Lane Keep Assist System (LKAS) assist the driver in maintaining the vehicle in the driving lane by providing a warning or actively intervening in vehicle steering when it detects unintended drifting out of the lane. Most LKAS utilizes forward-facing camera to detect traffic lane markings and provides steering inputs to the driver to prevent potential lane departure if the driver begins to drift out of the traffic lane. LKAS is considered as a component of advanced driver assistance systems (ADAS).
The Lane Keep Assist System Market is estimated to be valued at US$ 4.7 Bn or Mn 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 Dynamics:
Increasing electrification of vehicles along with autonomous driving features has boosted the adoption of ADAS technologies. Players in the automotive industry are integrating advanced electronics and sensors in vehicles to enhance road safety and autonomous driving experience for customers. For instance, major automakers including Toyota, Volkswagen, Nissan, Tesla and Mercedes-Benz have started offering higher level of autonomous driving and advanced safety features like lane keep assist, adaptive cruise control etc in their new models. This has spurred the demand for lane keep assist system in recent years. Moreover, regulatory mandates by regional authorities for adoption of ADAS in commercial vehicles have further fueled the market growth. For example, European Union passed regulation making installation of lane departure warning and advanced emergency braking systems mandatory for all new cars from 2022.
Segment Analysis
The global lane keep assist system market can be segmented by component, vehicle type, propulsion type, end use and level of automation. Based on component, the system segment dominates currently as it provides active steering intervention to keep the vehicle centered in its lane. In terms of vehicle type, passenger cars lead with the most adoption of lane keep assist systems due to increasing focus on enhanced safety features.
PEST Analysis
Political: Stringent road safety regulations mandating incorporation of active safety features in vehicles across several countries are boosting adoption.
Economic: Growing disposable income increasing demand for premium vehicles with advanced driver assistance systems.
Social: Rising road accidents have increased awareness about benefits of safety features encouraging consumers to pay extra for vehicles equipped with lane keep assist.
Technological: Continuous technological advancements are making these systems more intelligent, affordable and user-friendly to integrate.
Key Takeaways
The Global Lane Keep Assist System Market Growth is expected to witness high, exhibiting 14% CAGR over the forecast period, due to increasing focus on road safety and autonomous driving technologies. The market size for 2023 is estimated to be US$ 4.7 Bn.
Regional analysis: North America dominates currently owing to rapid adoption of advanced driver assistance systems in the US and Canada. Asia Pacific is projected to witness the fastest growth led by China and India on account of rising vehicle production and sales.
Key players: 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. Robert Bosch leads currently in lane keep assist systems with its predictive adaptive steering technology incorporated in several high-end vehicles.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it