Global Lane Keep Assist System Market Growth Drivers 2024, Forecast To 2033
8 Mar, 2024
The lane keep assist system market has experienced exponential growth, rising from $8.66 billion in 2023 to $10.61 billion in 2024, at a CAGR of 22.5%. Initial adoption of driver assistance features, government regulations, and urbanization have driven this growth. Forecasts suggest further expansion to $22.27 billion by 2028, with a CAGR of 20.4%, propelled by advanced driver assistance systems and consumer demand for autonomous features. Trends include AI integration, 3D imaging for lane detection, and convergence with other ADAS features.
Global Lane Keep Assist System Market Key Driver
The surge in demand for automobiles is poised to drive the growth of the lane-keep assist system market. With the European Automobile Manufacturers' Association reporting a 5.5% increase in US passenger car sales in 2021, totaling 11.9 million units, and a global production of 63.2 million cars in the same year, there's a clear indication of heightened demand. Lane Keep Assist (LKA) systems, aiding drivers in staying within lanes, have become increasingly popular, offering steering input and alerts to prevent veering off course. Thus, the surge in automobile demand is a significant driver for the lane-keep assist market.
Get A Free Sample Of The Global Lane Keep Assist System Market ReportGlobal Lane Keep Assist System Market Segments
The lane keep assist system market covered in this report is segmented –
1) Component:Vision Sensor Or Camera, Electronic Power-Assisted Steering (EPAS) Actuator, Electronic Control Unit, Other Components
2) Function Type:Lane Keeping System, Lane Departure Warning
3) Vehicle Type:Passenger Vehicles, Commercial Vehicles
4) Propulsion:Internal Combustion Engines, Electric And Hybrid
5) Sales Channel:Original Equipment Manufacturers (OEMs), Aftermarket
By Geography: The countries covered in the lane keep assist system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the lane keep assist system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lane keep assist system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Lane Keep Assist System Industry Players
Volkswagen AG; Mercedes-Benz Group AG; Robert Bosch GmbH; Panasonic Corporation; ZF Friedrichshafen AG; Denso Corporation; Continental AG; Mitsubishi Electric Corporation; Hyundai Mobis; Magna International Inc.; Aisin Seiki Co. Ltd; Nvidia Corporation; Valeo S.A.; Texas Instruments Incorporated; Aptiv PLC; Infineon Technologies AG; Hitachi Astemo Ltd.; JTEKT Corporation; Renesas Electronics Corporation; Autoliv Inc.; HELLA GmbH & Co.; Omron Corporation; Visteon Corporation; Pioneer Corporation; Gentex Corporation; Mobileye Global Inc.; Veoneer Inc.; Bendix Commercial Vehicle Systems LLC; Stoneridge Inc.; TomTom N.V.
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Lane Keep Assist System Market Overview
The Lane Keep Assist System (LKAS) is a type of driver assistance technology made to aid drivers in keeping cars in lanes. It gives steering input to keep the vehicle in the middle of a detected lane and gives tactile and visual alerts if the car is seen to be drifting off the lane.