Market Trends of Asia Pacific Lane Departure Warning Systems Industry
This section covers the major market trends shaping the APAC Lane Departure Warning Systems Market according to our research experts:
Growing Emphasis On Safety Solutions
With the growing safety concerns among both the consumers and governments across Asia-Pacific, the government and international organizations are enacting stringent safety regulations, which ensure the inclusion of ADAS in the vehicles for the passengers and driver's safety in developing countries, like India and China. As a result, many leading automakers are equipping vehicles with technologies such as Automotive Lane Warning System (ALWS).
Apart from safety concerns, a consistent rise in electric vehicles' sales 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, assisting the drivers and aiding in reducing numerous unintended lane departures caused by distractions and drowsiness.
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 system's value by incorporating the latest technologies. Reduction in the system's cost is expected to further drive the market in other developing countries such as Indonesia, Thailand, and other ASEAN countries.
South Korea will Witness Significant Growth in the Market
South Korea's automotive industry is one of the country's critical sectors, contributing over 10% to its GDP every year. Due to the increasing road accidents, the government implemented stringent safety regulations, which drive the LDWS market's growth.
Whereas, from January 2019, the government ordered that all new large passenger vehicles and trucks be fitted with Automated Emergency Braking (AEB) and Lane Departure Warning (LDW) systems. These factors are expected to help this market grow during the forecasted period.
According to a report by the Korea Times in 2019, the government and vehicle manufacturers will invest around USD 50.7 billion in the industry by 2025. South Korean government plan is to complete the communications, road, and traffic infrastructures essential for completely autonomous driving by 2024. The government is also planning to promote hydrogen and electric vehicles so that they can account for more than 30 percent of new cars in South Korea in 2030.
The lane warning stems market in South Korea has witnessed steady growth until the start of 2020. However, COVID 19 has hugely affected the market growth. Still, the restating of South Korea is expected to resume economic activities, and the country's Lane warning Market is expected to continue to pick up the pace.
