Lane Keep Assist System Market to Expand at a Modest CAGR of 15 % by 2025
A majority of the road accidents occur due to driver’s distraction or negligence. Rising awareness among people and governments of nations across the world to ensure public safety and security by undertaking efforts to reduce road accidents, caused primarily due to driver negligence and distraction is a major factor that is likely to drive the lane keep assist system market. In a few states in the U.S. such as California and Nevada and in the District of Columbia, a rule stated by the U.S. government, mandates autonomous vehicles or vehicles with lane keep assist system to be equipped with an easy to trigger auto-drive disengage switch and an alert system for system failures.
Increasing public preference and government emphasis toward advanced driver assistance systems (ADAS) equipped vehicles in recent years due to safety and security concern is also expected to boost the global lane keep assist system market during the forecast period.
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The lane keep assist system faces a few drawbacks, despite its numerous advantages. The entire system is operated by an electronic processing unit and positioning system, which faces a threat of cyber-attack and hacking. A hacker of the electronic processing can directly gain complete control over the operation of the vehicle, which can pose a threat to human life.
Furthermore, the sensors of the lane keep assist system are unable to detect faded lane markings and the lane keep assist system does not work properly in extreme environmental conditions such as fog, rain, or snow. These minor drawbacks are likely to hamper the lane keep assist system market to some extent during the forecast period.
The electronic Control Unit (ECU) component segment is responsible for the actions performed by the lane keep assist system, and hence, is expected to offer lucrative opportunities, thereby boosting the global lane keep assist system market during the forecast period. ECU reduces the convolution of the system, by receiving the data from sensors and converting it into readable format. Hence, it is expected to witness significant expansion by 2025.
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The aftermarket sales channel segment holds a prominent share of the lane keep assist system market, as compared to the other segments, owing to the higher rate of adoption and shorter life of electronic components such as sensors and wirings. The aftermarket segment is also likely to expand at a considerable growth rate during the forecast period due to the safety concerns especially in passenger vehicle. Malfunction of the components is a major factor that drives the aftermarket segment.
The passenger vehicles segment held a major share of the market in 2016. This high market share held by the passenger vehicles segment is primarily ascribed to the increasing demand for passenger vehicles globally, primarily for local and intercity transport. In hilly areas, distraction of the driver or anxiety in drive handling is likely to drive the vehicle outside the detected lane, which is anticipated to lead to major damage to both vehicle user and vehicle. Such incidents are avoided by the lane keep assist system, as it guides the vehicle within the lane by slightly wringing the steering wheel. Lane keep assist system works to maintain the position of the vehicle in the center of a detected lane, thereby avoiding collision or accident.
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The lane keep assist system market has been classified into five prominent regions. Among them, Europe dominated the global market, accounting for 44.04% share in 2016. This is due to the rise in safety awareness and increased number of accidents which have led to the high rate of adoption of the lane keep assist technology in the region. This trend is expected to continue during the forecast period.
Europe being home to major automotive manufacturers is expected to remain a key market of the global lane keep assist system. Growing technologies on safety features and availability of raw components are expected to break through the demand for lane keep assist system during the forecast period. Advance driver assistance system being the safety trend, cheers to European Union policies are expected to boost the demand for active safety systems such lane keep assist system. Auto manufacturers in this region are creating exertions on account of safety application by providing lane keep assist system as an optional or standard in premium and luxurious cars.
The global lane keep assist system market is highly competitive due to the presence of top manufacturers. Prominent players operating in the lane keep assist system market includes Robert Bosch GmbH, Denso Corporation, Delphi Automotive PLC., Continental AG, Valeo, and ZF Friedrichshafen AG. Among these Robert Bosch GmbH and Continental AG are major suppliers of lane keep assist systems.
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