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.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/12328
The global lane keep assist system market is segmented on the basis of function type, component, vehicle type, propulsion, and region. By function type, it is bifurcated into direct lane keeping system, and lane departure Warning. By component, it is classified into vision sensor/camera, electronic power assisted steering (EPAS) actuator, electronic control unit, and others. By vehicle type, it is divided into passenger vehicles, and commercial vehicles. By propulsion, it is categorized into ICE, electric &hybrid, and alternate fuel vehicle. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/12328
In 2021, Asia-Pacific dominated the market, in terms of revenue, followed by Europe, North America, and LAMEA. Increase in vehicle production and rise in demand for luxury vehicles with Advanced Driver Assistance System (ADAS) application in Asia-Pacific drive the growth of the lane keep assist system market in the region.
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.
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.
Key players that operate in this lane keep assist system market include Autolive Inc., Bendix Commercial Vehicle Systems LLC, Continental AG, Delphi Technologies (Borgwarner Inc.), Denso Corporation, Hitachi Ltd., Hyundai Mobis, Magna International Inc., Mobileye, Panasonic Corporation, NXP Semiconductors, Robert Bosch GmbH, Valeo, Visteon Corporation, and ZF Friedrichshafen AG.
𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁 https://www.alliedmarketresearch.com/lane-keep-assist-system-market/purchase-options