Lane Keep Assist System Global Market Report 2024

The lane keep assist system market size has grown exponentially in recent years. It will grow from $8.66 billion in 2023 to $10.61 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth observed in the historical period can be ascribed to several factors, including the initial embrace of driver assistance features, government mandates on vehicle safety, heightened awareness surrounding road safety, the impact of urbanization leading to increased traffic, and growing concerns related to driver fatigue and distraction.

The lane keep assist system market size is expected to see exponential growth in the next few years. It will grow to $22.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The anticipated growth in the forecast period can be credited to the integration of advanced driver assistance systems (ADAS), the enforcement of more stringent global safety standards, increasing consumer demand for autonomous features, and the expanding markets for electric and autonomous vehicles. Noteworthy trends expected during this forecast period include the incorporation of artificial intelligence into lane keep assist systems, the advancement of sophisticated lane-keeping algorithms, the evolution of 3D imaging to enhance lane detection, the convergence of lane-keeping with other ADAS features, and a heightened emphasis on semi-autonomous and autonomous driving capabilities.

The lane-keep assist system market is poised for substantial growth, driven by an increased demand for automobiles. Automobiles equipped with Lane Keep Assist (LKA) systems provide drivers with assistance in maintaining their lane position. LKAS ensures the vehicle stays centered within detected lanes, offering both tactile and visual alerts if any deviation is detected. Notably, a report from the European Automobile Manufacturers' Association (ACEA) in March 2022 revealed a 5.5% increase in US passenger car sales from 2020 to 11.9 million units in 2021. US auto facilities produced over 6.3 million passenger cars in 2021, marking a 3.1% rise from the previous year. Similarly, Chinese automakers experienced a 7.1% increase, producing 20.7 million vehicles in 2021. Globally, the total number of cars produced rose by 2.7% to reach 63.2 million in 2021, underscoring the driving force behind the lane-keep assist market's growth.

The lane-keep assist system market is poised for significant growth, primarily driven by the increasing occurrence of road accidents on a global scale. Defined as collisions involving at least one vehicle, road accidents continue to raise concerns worldwide. Lane keep assist systems play a crucial role in addressing this issue by offering both preventive and corrective measures. As of December 2023, a report from the World Health Organization revealed that approximately 1.19 million individuals lose their lives annually in automobile accidents, accompanied by an additional 20 to 50 million non-fatal injuries, many resulting in disabilities. The year 2021 saw an 11.4% increase in accidents attributed to speeding, a 17.5% rise in fatalities, and a 9.6% surge in injuries. Consequently, the growing incidence of road accidents stands out as a key driver for the lane-keep assist market's expansion.

Technological advancements emerge as a prominent trend gaining traction in the lane-keep assist system market. Major companies within the market are actively adopting new technologies to maintain their competitive positions. For instance, in February 2023, Germany-based technology company ZF Friedrichshafen AG introduced the OnTraX lane-keeping assist technology for PACCAR trucks. Representing ZF's inaugural lane-maintaining assistance on a commercial vehicle platform in North America, OnTraX incorporates ZF's ReAX adaptive steering. Aimed at reducing the 32% of truck accidents caused by unintended lane exits, this technology activates when the truck is in its lane and moving at least 40 mph. The system relies on a forward-facing camera to detect the lane boundaries.

Major companies operating in the lane-keep assist system market are strategically focusing on integration with advanced driver assistance systems (ADAS) to drive market revenues. This integration enhances the functionality and appeal of lane keep assist systems by providing a collaborative and comprehensive safety framework, improving accuracy, and responding effectively to diverse driving scenarios. In June 2023, China-based electric vehicle manufacturer XPeng launched the most advanced semi-autonomous driving system in Beijing, marking China's first Advanced Driver Assistance System (ADAS) available for urban driving on major ring roads and expressways. The beta version is accessible on select XPENG models in Beijing, including XPENG G9 Max, P7i Max, and P5 P versions through over-the-air updates.

In June 2023, Canada-based parts manufacturer Magna International Inc acquired Veoneer for an undisclosed amount. This acquisition positions Magna to generate more than $3 billion in sales in 2024. The combined business establishes a comprehensive active safety portfolio across all relevant sensors, central computer systems, and software solutions for Magna, capitalizing on one of the fastest-growing market segments in the automotive industry. Veoneer, an American Swedish provider of automotive technology, brings valuable expertise to Magna's expanding capabilities.

Major companies operating in the lane keep assist system market report are Volkswagen AG, Mercedes-Benz Group AG, Robert Bosch GmbH, Panasonic Corporation, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Mitsubishi Electric Corporation, Hyundai Mobis, Magna International Inc., Aisin Seiki Co. Ltd., Nvidia Corporation, Valeo S.A., Texas Instruments Incorporated, Aptiv PLC, Infineon Technologies AG, Hitachi Astemo Ltd., JTEKT Corporation, Renesas Electronics Corporation, Autoliv Inc., HELLA GmbH & Co., Omron Corporation, Visteon Corporation, Pioneer Corporation, Gentex Corporation, Mobileye Global Inc., Veoneer Inc., Bendix Commercial Vehicle Systems LLC, Stoneridge Inc., TomTom N.V.

Europe was the largest region in the lane keep assist system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lane keep assist system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the lane keep assist system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key components of a lane keep assist system encompass a vision sensor or camera, an electronic power-assisted steering (EPAS) actuator, and an electronic control unit, among others. The vision sensor, responsible for collecting and processing visual data through optical imaging, serves multiple functions, including lane keeping and departure warning. This technology is applicable to a range of propulsion vehicles, such as internal combustion engines, electric vehicles, and hybrids. Distribution channels for these components include original equipment manufacturers (OEMs) and the aftermarket.

The lane keep assist system market research report is one of a series of new reports that provides lane keep assist system market statistics, including lane keep assist system industry global market size, regional shares, competitors with a lane keep assist system market share, detailed lane keep assist system market segments, market trends and opportunities, and any further data you may need to thrive in the lane keep assist system industry. This lane keep assist system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The lane keep assist system market includes revenues earned by entities through lane departure warning, adjustability and customization, and safety enhancement. The market value includes the value of related goods sold by the service provider or included within the service offering. The lane keep assist system market consists of sales of windshield-mounted cameras, image processing software, control setting switches or control indicators, direction displays, and instrument clusters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.