Lane keeping System Market anticipated to grow at more than 14.2% CAGR by 2027 - States Fact.MR
In terms of revenue, the lane departure warning system market is estimated to expand at a CAGR of 14.2% over the forecast period, owing to the numerous factors, about which Fact.MR offers thorough insights and forecasts in this report.
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The current growth trend of the lane departure warning system market has prominently influenced by the increasing number of motor vehicles across all the regions of the globe.
Advancement in autonomous technology amalgamate innovations in the automobile systems, and automobile components have become a tool for a consumer as well as a marketer to expose and expand their products which are likely to boost the lane departure warning system market.
The global market for lane departure warning system is segmented as per product type, sensor type, by sales channel, and by end use applications.
This report assesses trends that are driving the growth of each segment on the global level and offers potential takeaways that could prove substantially useful to lane departure warning system manufacturers looking to enter the market.
Main regions assessed in this report include North America, Latin America, Europe, Japan, Asia Pacific excluding Japan (APEJ), and the Middle East & Africa (MEA).
The sections, by product type, by sensor type, by sales channel, and by end use application in the lane departure warning system market evaluate the present scenario as well as growth prospects of the regional lane departure warning system market for 2018–2027.
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The APEJ market has been estimated to dominate the lane departure warning system market, accounting for a maximum revenue share of the market by 2018 end.
APEJ lane departure warning system market is estimated to exhibit a significant CAGR over 16.2% over the forecast period.
Europe and North America lane departure warning system markets are expected to account for more than 35% of the revenue share, respectively, of the global lane departure warning system market by 2027 end.
To provide in-depth insights into the pattern of demand for the lane departure warning system market, the market is segmented on the basis of product. It includes LDWS Alert Systems and LDWS Lane Keeping System.
The lane keeping system segment is expected to dominate the lane departure warning system market over the forecast period, in terms of value, which accounted for more than 70% value share in 2027.
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The section – lane departure warning system market analysis, by sensor type comprehensively analyzes the market on the basis of sensor type where lane departure warning system is used.
The market is segmented into video sensors, laser sensors and infrared sensors. The segment, video sensors in lane departure warning system market accounted for the highest market share of more than 40% in 2017.
The segment attendance system is expected to grow moderately in the forecast period.
The section – lane departure warning system market analysis, by sales channel comprehensively analyzes the market on the basis of different channels through which the lane departure warning system can be purchased.
The market is segmented into OEMs (Original Equipment Manufacturer) and aftermarket. OEMs segment accounted for the highest market share in 2017.
The OEMs segment is expected to register a healthy CAGR of more than 15.5% during the forecast period due to increasing awareness of people towards safety systems owing to the increasing number of road accidents.
Also, increasing demand for lane departure warning system in the emerging automotive industries of APEJ region is driving the prominent manufacturers to strategically enter in the APEJ market with an objective to target the opportunities in the region.
The lane departure warning system market in North America and Europe region has matured, and hence, the companies are targeting emerging markets to increase their sales revenues.
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APEJ Region: Leader in the Lane departure warning system Market
The APEJ region is estimated to account for significant market share in the global lane departure warning system market in 2018, and this share is expected to grow by a substantial rate, causing the APEJ market to grab significant market share by the end of 2027.
This highly populous continent is spearheaded by the rapid economic growth and increase in the adoption of vehicles on a large scale to fuel up the growth for lane departure warning system in India and China market, and customers in these countries will continue to demand the maximum Lane departure warning system.
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