Lane Departure Warning System Market size is set to expand significantly over 2022-2028, on account of the rise in demand for vehicles equipped with advanced driver assistance systems (ADAS). Lane departure warning system or LDW system refers to an advanced driver assistance system designed to warn the driver when the vehicle begins to veer out of its lane on high-traffic/urban roads and freeways. According to a study by IIHS and HLDI lane departure warning systems have the potential to decrease sideswipe, head-on and single-vehicle crashes by nearly 11%, making them an integral feature in modern automotive models.
Escalating number of road accidents and the subsequent rise in vehicle safety regulations issued by authorities across the globe are major factors contributing to lane departure warning system industry growth over 2022-2028. In May 2021, a new EU regulation was published, mandating the fitment of emergency lane-keeping systems (ELKS) on all new types of N1 and M1 category vehicles like passenger cars, pick-up trucks, and vans, among others, from July 6, 2022.
Regulations such as these have urged major automotive manufacturers to equip their new vehicle models with advanced safety systems, which could augment lane departure warning system market dynamics over the years. A notable example of this is Subaru, which has equipped its latest Legacy, Forester, Ascent, and Outback models with EyeSight package Lane Departure, Sway Warning, and Lane Keep Assist features as standard.
Based on sensor type, the lane departure warning system industry from the video sensor segment will gain considerable momentum by 2028. This is driven mainly by the broad application scope of automotive cameras and visual sensors, which are used to identify lane edges and facilitate driver-assist functions such as emergency braking and lane departure warning and react to vehicles, cyclists as well as pedestrians for safer driving.
North America is expected to emerge as a prominent revenue source for the lane departure warning system market by 2028. Governments as well as various regulatory groups in the region are taking targeted efforts to mitigate the occurrence of traffic-related accidents and deaths, through the development and promotion of safe driving technologies. For instance, the USDOT (U.S. Department of Transportation) has created the Automated Vehicles Comprehensive Plan, in an effort to prioritize automotive safety and facilitate more innovation in transportation technology. Developments such as these could, in turn, accelerate regional lane departure system industry growth over the estimated timeline.
Bendix Commercial Vehicles Systems, Denso, Delphi, Bosch, Mobileye, Autoliv, NVIDIA Corporation, Magna, ZF TRW, Continental, and WABCO are among the major players operating in the lane departure warning system market. These companies are involved in various strategies such as partnerships and new launches to accommodate the evolving demand for automotive safety, and in turn, strengthen their position in the global market.
The onset of the COVID-19 crisis and the subsequent lockdowns led to a considerable reduction in mobility due to fewer vehicles on the roads. However, this reduced mobility also created opportunities for speeding on relatively empty streets, increasing the risk of collisions.
For instance, while driving reduced by 13% fewer miles in America during 2020 due to the rise of WFH and lockdowns, bad driving behaviors such as drug & alcohol usage and excessive speeding led to a considerable rise in accidents. Fatalities on roadways increased by 8% to reach nearly 42,060 in early 2020. This will create significant opportunities for lane departure warning system industry expansion over the upcoming years, given the rising standardization of driver-assist features in modern vehicles.