Automotive lane keep assist system market to surpass $7 billion by 2025
The global automotive lane keep assist system (LKAS) market is expected to expand at a CAGR of more than 15% from 2017 to 2025. This projection is according to research presented by Transparency Market Research in its report, “Automotive Lane Keep Assist System - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025."
Rise in awareness of safety among vehicle owners is projected to boost the growth of the lane keep assist system market during the forecast period. Lane keep assist systems aim to reduce the number of accidents by mitigating the effects of driver fatigue, inattention, or negligence. Rise in demand for passenger safety, increasing focus of governments to reduce road accidents, and increasing consumer preference for vehicles equipped with advanced safety systems such as lane keep assist are expected to boost the demand for the market during the forecast period.
Personal safety and security are key factors expected to drive the global lane keep assist system market during the forecast period. Stringent regulations established by the European Union discuss mandatory requirements to be followed regarding lane keep assist systems. According to these requirements, the system must be operational for vehicle speeds ranging between 72 km/h and 108 km/h (45 mph and 67 mph). The minimum radius of the road for operation of the LKAS on a curved road is 250 m (820 ft) and for a straight road is 1000 m (3280 ft). Increasing concerns about safety by government bodies are providing a boost to the use of lane keep assist systems.
Based on components, the electronic control unit (ECU) segment dominated the lane keep assist system market, consisting of a prominent share in terms of revenue. The ECU is a major component of the system and actuates the electric power-assisted steering to steer the vehicle back within the lane if the vehicle departs the lane. The ECU is responsible for the actions performed by the lane keep assist system. Government emphasis on active safety systems for automobiles is boosting the market for components in the lane keep assist system market.
In terms of sales channel, the aftermarket segment holds a major market share compared to other segments. This is due to the increased awareness of safety systems and the frequent replacement of electronic components because of their shorter lifespan. The aftermarket segment is expected to expand at a significant growth rate during the forecast period.
Based on vehicle type, the passenger vehicle segment accounted for a prominent share of the market because of the increasing demand for passenger vehicles globally, primarily for local and intercity transport. In 2016, in terms of revenue, the passenger vehicle segment dominated the lane keep assist system market. Demand for these systems is expected to remain high because of the greater number of accidents occurring in this segment of vehicle. Decline in vehicle loan rates and awareness of advance safety features are providing lucrative opportunities for vehicle consumers to opt for vehicles with active safety systems.
Europe dominated the global lane keep assist system market for automotive in 2016. Europe and Asia Pacific are anticipated to dominate the market during the forecast period because of the high rate of adoption of the technology and rising awareness of safety systems in these regions. The market in Europe is also expected to expand at a significant growth rate due to safety norms and improved road infrastructure that assists the function of the lane keep assist system. Safety regulations imposed by the European Union regarding testing and implementation of lane keep assist systems in the region to ensure safety are boosting the automotive manufacturing economy. The major auto manufacturers in Europe are upgrading their products to provide superior performance.
Prominent players operating in the global lane keep assist system market include Robert Bosch GmbH, Denso Corporation, Delphi Automotive PLC, Continental AG, Valeo, and ZF Friedrichshafen AG. Increasing competition among manufacturers to provide a better product is anticipated to boost the lane keep assist system market during the forecast period. Bosch is a major supplier of lane keep assist systems. Benefit from the formation of strategic alliances with regional players and continuous upgrades of technology allow the company to lead the lane keep assist system market for automotive. Expansion and presence into major auto manufacturing countries is increasing the sales of Bosch. Improvement in components such as sensors is expected to enhance the performance of lane keep assist systems. One such example is the launch by Valeo in September 2017, at the Frankfurt Motor Show, of its new LiDAR sensor, which ensures optimal and continuous operation in all weather and road conditions by cleaning away rain, mud, snow, dust, and obstructions.
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