Lane Change Assist Systems Market Anticipated to Grow at a Significant Pace by 2028
Also, rising complexity due to multiple industry specifications is another factor which may create challenges for the growth of the lane change assist systems market during the forecast period.
[UKPRwire, Mon Sep 02 2019] Growing demand for safety features and rising security concerns are the primary growth drivers in the global lane change assist systems market. Moreover, advancements in the automotive industry are playing an important role in driving the growth of the lane change assist systems market across the globe. Apart from this, governments of nations across the world are taking several initiatives and making laws for public safety and security, which is likely to drive the Lane Change Assist Systems Market Global during the forecast period.
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The automobile industry is experiencing an enormous digital makeover, as most of the leading automakers are investing considerable resources on R&D of vehicle automation to meet the changing demands and to enhance the driving experience of customers. Next-generation automobiles include speech recognition, audio/video sensing, GPS and radar capabilities, advanced driver assistance system, next level security & safety and IC-integrated LED front lighting features. Today, automakers are developing and implementing complex technologies, such as wireless charging capabilities, back-up cameras, blind spot awareness, lane change assist systems and many others. Among these advanced technologies, vehicle-based intelligence systems are gaining traction among vehicle users across the globe. These factors are expected to create new business opportunities for lane change assist systems providers across the globe.
Moreover, connectivity is emerging as a key competitive differentiator in today’s automotive market. The automotive industry is moving towards connected vehicle technologies, such as V2I (vehicle-to infrastructure), V2V (vehicle-to-vehicle), V2P (vehicle-to-pedestrian) and V2D (vehicle-to-device). In connected cars, lane change assist systems have wide area applications. To prevent collision between connected cars, automotive manufacturers are deploying lane change assist systems in vehicles. A lane change assist system alerts the car driver if the car veers out of lane and warns the driver to get back into the lane. Thus, lane change assist systems reduce the chances of accidents on highways.
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Lack of standardization and high cost pressure faced by OEMs on the inclusion of lane change assist systems are some of the major factors that may hinder the growth of the lane change assist systems demand in near future. Also, rising complexity due to multiple industry specifications is another factor which may create challenges for the growth of the lane change assist systems market during the forecast period.
The latest trend ginning momentum in the global lane change assist systems market is rising advances in camera technologies and increasing integration of various technologies with passenger cars and commercial vehicles. The lane change assist systems have been widely adopted by the OEMs due to its ability to reduce road accidents.
Global Lane Change Assist Systems Market: Segmentation
Segmentation of the Lane Change Assist Systems Market on the Basis of Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Segmentation of Lane Change Assist Systems Market on the Basis of Sales Channel:
Global Lane Change Assist Systems Market: Competition Landscape
Some of the prominent players in the global lane change assist systems market are Robert Bosch GmbH, Denso Corporation, Delphi Automotive PLC., Continental AG, Valeo, ZF Friedrichshafen AG, Mobileye, Aisin Seiki, Autoliv, Calsonic Kansei, Hyundai Mobis, Magna, Panasonic Corporation, etc.
Global Lane Change Assist Systems Market: Regional Overview
North America is expected to account for a large market share in the global lane change assist systems market owing to increasing technological advancements in the automotive industry and presence of various key players in the region. APAC is expected to be the second largest market in terms of revenue in the lane change assist systems market over the coming years due to rise in awareness about safety among vehicle owners.
The lane change assist systems markets in Europe and Latin America is expected to witness high growth rates in the coming years due to the emergence of advanced automotive technologies.
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