Lane Keep Assist System and Adaptive Cruise Control Global Market Report 2024

The lane keep assist system and adaptive cruise control market size has grown rapidly in recent years. It will grow from $14.92 billion in 2023 to $16.66 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The expansion observed during the historical period can be attributed to several factors, including heightened concerns regarding road safety, a growing demand for autonomous vehicles, government regulations mandating the inclusion of advanced safety features, the increasing adoption of electric vehicles, and rising consumer awareness regarding driver assistance systems.

The lane keep assist system and adaptive cruise control market size is expected to see rapid growth in the next few years. It will grow to $26.28 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The projected growth in the forecast period can be attributed to several factors, including the rising demand for semi-autonomous and autonomous driving features, increasing consumer preference for convenience and safety features in vehicles, stricter government regulations pertaining to vehicle safety standards, advancements in vehicle-to-vehicle communication systems, and the development of more cost-effective and scalable solutions for widespread adoption. Key trends anticipated during this period include the increasing integration of lane keep assist and adaptive cruise control as standard features in vehicles, the emergence of advanced driver assistance system (ADAS) platforms, the development of hybrid sensor systems to improve accuracy, the adoption of machine learning algorithms for real-time decision-making, and collaborative efforts between automotive and technology companies to ensure seamless integration of these technologies.

The increasing concern surrounding road accidents is poised to drive the growth of the lane keep assist system and adaptive cruise control market. This rise in concern stems from various factors including heightened traffic congestion, increased instances of distracted driving due to mobile devices, inadequate infrastructure maintenance, and non-compliance with traffic regulations. Lane keep assist systems and adaptive cruise control technologies play a pivotal role in addressing these concerns by enhancing vehicle safety through automated assistance in maintaining lane position and safe following distances. This, in turn, reduces the risk of lane departure incidents and rear-end collisions. For example, estimates from the National Highway Traffic Safety Administration (NHTSA) indicate a 10.5% increase in fatalities from motor vehicle traffic crashes, with an estimated 42,915 deaths in 2021 compared to 38,824 fatalities in 2020. Consequently, the heightened concern over road accidents is propelling the expansion of the lane keep assist system and adaptive cruise control market.

Leading companies within the lane keep assist system and adaptive cruise control market are intensifying their efforts to develop advanced solutions, such as Honda SENSING 360+, to enhance their competitive positioning. Honda SENSING 360+ is engineered to alleviate driver burden by preempting collisions through precise detection of abnormal conditions pertaining to the driver, road environment, and surrounding vehicles. For instance, Honda Motor Co. Ltd., a Japan-based automobile manufacturer, introduced the Honda SENSING 360+ platform in November 2023. This platform integrates advanced in-lane driving with hands-off capability, active lane change recommendation, and predictive functionalities, thereby augmenting vehicle safety and driver assistance. Innovations in sensor technology, including omnidirectional sensing and the incorporation of high-definition maps, contribute significantly to improved road safety, setting new benchmarks in the lane keep assist system and adaptive cruise control market.

In June 2023, Magna International Inc. (Magna), a Canada-based mobility technology company, completed the acquisition of Veoneer's Active Safety business for an undisclosed sum. This strategic acquisition bolsters Magna's Advanced Driver Assistance Systems (ADAS) portfolio by expanding its sensor capabilities and engineering resources. Consequently, Magna emerges as a market leader with enhanced innovation acceleration potential and increased adoption of Advanced Driver Assistance Systems (ADAS) content per vehicle in the lane keep assist system and adaptive cruise control market. Veoneer, headquartered in Sweden, specializes in automotive electronics safety systems, with its active safety business encompassing features such as adaptive cruise control, autonomous emergency braking, traffic jam assist, and lane keeping assist.

Major companies operating in the lane keep assist system and adaptive cruise control market are Ford Motor Company, General Motors Company, Sony Corporation, LG Electronics Inc., Panasonic Corporation, Denso Corporation, ZF Friedrichshafen AG, Qualcomm Incorporated, Continental AG, Hyundai Mobis Co. Ltd., Magna International Inc., NVIDIA Corporation, Valeo SA, Texas Instruments Inc., Delphi Technologies (Aptiv PLC), STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Hitachi Automotive Systems Ltd. (Hitachi Astemo Ltd.), Renesas Electronics Corporation, Autoliv Inc., Hella Kgaa Hueck & Co., WABCO Holdings Inc.

Europe was the largest region in the lane keep assist system and adaptive cruise control market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lane keep assist system and adaptive cruise control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the lane keep assist system and adaptive cruise control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Lane keep assist system (LKAS) and adaptive cruise control (ACC) are advanced driver assistance technologies designed to aid vehicles in maintaining their lane position and adjusting speed to maintain a safe distance from other vehicles on the road. These systems contribute to enhanced vehicle safety by reducing driver fatigue, promoting lane discipline, and mitigating the risk of collisions resulting from human error.

The primary components of lane keep assist system and adaptive cruise control include a vision sensor or camera, an electro-pneumatic actuator (EPAS) actuator, an electronic control unit (ECU), radar sensors, and other related elements. A vision sensor or camera is a device responsible for capturing visual information from the vehicle's surroundings, typically for analysis, interpretation, or recording purposes. These systems are applicable to various types of vehicles, including passenger vehicles and commercial vehicles, and are available through sales channels such as original equipment manufacturers (OEMs) and the aftermarket.

The lane keep assist system and adaptive cruise control research report is one of a series of new reports that provides lane keep assist system and adaptive cruise control market statistics, including the lane keep assist system and adaptive cruise control industry's global market size, regional shares, competitors with a lane keep assist system and adaptive cruise control market share, detailed lane keep assist system and adaptive cruise control market segments, market trends and opportunities, and any further data you may need to thrive in the lane keep assist system and adaptive cruise control industry. This lane keep assist system and adaptive cruise control market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The lane keep assist system and adaptive cruise control market consists of revenues earned by entities by providing services such as installation, maintenance, and repair services. The market value includes the value of related goods sold by the service provider or included within the service offering. The lane keep assist system and adaptive cruise control market also includes sales of products such as complete retrofit kits, subscription-based software updates, and vehicle-specific hardware packages. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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