Lane Departure Warning System Market expected to grow strongly by 2024
Category: #world  By Ronak Bora  Date: 2019-02-11
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Lane Departure Warning System Market expected to grow strongly by 2024

Europe lane departure warning system market is expected to capture highest revenue share owing to the stringent government regulations across the region regarding the installation of these safety features. The augmented demand for vehicles equipped with driver assistance systems coupled with substantial production of premium and luxury vehicles will further support the regional dominance.

North America will also account for a significant share in the industry owing to increasing road safety concerns. Lane departure warning system market from Asia Pacific is anticipated to grow rapidly over the next eight years owing to high penetration of ADAS in countries including China, Japan, and South Korea.

By sales channel, the lane departure warning system market is segmented into OEM and aftermarket. OEM will acquire major share in the industry over the forecast timeframe. The high revenue generation is attributed to the rising penetration of ADAS across the globe. OEMs are shifting their focus towards development of affordable solutions that can be implemented in mass volumes. Stringent regulations along with rising awareness regarding road and passenger safety will result in mass adoption of these systems, fueling the growth of lane departure warning system market from OEMs. Aftermarket will grow significantly owing to its cost effectiveness as compared to the counterpart.

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Various manufacturers are focusing on collaborating with OEMs for development of low cost driver assistance systems for compact vehicles, resulting in significant reduction in price of these systems. This will lead to their wide adoption in low cost vehicles over the coming years. Governments across the globe have mandated the installation of these systems in vehicles. For instance, in November 2015, EU mandated the installation of lane departure warning systems in all heavy commercial vehicles. These stringent regulations will induce immense potential to the industry size from 2017 to 2024.

OEMs are increasingly collaborating with automotive camera manufacturers and safety experts for incorporation of cameras and radars in vehicles, resulting in integration of radar sensing, data fusion, and video sensing technologies into a single module. Furthermore, since these systems are increasingly becoming common and standardized for majority of the vehicles, a fusion of radar and image sensors will help in cost reduction over the forecast timeframe. For instance, Delphi’s RACam is a combination of vision sensing, radar sensing, and data into its single module. These advancements in sensors will propel the passenger and vehicle safety, offering stable growth prospects to the lane departure warning system market till 2024.

The industry is segmented based on function into lane departure warning system with alert and lane keep assist. Lane departure warning system with alerts is likely to grow significantly owing to its multiple benefits offered such as vibration, visual, and audible alerts when vehicle moves out of the lane. Lane keep assist systems will grow owing to their preference over the counterpart due to their autonomous properties. They automatically keep the vehicles in lane if the driver does not take actions even after alerts.

Integration of these systems with the vehicles increases the overall vehicle cost. This excessive cost may hamper the lane departure warning system market growth since the customers are reluctant to purchase this feature for their vehicle. Industry participants are focusing towards overcoming these challenges by developing cost effective solutions and incorporating enhanced components in the system.

Denso, Bosch, Delphi, Autoliv, Mobileye, Magna, NVIDIA Corporation, Continental, ZF TRW, WABCO, and Bendix Commercial Vehicles Systems are among the prominent participants in the lane departure warning system market. The competitive nature of the industry is likely to intensify due to stringent regulations and rising consumer demand for advanced features and automotive safety.



About Author

Ronak Bora

Email: ronak.b@news.marketsizeforecasters.com   

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for News.Marketsizeforecasters and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, ...

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