The Global Lane Keep Assist System Market is expected to grow at a CAGR of ~16% between 2021-2027.
Awareness of current driver assistance systems installed in vehicles has expanded in recent years as a result of safety and security concerns, which is expected to boost the global lane keep assist system and adaptive cruise control market for automotive during the forecast period. The integrated safety systems, on the other hand, are ineffectual in regions or countries where adverse weather conditions such as fog, rain, or snow exist. The high cost of the integrated system has an impact on demand in the medium car class. The entire system is controlled by electronic components, and when these fail, the system interprets data erroneously, rendering it useless. During the forecast period, these modest constraints are expected to limit the market for lane keep assist systems and adaptive cruise control in automobiles. A technology application that combines cameras, sensors, and autonomous assistance is the lane maintaining assist system. It is used on automobiles to force them to drive in a certain lane. When a vehicle deviates from a designated lane, these systems warn the driver that the situation is hazardous or that a collision is imminent. The increase in vehicle sales necessitates more manufacturing via improved infrastructure and safety features, which is predicted to have an impact on the lane keep assist system market's growth. The expansion of the lane keep assist system market is also projected to be aided by numerous government rules for minimizing accidents and implementing a zero-emission approach. Furthermore, the adoption of strict traffic laws and an increase in consumer desire for automobiles equipped with modern safety systems are expected to boost the market for lane keep assist systems. Furthermore, technological improvements, combined with favorable government regulations, are likely to generate a large demand for lane keep assist systems, propelling the lane keep assist system market forward. The Global Lane Keep Assist System Market is expected to grow at a CAGR of ~16% between 2021-2027.
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Market Overview
The majority of traffic accidents are caused by driver inattention or negligence. Rising awareness among people and governments across the world about the importance of ensuring public safety and security by reducing road accidents, which are mostly caused by driver irresponsibility and distraction, is a major factor that is expected to drive the lane keep assist system market. A rule stated by the US government requires autonomous vehicles or vehicles with lane keep assist systems to be equipped with an easy to trigger auto-drive disengage switch and an alert system for system failures in a few states in the US, such as California and Nevada, as well as the District of Columbia. Despite its many benefits, the lane keep assist system has a few flaws. An electronic processing unit and positioning system control the entire system, which is vulnerable to cyber-attack and hacking. A hacker with access to electronic processing can take entire control of the vehicle's operation, posing a threat to human life. Furthermore, the lane keep assist system's sensors are unable to detect faded lane markers, and the system fails to function effectively in extreme weather situations such as fog, rain, or snow. During the projection period, these small limitations are anticipated to stymie the lane keep assist system market.
COVID-19 Impact
Due to the government's stated lockdown, the majority of worldwide lane keep assist system manufacturers are experiencing serious challenges such as the shutdown of all operations and reduced production productivity. The coronavirus epidemic has killed millions of people and destroyed industries around the world. Lane keep assist system is a growing sector that is currently being hampered by a lack of labor due to the spread of the coronavirus, which has impacted lane keep assist system production and installation across the afflicted countries. Original equipment manufacturers (OEMs) have also stopped producing lane keep assist systems, significantly reducing demand. The COVID-19 situation is causing stock market anxiety, a major slowdown in supply chains, a drop in corporate confidence, and an increase in panic among customer segments. The pandemic's overall effect is affecting the production processes of various industries
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Global Lane Keep Assist System Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Function Type, the market is primarily studied into:
· Lane Keeping System
· Lane Departure Warning
Based on function type, the market is segmented into Lane Keeping System and Lane Departure Warning. The Lane Keeping System segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In 2020, the lane keep assist system market was dominated by the lane keeping system segment. Lane keeping systems use forward-facing cameras to monitor the lane lines around your car and provide visual, audio, and tactile indications such as seat vibration and steering wheel to alert the driver when an automobile approaches or crosses lane barriers
