Lane Departure Warning System Market Expecting Worldwide Growth by 2024

Lane Departure Warning System Market in Europe is expected to capture highest revenue share owing to the stringent government regulations across the region regarding the installation of these safety features. The augmented demand for vehicles equipped with driver assistance systems coupled with substantial production of premium and luxury vehicles will further support the regional dominance.

North America will also account for a significant share in the industry owing to increasing road safety concerns. Lane departure warning system market from Asia Pacific is anticipated to grow rapidly over the next eight years owing to high penetration of ADAS in countries including China, Japan, and South Korea.

Denso, Bosch, Delphi, Autoliv, Mobileye, Magna, NVIDIA Corporation, Continental, ZF TRW, WABCO, and Bendix Commercial Vehicles Systems are among the prominent participants in the lane departure warning system market. The competitive nature of the industry is likely to intensify due to stringent regulations and rising consumer demand for advanced features and automotive safety.

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Rising road safety concerns among the end users coupled with substantial growth in advanced driver assistance system (ADAS) will primarily drive the industry growth. These systems assist the drivers and help in reduction of unintended lane departures. Moreover, they help the driver to stay focused and avoid accidents. These systems have witnessed a rising demand from compact cars owing to high preference of customers towards safety rather than vehicle cost. Shifting focus towards integration of passive and active safety systems will further propel the lane departure warning system market share over the forecast timeframe.

Integration of these systems with the vehicles increases the overall vehicle cost. This excessive cost may hamper the lane departure warning system market growth since the customers are reluctant to purchase this feature for their vehicle. Industry participants are focusing towards overcoming these challenges by developing cost effective solutions and incorporating enhanced components in the system.

The industry is segmented based on function into lane departure warning system with alert and lane keep assist. Lane departure warning system with alerts is likely to grow significantly owing to its multiple benefits offered such as vibration, visual, and audible alerts when vehicle moves out of the lane. Lane keep assist systems will grow owing to their preference over the counterpart due to their autonomous properties. They automatically keep the vehicles in lane if the driver does not take actions even after alerts.

Various manufacturers are focusing on collaborating with OEMs for development of low cost driver assistance systems for compact vehicles, resulting in significant reduction in price of these systems. This will lead to their wide adoption in low cost vehicles over the coming years.

OEMs are increasingly collaborating with automotive camera manufacturers and safety experts for incorporation of cameras and radars in vehicles, resulting in integration of radar sensing, data fusion, and video sensing technologies into a single module. Furthermore, since these systems are increasingly becoming common and standardized for majority of the vehicles, a fusion of radar and image sensors will help in cost reduction over the forecast timeframe.

By sales channel, the lane departure warning system market is segmented into OEM and aftermarket. OEM will acquire major share in the industry over the forecast timeframe. The high revenue generation is attributed to the rising penetration of ADAS across the globe. OEMs are shifting their focus towards development of affordable solutions that can be implemented in mass volumes. Stringent regulations along with rising awareness regarding road and passenger safety will result in mass adoption of these systems, fueling the growth of lane departure warning system market from OEMs.

Lane Departure Warning System Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024

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