The global automotive lane warning systems market size is expected to expand at a CAGR of 16.7% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing road accidents, which in turn, have prompted governments and international organizations to formulate a number of strict safety regulations.
A lane warning system is a device that warns the driver when the vehicle starts to deviate from the lane. This technology aims to reduce accidents by eliminating the three main causes of accidents, driving errors, distraction, and fatigue. The system warns the driver if no action is taken. Moreover, the system notifies the driver and automatically takes action to keep the vehicle in the lane. Whenever the driver detects distractions and errors, the system provides the driver with visual, sound, and vibration warnings to avoid such situations. Implementation of lane departure warning systems can prevent nearly 7% of deaths on roads.
Market Trends, Drivers, Restraints, and Opportunities
- Rising disposable income of middle class population demands for luxury cars is expected to boost the market growth during the forecast period.
- Rapid growth of the automotive industry is major factors driving the lane warning systems market growth in the coming years.
- Growing adoption of advanced driver assistant systems in vehicles is projected to fuel the market growth during forecast period.
- High price of lane warning system increases the cost of vehicles is anticipated to hamper the market growth.
- Lack of functionality of lane departure warning systems in sensing faded lane marks or in weather conditions such as fog, rain etc. act as major factors that can restrict the market growth during the forecast period.
- Technological advancement in lane warning system by introducing reverse camera, detectors and monitors with inbuilt advanced driver assistant systems is expected to create lucrative opportunities for the market players.
Key Players
- Mobileye
- Delphi Technologies
- Denso Corporation
- Robert Bosch GmbH
- Continental AG
Competitive Landscape
Key players competing in the automotive lane warning systems market include Mobileye, Delphi Technologies, Denso Corporation, Robert Bosch GmbH, and Continental AG.
Some of these players are Mobileye, Delphi Technologies, Denso Corporation, Robert Bosch GmbH, and Continental AG several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market share.
In February 2020, Continental AG announced its expansion in the US by setting up production plant for ADAS and radar sensors.
In July 2019, Denso Corporation announced its joint venture to offer aftermarket products in South Africa and also announced that its two products are incorporated in Lexus LS 2018 Model.
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