Increase In Demand Analysis: The Global Lane Keep Assist System Market Size is projected to reach 11.3 Billion USD by 2027, growing at a CAGR of 17.4% During 2021-2027. In this study, 2020 has been considered as the base year and 2021 to 2027 as the forecast period to estimate the market size for Lane Keep Assist System.
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Rise in awareness about safety among vehicle owners is projected to boost the growth lane keep assist system market for automotive during the forecast period. Accidents triggered especially due to driver negligence or distraction causes damage to both the occupants of the vehicle and the vehicle. Lane keep assist is an active system, which aims to reduce the number of accidents by mitigating the effects of driver fatigue, inattention, or laxity. Rise in demand for passenger safety, increasing focus of governments of several nations to reduce road accidents, and increasing consumer preference for vehicles equipped with advanced safety systems such as lane keep assist system are expected to boost the demand for lane keep assist system during the forecast period.
Personal safety and security is a key factor that is expected to drive the global lane keep assist system market during the forecast period. Stringent regulations have been laid down by the European Union, mentioning certain mandatory requirements to be followed regarding lane keep assist system (LKAS). As per these requirements, the lane keep assist system needs to be operational for vehicle speeds ranging between 72 km/hr. and 108 km/hr. The minimum radius of the road for the operation of the LKAS on a curved road is 250m and that for a straight road is 1000m. Increasing concerns about safety by government bodies are providing assistance to lane keep assist system.
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Based on components, the electronic control unit (ECU) segment dominated the lane keep assist system market, by accounting for a prominent share, in terms of revenue. ECU is a major component of the lane keep assist system, which actuates the electric power assisted steering to steer the vehicle back within the lane, if the vehicle departs outside the lane. The ECU is responsible for the actions performed by the lane keep assist system.. Government emphasis on active safety systems for automobiles is boosting the lane keep assist system market with eminent components.
In terms of sales channel, the aftermarket segment holds a major market share as compared to other segments. This is due to the increased awareness about safety systems and frequent replacement of electronic components owing to their shorter lifespan and malfunction. The aftermarket segment is anticipated to expand at a significant growth rate during the forecast period.
Based on vehicle type, the passenger vehicle segment accounted for a prominent share of the market owing to the increasing demand for passenger vehicles globally, primarily for local and intercity transport. In 2020, in terms of revenue, the passenger vehicle segment dominated the lane keep assist system market. Demand for lane keep assist system is expected to remain high owing to the higher number of accidents caused in this segment of vehicle. Decline in vehicle loan rate and awareness about advance safety features are providing lucrative opportunities to vehicle consumers to opt for vehicles with active safety systems.
Europe dominated the global lane keep assist system market for automotive in 2020. Europe and Asia Pacific are anticipated to dominate the market during the forecast period owing to the high rate of adoption of the technology and rising awareness about safety systems in these regions. This, in turn, clarifies the penetration level in these regions at initial stages, being quite on a higher side than other mass manufacturing regions. The market in Europe is also expected to expand at a significant growth rate owing to safety norms and improved road infrastructure that assists the function of lane keep assist system. Safety regulations imposed by the European Union regarding the testing and implementation of lane keep assist system in the region in order to ensure safety are boosting the auto manufacture’s economy. Europe being the home to some of the major auto manufacturers are upgrading the product in order to provide superior performance.
COVID-19 Impact on Lane Keep Assist System Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Lane Keep Assist System market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Lane Keep Assist System market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Lane Keep Assist System market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Lane Keep Assist System market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Lane Keep Assist System market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Lane Keep Assist System market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Lane Keep Assist System market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Lane Keep Assist System market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Lane Keep Assist System market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Lane Keep Assist System market is analyzed at both regional and country levels.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Some of the prominent players in the Lane Keep Assist System Market include: Robert Bosch, Denso, Aptiv, Continental, Valeo, ZF, Mobileye, Delphi Technologies, Bendix, and Tesla
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- Lane keep assist system Market: By Component
- Vision sensor/camera
- EPAS Actuator
- Electronic Control Unit
- Lane keep assist system Market: By Sales Channel
- Original Equipment Manufacturers (OEMs)
- Lane keep assist system Market: By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Lane Keep Assist System market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Lane Keep Assist System market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Lane Keep Assist System market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Lane Keep Assist System market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Lane Keep Assist System are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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