologies to enhance vehicle safety. In addition, supportive government policies and regulations regarding vehicle safety are boosting the adoption of lane keep assist and other advanced driving assistance systems in the region.
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. These players are focusing on new product development and launching advanced systems with enhanced functionalities to gain a competitive edge in the market. For instance, in 2022, Bosch upgraded its lane keep assist system with capability of recognizing construction sites and providing steering assistance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it