LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global lane departure warning system (LDWS) market to grow at a CAGR of 28.67% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global lane departure warning system market for 2016-2020. To calculate the market size, the report considers the unit shipments of LDWS and integrated ADAS with LDWS by the OEMs and aftermarket sales for passenger vehicle segment.
Siddharth Jaiswal, one of the lead analysts at Technavio, specializing in research on automotive electronics, says, “Advances in the automobile industry are not restricted to vehicle design, vehicle engine, or interiors, but takes into consideration factors, such as pedestrians, passengers, and vehicle safety norms. Automobile manufacturers are progressively equipping vehicles with advanced safety technologies, such as LDWS, forward collision systems, and other driver assistance systems. These systems help drivers through timely alerts and warnings designed to prevent and mitigate a crash in the rear and front of the vehicle.”
Technavio automotive analysts highlight the following three factors that are contributing to the growth of the global lane departure warning system market:
- Growing safety awareness among end-users
- Stringent safety regulations
- Increase in number of accidents
Growing safety awareness among end-users
Growing concern about passenger safety has compelled many automobile manufacturers to implement driver assistance systems. A focus on integration of passive safety systems with active safety systems, especially ACC, AEBS, BSD, LDWS, and NVS, is also increasing. LDWS represent one of the prominent safety features, which is being increasingly adopted in new vehicles.
Driver safety system manufacturers, such as Continental, Bosch, and Autoliv, are collaborating with OEMs to develop and manufacture low-cost advanced driver assistance system (ADAS) for compact vehicles. This should help attain economies of scale and reduce the price of safety systems, thereby resulting in their widespread implementation in low-cost vehicles during the forecast period. “A consistent increase in demand for compact and mid-sized vehicles equipped with advanced safety features in markets like India and China should propel the market growth during the forecast period,” says Siddharth.
Stringent safety regulations
Advanced safety systems such as LDWS, NVS, ACC, BSD, and driver monitoring systems help to minimize the impact of collisions, fatalities, and improve overall vehicle safety. Development and rise in sale of these systems is expected during the forecast period, which will be driven by stringent regulations on road safety imposed by governments worldwide.
ADAS systems depend on electronics, but their use is governed and regulated by international safety standards, such as IEC-61508 and ISO-26262. The IEC-61508 standard governs the development and execution of safety equipment and software. The ISO-26262 safety standard is a risk-based functional safety standard applied to electronic systems that are installed in passenger vehicles (with a maximum gross weight of 7,716.2 lbs.).
Increase in number of accidents
Out of the 1.24 million people who die in road accidents worldwide each year, half are pedestrians and motorcyclists. For instance, road accidents in the EU alone cause 40,000 deaths every year. The estimated 1.3 million casualties each year push the total social cost to roughly USD 173 billion. The European Commission (EC) has set an ambitious target to halve road deaths by 2020 and decided to make safety systems mandatory in all vehicles.
Reduced visibility, driving at night, misjudgment of the distance between two vehicles while changing lanes, and drowsiness, often cause road accidents. Such trends have increased the need for ADAS, such as BSD, LDWS, FCW, and ACC, in vehicles.
Browse Related Reports:
- Advanced Driver Assistance System (ADAS) Market in North America 2015-2019
- Global Automotive Park Assist Systems Market 2015-2019
- Global Automotive Passive Safety Systems Market 2015-2019
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