Source: Future Market Insights announcement
NEW YORK – During the forecast period of 2022-2032, the lane departure warning (LDW) market is expected to grow at a compound annual growth rate of 9.7 percent, reaching $12.9 billion by 2032, according to a report by Future Market Insights (FMI).
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 to install LDW, which 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 (one version of advanced driver-assist systems – ADAS) 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 percent 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. lane departure warning market will surpass a valuation of $0.2 billion in 2022.
• The China lane departure warning market will offer an absolute dollar opportunity of $0.7 billion over the forecast period.
• Germany will dominate the European lane departure market, accounting for 25.1 percent of the Europe market share in 2022.
Texas Instruments Incorporated, Intel Corporation, NVIDIA Corporation, Continental AG, Magna International, Mobileye are some of the leading players operating in the global LDW market.
Manufacturers /developers of LDW systems are focusing on the development of novel technologies to improve the performance and function of LDW systems in various vehicles.