The global adaptive cruise control market is projected to expand at 12.7% CAGR during the forecast period between 2022 and 2032, as per Future Market Insights (FMI). Adaptive cruise control (ACC) is a system designed to control the acceleration and braking of a vehicle with the use of sensors.
Growing traffic and increasing number of on- road vehicles is accelerating the demand for adaptive cruise control systems in the forecast period. Adaptive cruise control uses sensors such as radar and laser systems are integrated to ensure passenger and vehicle safety.
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Furthermore, expansion of automotive industry across the globe is driving the sales in the market. Advanced driver assistance system is essential in vehicles to help drivers. Manufacturers of adaptive cruise control systems are focusing on developing high performing sensors with wider detection range.
As per FMI, Europe adaptive cruise control market is expected to dominate the global market during the forecast period. Adaptive cruise control market in Europe is projected to top US$ 4,399.2 Mn by 2032.
“Over the assessment period, sales of adaptive cruise control systems are rising due to increasing technological innovation in advanced driver assistance system that gives high accuracy and high speed processing of vehicle.” says an FMI analyst.
Key Takeaways:
- In terms of technology, the radar sensor segment is projected to hold approximately 9% of the total market share in 2022.
- Based on sales channel, the OEM segment is anticipated to grow at 9% CAGR through 2032.
- East Asia will emerge as an attractive adaptive cruise control market globally, creating an incremental $ opportunity of US$ 2,609.3 Mn in the forecast period.
- Passenger vehicle segment is expected to reach about US$ 9,037.5 Mn by end of the forecast period.
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Competitive Landscape
Key market participants of the Adaptive Cruise Control market elaborated in the report include Continental AG, Robert Bosch GmbH, Valeo SA, Magna International, Delphi Automotive, ZF Friedrichshafen, Aisin Corporation, Hitachi Astemo, Hella KGaA Hueck Co, KG, Pacific Industrial Co. Ltd and others.
Key players are strengthening their positions in the market by expanding their geographic presence across the globe to expand their customer base. Some of the players are also focusing on developing high performance products for vehicles by using cutting edge technologies.
Meanwhile, other players are focusing on acquisition and expansion strategies to increase their revenue. Key players are strengthening their positions in the market by expanding their production capacities across the globe.
For instance:
- In April 2021, DENSO Corporation developed advanced driver assistance system technology for Lexus LS and Toyota Mirai released in Japan.
- In Feb 2020, Continental AG announced the opening of a new manufacturing plant in US. The purpose is expansion of production capacity of radar sensors for advanced driver assistance systems and expand the company’s market position as well.
More Insights into the Global Adaptive Cruise Control Market Report
In its latest report, FMI offers an unbiased analysis of the global adaptive cruise control market, providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032. To understand the global market potential, its growth, and scope, the market is segmented based on technology (ultrasonic sensor, lidar sensor, radar sensor, camera sensor, infrared sensor, pressure sensor), by sales channel (OEM, Aftermarket), by vehicle type (passenger vehicles, LCV, HCV) & by region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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The post Adaptive Cruise Control Market is poised to expand at 12.7% CAGR, surpassing a valuation of US$ 4,399.2 Mn by 2032 appeared first on Future Market Insights.
