Lane Keep Assist System Market Size, Status Segmentation, Demand, Growth, Trend, Opportunity and Forecast to 2031

According to a new report published by Allied Market Research, titled, "Lane Keep Assist System Market," The lane keep assist system market was valued at $7.9 billion in 2021, and is estimated to reach $45.7 billion by 2031, growing at a CAGR of 20.4% from 2022 to 2031.

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COVID-19 Scenario:
The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global lane keep assist system market, owing to the presence of lockdowns as imposed by the governments of various countries around the world.
Lockdowns resulted in the closure of various manufacturing facilities, including those of the automotive sector, which adversely impacted the demand for lane keep assist system.
Shortage of workforce and lack of essential raw materials for smoothing functioning of new systems also impacted the market growth.
In addition, decrease in the purchase of car sales due to immense financial crisis among people during the pandemic further aggravated the impact on the market.
However, the market is expected to recoup soon.

The report offers detailed segmentation of the global lane keep assist system market based on function type, component, propulsion, vehicle type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.

Based on propulsion, the ICE segment held the dominating market share in 2021, holding more than 90% of the global market, and is expected to maintain its leadership status during the forecast period. The electric and hybrid segment, on the other hand, is expected to cite the fastest CAGR of 33.0% during the forecast period.

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Based on region, the Asia-Pacific region held the largest market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 21.2% during the forecast period. The report also analyses other regions such as the North America, Europe, and LAMEA.

Based on vehicle type, the passenger car segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 20.8% during the forecast period. The report also analyses the commercial vehicle segment.

Based on function type, the lane keeping system segment held the largest market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 20.8% during the forecast period. The report also analyses the lane departure warning segment.

The key players analyzed in the global lane keep assist system market report include Bendix, CONTINENTAL AG, Delphi Automotive PLC., Denso Corporation, Hitachi Ltd, HYUNDAI MOBIS, Magna, MOBILEYE, Panasonic Corp., Robert Bosch GmbH, SDS, VALEO, Visteon, WABCO Holdings Inc., ZF Friedrichshafen AG.

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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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