Automotive Lane Departure Warning System Market: Introduction
- Rise in disposable income of the middle class population in emerging economies, such as India and China, coupled with customer’s willingness to opt for expensive luxury cars and SUV vehicles is expected to propel the lane departure warning system market
- The lane departure warning system can inform the driver once he accidentally leaves the lane and can use one-sided braking interference to help the vehicle to return to its lane. It also provides a safety feature that would help monitor the vehicle in case of wrecked lane patterns if there is a threat of a crash. The lane departure warning system is also known as active lane keep assist system.
Key Drivers of Automotive Lane Departure Warning System Market
- Rise in number of road accidents, globally, is expected to increase the demand for the automotive lane departure warning system, thereby driving the market. According to WHO the number of road accidents across the globe is increasing. Moreover, as per WHO road accident statistics, the number of fatalities in Southeast Asia, Africa, and Eastern Mediterranean has been increasing for the last decade. Therefore, governments across several regions are enacting stringent emission regulations pertaining to vehicle occupant safety. This, in turn, is expected to offer lucrative opportunity for the lane departure warning system market, globally.
- Rise in adoption of advanced driver assistant system (ADAS) in vehicles to enhance occupant safety is likely to propel the automotive lane departure warning system market globally. Rising demand for active safety features in vehicles, such as blind spot detection, ABS, ESP, intelligent park assist, and regenerative braking, are prompting manufacturers to integrate these technologies in their vehicles. For instance, according to safety regulations mandated by the European Commission for vehicle, features which either come as a standard or as a part of optional packages, such as automatic emergency braking, lane departure warning, reversing cameras or detectors, and attention monitors are to be installed in new cars from 2024. This enhanced usage of technology in vehicles is likely to offer lucrative opportunity for automakers to increase adoption of lane departure warning system. This, in turn, is driving the automotive lane departure warning system market, globally.
- However, the cost of vehicle increases owing to the integration of automotive lane departure warning system. Therefore, automakers are exacted to offer the automotive lane departure warning system as an extra option, which in turn restrains the demand of automotive lane departure warning system.
- The coronavirus pandemic outbreak resulted in a more than 20% decline in vehicle production globally in 2020, as compared to that of in 2019, thereby hampering the market in 2020. However, an increase in the demand for personal vehicles and reduction of vehicle prices by automakers to boost vehicle sales are projected to help the market recover and expand during the forecast period.
Global Automotive Lane Departure Warning System Market: Restraint
- The ECU and positioning unit in lane departure warning system controls the entire system, which are prone to cyber-attacks and hacking threats that can lead to the failure of the lane departure warning system and consequently threaten vehicle occupant life
- The lane departure aid system sensors cannot sense faded lane markings and hence, it does not function properly in severe climate such as fog, snow, rain, etc. This, in turn, is estimated to restrain the lane departure warning system market during the forecast period.
- However, these drawbacks are expected to overcome by manufacturers of the system and improve the functionality of the automotive lane departure warning system
Europe accounted for prominent share of global automotive lane departure warning system market
- In terms of region, the global automotive lane departure warning system market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
- Europe is a prominent consumer and manufacturer of luxury and premium passenger vehicles, and the lane departure warning system is mostly equipped in the luxury segment of vehicles. Therefore, the region dominated and accounted for a major share of global automotive lane departure warning system market.
- Currently, very few players manufacture the lane departure warning system, as it is still in the research and development stage. These players have their research and technology centers based in Europe. Startups across Europe are focusing more on the development of vehicle technology that improves the performance of vehicles and provide additional safety systems. This, in turn, offers lucrative opportunity for players engaged in the automotive lane departure warning system market in Europe.
Key Players Operating in Automotive Lane Departure Warning System Market
The global automotive lane departure warning system market is concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive lane departure warning system market are:
- Continental AG
- Delphi Automotive PLC
- Denso Corporation
- IMV Corporation
- NXP Semiconductor
- Robert Bosch GmbH
- ZF Friedrichshafen AG
Global Automotive Lane Departure Warning System Market: Research Scope
Global Automotive Lane Departure Warning System Market, by Vehicle Type
- Passenger Vehicle
- Luxury/ Premium
- Commercial Vehicles
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicle
Global Automotive Lane Departure Warning System Market, by Sales Channel
Global Automotive Lane Departure Warning System Market, by Sensor Type
- Video Sensors
- Laser Sensors
- Infrared Sensors
Global Automotive Lane Departure Warning System Market, by Region
- North America
- Nordic Countries
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.