by A lane keep assist system (LKAS) uses a camera or sensor to determine the vehicle position relative to lane markings on the road surface. When the driver drifts from the lane without a turn signal on, LKAS alerts the driver and may even gently correct the steering to keep the vehicle in its lane. LKAS is an advanced driver assistance system intended to increase driving comfort and safety by assisting the driver in keeping the vehicle in its travel lane. The global lane keep assist system market is estimated to be valued at US$ 4.07 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for advanced safety features in vehicles is expected to drive growth of the lane keep assist system market over the forecast period. LKAS aims to reduce accidents caused due to unintentional lane departure by alerting drivers and automatically correcting steering to keep vehicles centered in their lanes. According to the World Health Organization, road traffic injuries cause around 1.35 million deaths annually. LKAS can significantly contribute to road safety by assisting drivers and preventing unintended lane departures which often result in accidents. Furthermore, increasing awareness about benefits of driving assistance systems and rising demand for comfort and convenience features in vehicles would also propel the lane keep assist system market growth. However, high costs associated with development and integration of such active safety systems pose a challenge to widespread adoption of LKAS technology. Ongoing technological advancements to reduce costs could help address this challenge over the forecast period.
Segment Analysis
The global Lane Keep Assist System market is dominated by the automotive segment which accounts for over 70% share. Within automotive, passenger cars sub-segment dominates as Lane Keep Assist System acts as an important ADAS feature for modern premium and luxury cars. Factors such as increasing focus on safety features and regulations mandating safety systems in developed markets are driving the adoption of Lane Keep Assist System in passenger cars. The commercial vehicles sub-segment is also expected to witness strong growth during the forecast period led by fleet operators prioritizing driver safety.
PEST Analysis
Political: Regulations like European Union mandating Lane Departure Warning Systems in all new vehicles starting 2022 will drive the market growth. However, lack of regulations in emerging economies can pose challenges.
Economic: Strong GDP growth in emerging economies of Asia Pacific and Latin America coupled with rising disposable incomes will increase the affordability of vehicles equipped with advanced safety features like Lane Keep Assist System.
Social: Growing awareness about road safety and importance of advanced driver assistance systems among consumers is positively impacting the market.
Technological: Developments in camera, sensor and image recognition technologies are allowing improved lane detection capabilities. Adoption of 5G connectivity and vehicle-to-everything communication will further enhance the functionality of these systems.
Key Takeaways
The Global Lane Keep Assist System Market Share is expected to witness high growth.
Regional analysis: North America dominates currently led by U.S. due to presence of major global automotive OEMs and technology companies. Stringent safety regulations also support market growth. However, Asia Pacific is expected to witness fastest growth during the forecast period led by China, India and Japan. Increasing consumer disposable incomes and rapid adoption of advanced driver assistance systems in luxury and mid-segment vehicles will drive strong demand.
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. Key players are focusing on developing superior image recognition and processing technologies to offer improved lane detection capabilities under various road and weather conditions. Partnerships with automotive OEMs are also helping expand system integration.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
