Market Outlook :
According to MRFR analysis, the global Lane Assist System Market is expected to register a CAGR of ~ 14.3% from 2022 to 2030 and hold a value of over USD 5,940 Million by 2030. A Lane Assist System system (LDWS) raises an in-vehicle electronic mechanism that monitors the position of a vehicle within a lane of the roadway and alerts the driver in circumstances of any deviation. The system uses video cameras and algorithms to detect road markings around the vehicle and monitor its position inside the lane.
An increase in disposable income of the middle-class population in emerging economies, such as India and China, attached to customer’s willingness to opt for expensive luxury cars and SUV vehicles is anticipated to propel the Lane Assist System system market During COVID-19, the supply chain of Lane Assist Systems was muted, attributed to increasing virus infection and strict lockdown measures taken by governments of all the states. In addition, during the same period, a chip lack was seen, which caused a major setback in the production of lane warning systems. The growing number of road accidents worldwide has led governments and international organizations to enact several strict safety norms, thereby leading automotive manufacturers to equip vehicles with technologies such as Lane Assist Systems (ALWS). A Lane Assist System system can evade nearly 7% of all fatal accidents.
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Key Players
Some of the key market players are Delphi (UK), Magna International (Canada), ZF TRW (US), Nissan (Japan), Hitachi Automotive Systems (Japan), Mobileye (Israel), Robert Bosch (Germany), Denso Corporation (Japan), Continental AG (Germany), and Autoliv Inc (Sweden)
Regional Analysis
Europe is a prominent customer and manufacturer of luxury and best passenger vehicles, and the Lane Assist System system is regularly equipped in the luxury segment of vehicles. Therefore, the region dominated and accounted for a foremost share of the global automotive Lane Assist System system market. North America and Asia- Pacific is the second and third largest revenue market for Lane Assist Systems during the forecast period.
Market Segmentation
The Global Lane Assist System Market has been segmented into the Function Type, Sensor Type, Sales Channel, and Vehicle Type
Based on Function Type, The Global Lane Assist System Market has been segmented into Lane Assist System systems and Lane-Keeping systems.
Based on Sensor Type, The Global Lane Assist System Market has been segmented into Video Sensors, Laser Sensors, and Infrared Sensors,
Based on Sales Channel, The Global Lane Assist System Market has been segmented into OEM and Aftermarket,
Based on Vehicle Type, The Global Lane Assist System Market has been segmented into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles,
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