Press release
Lane Keep Assist System Market 2023 - By Future Analysis, Overview, Growth Opportunities And Forecast Till 2032
Lane Keep Assist System Historic Market
The Business Research Company's Lane Keep Assist System Global Market Report 2023 identifies surge in demand for automobiles as the major driver for the Lane Keep Assist System market's growth in the forecast period. An automobile is an internal combustion-powered, four-wheeled self-propelled vehicle intended for personal mobility. Automobiles with Lane Keep Assist (LKA) have a driver-assistance system that lets drivers stay in their lane while moving. LKAS provides steering input to keep the car in the middle of a detected lane, and it also gives tactile and visual alerts if the vehicle is seen to be veering off course.
The global lane keep assist system market is expected to grow from $7.06 billion in 2022 to $8.66 billion in 2023 at a compound annual growth rate (CAGR) of 22.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The lane keep assist system market is expected to reach $18.58 billion in 2027 at a CAGR of 21.0%.
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Major competitors in the Lane Keep Assist System market are Volkswagen AG, Mercedes-Benz Group AG, Robert Bosch GmbH, Panasonic Corporation, ZF Friedrichshafen AG, Denso Corporation.
A key trend in the Lane Keep Assist System market includes technological advancements. Major companies operating in the lane keep assist system market are adopting new technologies to sustain their position in the market. For instance, in February 2023, ZF Friedrichshafen AG, a Germany-based technology company, launched OnTraX lane-keeping assist technology for PACCAR trucks. ZF's OnTraX introduction is the company's first lane-maintaining assistance on a commercial vehicle platform in North America, combined with ZF's ReAX adaptive steering. The technologies are intended to assist in lowering the 32% of truck accidents brought on by unintended lane exits. Once OnTraX decides that the truck is in its lane and moving at least 40 mph, or cruising speed, it turns on. The lane maintaining aid technology is made possible by a forward-facing camera that 'sees' the borders of a specified lane.
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The Lane Keep Assist System market is segmented -
• By Component: Vision Sensor Or Camera, Electronic Power-Assisted Steering (EPAS) Actuator, Electronic Control Unit, Other Components
• By Function Type: Lane Keeping System, Lane Departure Warning
• By Vehicle Type: Passenger Vehicles, Commercial Vehicles
• By Propulsion: Internal Combustion Engines, Electric And Hybrid
• By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the Lane Keep Assist System market.
The Business Research Company's "Global Lane Keep Assist System Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Lane Keep Assist System Market Include:
1. Executive Summary
2. Lane Keep Assist System Market Characteristics
3. Lane Keep Assist System Market Trends And Strategies
4. Lane Keep Assist System Market - Macro Economic Scenario
5. Global Lane Keep Assist System Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
………………………………………..
32. Global Lane Keep Assist System Market Competitive Benchmarking
33. Global Lane Keep Assist System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Lane Keep Assist System Market
35. Lane Keep Assist System Market Future Outlook and Potential Analysis
36. Appendix
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