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Lane Keep Assist System Market Size | Share: Projected Surge at 20.4% CAGR by 2031
Lane Keep Assist System Market
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There are prominent key factors that drive growth of the lane keep assist system market. These include increase in demand for safety features, and increase in demand semi-autonomous & autonomous driving technologies. The market economy is also responsible for growth of the market. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the automotive sector witnesses prominent growth in these countries, which is expected to provide lucrative opportunities for growth of the automotive industry and is expected fuel the LKAS market.
The key players profiled in this report include
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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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.
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.
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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.
KEY FINDINGS OF THE STUDY
By function type, the lane keeping system segment is expected to register a significant growth during the forecast period.
By component, the electronic power assisted steering (EPAS) actuator segment is projected to lead the global lane keep assist system market
By vehicle type, the passenger car segment is projected to lead the global lane keep assist system market
By propulsion, the electric & hybrid segment is projected to lead the global lane keep assist system market
Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Regional Analysis:
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.
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