By Component, the market is primarily bifurcated into:
· Vision Sensor/Camera
· EPAS Actuator
· Electronic Control Unit
· Others
Based on component, the market is segmented into Vision Sensor/Camera, EPAS Actuator, Electronic Control Unit, and others. The Electronic Control Unit segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The electronic Control Unit (ECU) component segment is in charge of the lane keep assist system's operations, and so is predicted to provide profitable prospects, increasing the worldwide lane keep assist system market over the forecast period. By accepting input from sensors and turning it into an understandable format, the ECU decreases the system's convolution. As a result, it is predicted to grow significantly by 2027
By Vehicle Type, the market is primarily bifurcated into:
· Passenger Cars
· Commercial Vehicle
Based on vehicle type, the market is segmented into Passenger Cars and Commercial Vehicle. The Passenger Cars segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In 2020, the passenger car sector accounted for the majority of the market. The increasing demand for passenger vehicles internationally, primarily for local and intercity transportation, is largely responsible for the segment's strong market share. In mountainous terrain, driver attention or nervousness in driving handling is likely to cause the car to leave the detected lane, causing serious damage to both the vehicle user and the vehicle. The lane keep assist technology prevents such collisions by gently wringing the steering wheel to keep the vehicle in its lane. The lane keep assist system works to keep the vehicle in the middle of a detected lane, preventing a collision or accident
By Distribution Channel, the market is primarily bifurcated into:
· OEM
· Aftermarket
Based on distribution channel, the market is segmented into OEMs and Aftermarket. The aftermarket segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Because of the faster rate of adoption and shorter life of electronic components such as sensors and wirings, the aftermarket sales channel sector has a larger share of the lane keep assist system market than the other categories. Due to safety concerns, especially in passenger vehicles, the aftermarket segment is expected to develop at a significant rate during the projection period. Component failure is a primary driver that propels the aftermarket market
Global Lane Keep Assist System Market Region Segmentation Includes:
· North America
· Europe
· Asia Pacific
· Rest of World
During the projection period, Europe is expected to grow at a higher CAGR. This is owing to growth in safety awareness and an increase in the number of accidents in the region, which has resulted in a high rate of adoption of lane keep assist technology. During the forecast period, this tendency is expected to continue. Due to the presence of major vehicle manufacturers in Europe, the global lane keep assist system is likely to remain an important market. During the projected period, growing advancements in safety features and the availability of raw components are expected to break through the need for lane keep assist systems. Advance driver aid systems are the safety trend, and thanks to European Union policies, demand for active safety systems like lane keep assist is predicted to rise. Automobile manufacturers in this region are putting in extra effort to improve safety by including a lane keep assist system as an optional or standard feature in luxury and luxurious vehicles.
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The major players targeting the market includes:
· ZF Friedrichshafen AG
· Denso Corporation
· Continental Ag
· Robert Bosch Gmbh
· Valeo
· Aptiv PLC
· Velodyne Lidar, Inc.
· Hella Gmbh & Co.
· Delphi Technologies
· Bendix Corporation
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Lane Keep Assist System Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and advancements in the Global Lane Keep Assist System Market?
· Which factors are influencing the Global Lane Keep Assist System Market over the forecast period?
· What are the global challenges, threats, and risks in the Global Lane Keep Assist System Market?
· Which factors are propelling and restraining the Global Lane Keep Assist System Market?
· What are the demanding global regions of the Lane Keep Assist System Market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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Table of Content:
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 LANE KEEP ASSIST SYSTEM MARKET COVID-19 IMPACT
6 LANE KEEP ASSIST SYSTEM MARKET REVENUE, 2019-2027F
7 MARKET INSIGHTS BY FUNCTION TYPE
8 MARKET INSIGHTS BY COMPONENT
9 MARKET INSIGHTS BY VEHICLE TYPE
10 MARKET INSIGHTS BY DISTRIBUTION CHANNEL
11 MARKET INSIGHTS BY REGION
12 LANE KEEP ASSIST SYSTEM MARKET DYNAMICS
13 LANE KEEP ASSIST SYSTEM MARKET OPPORTUNITIES
14 LANE KEEP ASSIST SYSTEM MARKET TRENDS
15 LEGAL & REGULATORY FRAMEWORK
16 DEMAND AND SUPPLY SIDE ANALYSIS
17 VALUE CHAIN ANALYSIS
18 COMPETITIVE SCENARIO
19 COMPANY PROFILED
20 DISCLAIMER
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