Source: Future Market Insights announcement
LONDON – The lane-departure warning (LDW) market, a major segment of the advanced driver-assistance systems (ADAS) segment, is expected to more than double, growing to $12.9 billion by 2032, according to a report recently published by Future Market Insights (FMI).
This figure represents a compound annual growth rate of 9.7 percent between now and 2032.
All vehicles have sensors, and despite being well-equipped with mirrors, they have poor visibility, resulting in road accidents. As a result, all heavy-duty manufacturers are required – in certain markets — to install LDW. This is expected to augment sales in the market.
Automobile manufacturers are subjected to stringent passenger safety regulations imposed by various government bodies around the world. Expansion of the automotive sector, rising initiatives to promote the adoption of advanced technologies, and the development of structured safety features will continue pushing sales of LDW during the forecast period.
Further, rising demand for premium and luxurious features in vehicles in emerging economies will create opportunities for growth in the market. Besides this, government initiatives mandating the use of LDW systems in heavy commercial vehicles in the transportation sector will drive the market in the forthcoming years.
“Increasing production and sales of luxury vehicles across the globe, along with rising adoption of ADAS in economy vehicles is expected to fuel the growth in the market in the forthcoming years,” said a FMI analyst.
• By technology type, sales in the ultrasonic sensors segment will account for 41.5 percent of the total market share in 2022.
• Based on vehicle type, the passenger vehicle segment will dominate the market, accounting for more than 78.0% of the total market share.
• In terms of sales channel, the OEM segment will expand at a considerable pace through 2032.
• Total sales in the U.S. LDW market will surpass a valuation of $200 million in 2022.
• The China LDW market will offer an absolute dollar opportunity of $700 million during the forecast period.
• Germany will account for 25.1 percent of the European market share in 2022.