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Lane Keep Assist System And Adaptive Cruise Control Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Lane Keep Assist System And Adaptive Cruise Control Market
According to The Business Research Company's, The lane keep assist system and adaptive cruise control market size has grown rapidly in recent years. It will grow from $14.92 billion in 2023 to $16.66 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to increasing concern for road safety, rising demand for autonomous vehicles, government regulations mandating advanced safety features, growing adoption of electric vehicles, and rising consumer awareness about driver assistance systems.
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.
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Market Drivers and Trends:
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.
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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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
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
Lane Keep Assist System And Adaptive Cruise Control Market 2024 Key Insights:
• 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%.
• Growing Role Of Lane Keep Assist System And Adaptive Cruise Control
• Increasing Focus On Advanced Solutions In Lane Keep Assist And Adaptive Cruise Control Market
• Europe was the largest region in the lane keep assist system and adaptive cruise control market in 2023
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