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(Transportation-News.com, January 31, 2019 ) Rising adoption in the automobiles to drive the lane departure warning system market during the forecast period, and anticipated to grow at more than 14.2% CAGR
Lane departure warning system continues to witness lucrative opportunities across the countries on the backdrop of the increasing number of motor vehicles coupled with rise in the demand for lane departure warning system in the aftermarket. Moreover, the growth in the automotive industry and demand for additional safety & security features has influenced the adoption of the advanced driver assistance systems which ultimately enhance the demand for lane departure warning system.
A recent study foretells the lane departure warning system market to record an expansion at 14.2% over the forecast period (2018 – 2027). Lane departure warning system continues to witness increased demand from luxury & premium vehicles along with commercial vehicles. OEMs represent the largest revenue in the lane departure system market.
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Alert System sub-segment of Lane Departure Warning System is estimated to dominate the market
The demand for alert system segment of lane departure warning system market is estimated to grow at a significant rate during the forecast period. The lane keeping system segment of the lane departure warning system is growing at a relatively slower pace as compared to alert system. The slow growth for the lane keeping system in the market is due to the high price of the system and availability of the system in the premium vehicles. The alert system is lower priced and available in mid-size, luxury, premium cars along with the commercial vehicle. Therefore, it holds more than 70% share in terms of value in 2018.
Passenger cars to drive the demand for lane departure warning system
Passenger cars vehicle segment holds significant share in lane departure warning system market. Though the light commercial and heavy commercial vehicles are also growing at a significant rate owing to the increasing demand for automotive safety systems in the commercial vehicle segment. Along with this, mandatory installation of lane departure warning system in commercial vehicles in some regions such as Europe is also enhancing the market.
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APEJ: Market Leader in the lane departure warning system
The lane departure warning system market has been evaluated across primary regions such as North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ) and Middle East & Africa (MEA). Lane departure warning system market in APEJ is expected to witness promising growth over the forecast period. The market for lane departure warning system in APEJ is estimated to grow at a significant CAGR and will represent a substantial incremental dollar opportunity during the forecast period.
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Competition Dashboard
The competitive landscape section of the lane departure warning system market delivers the most insightful information regarding the key market players, their relative global position and business strategies. The market for the lane departure warning system is estimated to grow over the forecast period as the contenders in the global market are rising and competition with the existing players is estimated to grow in the forecast period. The manufacturers in lane departure warning system market to expand with strategic developments such as product launches, product innovation, expansion, collaborations and acquisitions in the lane departure warning system market.
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