The Lane Keep Assist System Market IS Estimated To Witness High Growth
Lane Keep Assist System (LKAS) helps drivers keep their vehicles within the visible lane lines on highways and major roads. It uses a video camera mounted on the car to monitor lane markings on the road and automatically helps guide a vehicle to stay centered through gentle, automatic steering corrections if it begins to drift out of its lane. LKAS promotes safety by preventing lane departures and reducing driver fatigue on long highway drives.
The 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 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The major trend driving the Lane Keep Assist System market is increasing adoption of autonomous driving technologies. Automakers are increasingly integrating advanced driver assistance systems and autonomous driving technologies in vehicles.Lane Keep Assist System is considered a key foundational system for higher levels of autonomous driving as it aims to keep vehicles centered in their lanes using automated steering. It relieves driver burden and promotes safer driving. With rising testing and deployment of autonomous vehicles, the demand for advanced driver assistance components like LKAS is expected to accelerate significantly. Additionally, strict safety regulations worldwide mandating the inclusion of active safety features in vehicles will further support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the lane keep assist system market requires high R&D investment and expenditures. Moreover, the existing key players have strong brand image and customer loyalty.
Bargaining power of buyers: The bargaining power of buyers is moderate as the lane keep assist systems provide safety and convenience to vehicle owners. However, the buyers can comparison shop based on product features and pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of multiple component manufacturers. However, the proprietary technology and integration of systems increase supplier power.
Threat of new substitutes: The threat of substitutes is low as lane keep assist systems provide active safety without manual intervention.
Competitive rivalry: intense due to technological advancements.
SWOT Analysis
Strength: Provides safety and reduces driver fatigue. Advanced technology improves vehicle control.
Weakness: High product and installation costs. Limited capability in certain driving conditions.
Opportunity: Growing demand for active safety systems. Regulations mandate ADAS in new vehicles.
Threats: Cyber security threats. Shortage of semiconductors hampers production.
Key Takeaways
The Global Lane Keep Assist System Market Growth is expected to witness high, exhibiting CAGR of 14% over the forecast period, due to increasing road safety concerns and stringent regulations.
Regionally, North America dominates the lane keep assist system market currently due to stringent vehicle safety rules. Asia Pacific is expected to grow at the fastest pace owing to rising vehicle production in China and India.
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, and Hella. The players focus on partnerships, new product development, and mergers & acquisitions for business expansion and increased market share.
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