Press release
Projected Growth: Lane Keep Assist and Adaptive Cruise Control Market to Hit $26.28B by 2028
Lane Keep Assist and Adaptive Cruise Control Market Report
The lane keep assist system and adaptive cruise control market size is expected to see rapid growth in the next few years. It will grow to $26.28 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to the growing demand for semi-autonomous and autonomous driving features, increasing consumer preference for convenience and safety features, stricter government regulations on vehicle safety standards, enhanced vehicle-to-vehicle communication systems, and development of more affordable and scalable solutions for mass adoption. Major trends in the forecast period include increasing integration of lane keep assist and adaptive cruise control as standard features, the emergence of advanced driver assistance system (ADAS) platforms, development of hybrid sensor systems for better accuracy, adoption of machine learning algorithms for real-time decision making, and collaboration between automotive and technology companies for seamless integration.
Market Overview -
Lane keep assist system and adaptive cruise control are advanced driver assistance technologies that help vehicles maintain their lane position and automatically adjust speed to keep a safe distance from other vehicles on the road. This enhances vehicle safety by reducing driver fatigue, improving lane discipline, and mitigating the risk of collisions caused by human error.
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Growing Role Of Lane Keep Assist System And Adaptive Cruise Control
The rise in concern regarding road accidents is expected to propel the growth of the lane keep assist system and adaptive cruise control market going forward. The rise in concern regarding road accidents is due to increased traffic congestion, distracted driving due to mobile devices, inadequate infrastructure maintenance, and failure to adhere to traffic regulations. The lane keep assist system and adaptive cruise control help mitigate the rise in concern regarding road accidents by enhancing vehicle safety through automated assistance in maintaining lane position and safe following distances, reducing the likelihood of lane departure incidents and rear-end collisions. For instance, in May 2022, according to an estimate published by the National Highway Traffic Safety Administration (NHTSA), a US-based federal agency, the number of fatalities in motor vehicle traffic crashes increased by 10.5%, with an estimated 42,915 deaths in 2021 compared to 38,824 fatalities in 2020. Therefore, the rise in concern regarding road accidents is driving the growth of the lane assist system and adaptive cruise control market.
Competitive Landscape -
Major companies operating in the lane keep assist system and adaptive cruise control market are Ford Motor Company, General Motors Company, Sony Corporation, LG Electronics Inc., Panasonic Corporation, Denso Corporation, ZF Friedrichshafen AG, Qualcomm Incorporated, Continental AG, Hyundai Mobis Co. Ltd., Magna International Inc., NVIDIA Corporation, Valeo SA, Texas Instruments Inc., Delphi Technologies (Aptiv PLC), STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Hitachi Automotive Systems Ltd. (Hitachi Astemo Ltd.), Renesas Electronics Corporation, Autoliv Inc., Hella Kgaa Hueck & Co., WABCO Holdings Inc
Increasing Focus On Advanced Solutions In Lane Keep Assist And Adaptive Cruise Control Market
Major companies operating in the lane keep assist system and adaptive cruise control market are increasing their focus on developing advanced solutions, such as Honda SENSING 360+, to gain a competitive edge in the market. Honda SENSING 360+ is designed to further reduce driver burden by preventing collisions through accurate detection of abnormal conditions occurring to the driver, road environment, and other vehicles in the vicinity. For instance, in November 2023, Honda Motor Co. Ltd., a Japan-based automobile company, launched the Honda SENSING 360+. This platform features advanced in-lane driving with hands-off capability, active lane change recommendation, and predictive functions, enhancing vehicle safety and driver assistance. These advancements in sensor technology, such as omnidirectional sensing and the integration of high-definition maps, contribute to improved road safety and set new standards in the lane-keep assist system and adaptive e cruise control market.
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Key Segments -
The lane keep assist system and adaptive cruise control market covered in this report is segmented -
1) By Component: Vision Sensor Or Camera, Electro-Pneumatic Actuator (EPAS) Actuator, Electronic Control Unit, Radar Sensors, Other Components
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicles
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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