The Asia-Pacific lane departure warning system market is expected to grow at a CAGR of over 15% during the forecasted period (2020 - 2025)
- Being the region consisting of leading countries in automotive manufacturing and sales, China and India are expected to hold a major market share. The increasing adoption of advanced driver assist systems (ADAS) is expected to propel the growth of the LDWS market.
- The increasing number of road accidents, worldwide, has led to governments and international organizations enacting various stringent safety norms, thereby, leading to automotive manufacturers to equip vehicles with technologies such as Automotive Lane Warning System (ALWS). Lane Departure Warning System can avoid nearly 7% of all fatal accidents.
- Vehicle OEMs are collaborating with technology companies to produce ADAS systems such as Lane Warning Systems. For instance, Nvidia provides artificial intelligence services for autonomous vehicles and provides augmented reality, software, and hardware support in the form of DRIVE AP2X, Nvidia DRIVE, and Nvidia DRIVE AGX.
Key Market Trends
Growing Emphasis On Safety Solutions
With the growing safety concerns among both the consumers and governments across the region, the government and international organizations are enacting stringent safety regulations, which ensure the inclusion of ADAS in the vehicles for the safety both the passengers and driver in both the cars, especially in developing countries, like India and China. Apart from the safety concerns, a consistent rise in the demand for electric vehicles is also providing significant growth opportunities to develop next-generation cars with advanced safety systems. Consequently, driving the need for lane departure warning systems. These systems work with sensors and cameras, in turn assisting the drivers, and aiding in reducing numerous unintended lane departures caused by distractions and drowsiness. The demand for the LDWS has been propelling by the high customer preference towards safety rather than vehicle cost.
Lane departure warning systems are expected to reduce the collisions caused due to drowsiness by 44%. However, owing to high initial and maintenance costs, LDWS is currently available majorly for the luxury car segment. OEM’s are collaborating with automotive safety system suppliers to bring down the value of the system by incorporating the latest technologies. Reduction in the cost of the system is expected to further drive the market in other developing countries such as Indonesia, Thailand, and other ASEAN Countries of the Asia-Pacific region. Being the leading countries in automotive production and sales, China and India are expected to occupy a major market share.
South Korea Mandates Inclusion Of Lane Departure Warning System
South Korea’s automotive industry is one of the critical sectors of the country, contributing over 10% to the nation’s GDP every year. Owing to the increasing road accidents, stringent safety regulations are implemented by the government, which in turn drives the growth of the LDWS market. For instance, under the new plans from the Ministry of Land, Transport, and Maritime Affairs (MOLIT), the government has mandated the inclusion of both lane departure warning systems and advanced emergency braking systems in all passenger cars and buses from 2021. Under the new measure, the accidents caused due to drowsy driving can be reduced significantly. It is also expected that ~10,000 buses will be installed with LDWS and the government is also set to provide subsidies to help the transport companies to meet the requirements. These factors are expected to help this market grow during the forecasted period.
The Asia-Pacific lane departure warning system is consolidated. Industry participants are expected to expect intensive competition owing to aggressive strategies, including acquisitions, pricing, merges, and new product development. Major players in this market are Continental AG, Delphi Automotive, Denso Corporation, WABCO Vehicle Control Services are few players in the market. March 2018: Tata Motors collaborated with WABCO India to further strengthen safety by implementing a collision mitigation system (CMS) and lane departure warning systems (LDWS) solutions for its commercial vehicles.
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