Source: Fact.MR. announcement
ROCKVILLE, Md. — According to a recent report published by an ESOMAR-certified market research and consulting firm, the lane-departure warning system market would grow at a rate of 14 percent from 2021 to 2031, reaching an impressive revenue threshold. Prominent manufacturers are expected to capitalize on the surging popularity of autonomous vehicles to expand their influence across key regions.
During the period 2016-2020, the global lane-departure warning system market grew at a rapid pace, experiencing a CAGR of 12 percent throughout the historical period. Luxury and premium vehicles, as well as commercial vehicles, increasingly seek lane departure warning systems, with OEMs expected generate heightened revenue prospects.
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Frequent road accidents and associated casualties is prompting automotive giants to equip vehicles with advanced lane departure warning systems to detect obstacles on time and avoid collisions.
As per the W.H.O., approximately 1.3 million people succumb to road traffic crashes annually, costing nations three percent of their GDP. Hence, governments are sanctioning development of advanced collision detection and prevention systems, providing traction to lane-departure warning systems sales.
Key takeaways from the Market Study
- The passenger automobile segment accounts for a sizable portion, expanding at a CAGR of 10 percent through 2031
- Asia to emerge as a lucrative market, poised to register a CAGR of over 16.2 percent in the long run
- U.S. to register a CAGR of 6.26 percent, expected to reach a valuation of US$ 3.4 Bn
- North America and Europe to collectively account for more than 35 percent revenue share
“Increasing vehicle ownership spurred by swift urbanization, combined with increasing tilt towards autonomous vehicles is prompting automotive manufacturers to equip vehicles with advanced lane-departure warning systems, bolstering growth,” said a Senior Research Analyst.
Manufacturers in the lane-departure warning market will focus on strategic acquisitions, collaborations, and product releases in the following decade.
- Bosch’s latest third-generation multi-purpose camera is a vital component in the installation of new driver assistance features for improved safety in heavy goods traffic.
- The latest backbone of Mobileye’s self-driving system is a camera-centric arrangement. It can determine the important safety portions by building a powerful system that can drive exclusively on cameras. These insights are based on a report on Lane Departure Warning System Market by Fact.MR.