| Source: Acumen Research and Consulting
Acumen Research and Consulting, Recently Published Report on “Automotive Lane Keep Assist System Market Size, Share, Sales, Growth, Trends, Forecast 2019-2026”.
LOS ANGELES, Feb. 03, 2020 (GLOBE NEWSWIRE) — The global automotive lane keep assist system market is expected to reach the market value of around US$ 7 Bn by 2026 and is anticipated to grow at a CAGR of around 16% in terms of revenue during the forecast period 2019 to 2026.
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Technological innovations in the automotive industry are constantly leading to the addition of new features to the vehicles to reduce road accidents and improve driving safety. Increasing numbers of fast-moving vehicles on the road and the construction of highways and expressways are pushing the need for safety systems such as lane departure alert. Automotive lane keep assist system is a system designed to warn drivers when moving the vehicle off the lane. Automotive lane keep assist system provides visual, vibrational, and auditory warnings to the driver whenever the car moves out of the lane.
Market Drivers and Challenges
Increasing number of road accidents is anticipated to increase demand for the alarm system for automotive lane keep assist system. In addition, rising consumer awareness about road safety is anticipated to fuel demand for a global automotive lane keep assist system market. Other considerations, such as increased demand for cars and related regulatory policies concerning with road safety and mandatory use of the warning system in vehicles especially in Europe, are also anticipated to drive growth of automotive lane keep assist system market. Integrating automotive lane keep assist system with vehicle however increases overall vehicle costs. Vehicle manufacturers thus stop incorporating the automotive lane keep assist system and sell it as an extra option that, in turn curbs the demand of automotive lane keep assist system.
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Despite its numerous benefits, there are certain drawbacks to the automotive lane keep assist system. An electronic processing and positioning unit controls the entire system that faces cyber-attack and hacking threats. A computer communication hacker will potentially gain complete control over the operation of the vehicle which could pose a threat to human life. Furthermore, the lane-keeping aid system sensors cannot sense fading lane markings and the lane-keeping assist system does not function properly in severe environmental circumstances such as fog, snow, rain etc. Such minor inconveniences are expected to hamper the lane to some degree in the near future in order to sustain a company of assisting vehicles.
Regional Outlook
Europe is projected to contribute a large share of global demand for automotive lane keep assist system owing to stringent regulations regulating vehicle safety. Increasing demand for cars with features including lane departure warning system, driver assistance system, and power-assisted steering is also anticipated to increase the regional market for the automotive lane keep assist system. On the other hand, North America will account for the second largest market share of the global automotive lane keep assist system market due to increasing awareness of road safety in the region.
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About the Market
The active safety system designed for passenger safety is automotive lane keep assist system. When the car is moving on road to avoid any chance of collision automotive lane keep assist system is used, it lets the driver prevent obstacles and mistakes. If disturbances and mistakes are detected by the driver, the system provides the driver with a visual, vibrational, and audible warning to prevent these situations. Regulations and increased awareness of road and passenger safety are responsible for the mass implementation of these devices. Aftermarket is expected to experience significant growth due to cost-efficiency.
Key Players & Strategies
Top companies operating in the global market are Delphi Automotive PLC., Denso Corporation, Continental AG, Valeo, ZF Friedrichshafen AG, Robert Bosch GmbH, and others. Global automotive lane keep assist system market offers high growth opportunities and leading manufactures are investing in research and development to reduce the cost of lane departure warning.
In 2019, Toyota announced to launch RAV4 model, with a number of safety features, such as a forward collision alarm system with pedestrian detection and automatic emergency braking, a full-speed dynamic radar cruise control, high beams for automatic detection steering aid for lane departure alerts, and lane maintenance assistance.
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