Automotive adaptive cruise control (ACC) systems are categorized as a sub-set of driver-assist systems. ACC control the speed of the car and other vehicle technology. These systems maintain the speed of a vehicle either by slowing down or speeding it up, keeping pace with other vehicles. ACC solution uses sensor technology to detect the distance between two cars and thus provide enhanced driver safety and convenience.
Automotive adaptive cruise control (ACC) technology is trending currently due to the demand for smart technologies, especially in high-end cars. As a result, its market is garnering huge traction on the global platform. According to Market Research Future (MRFR), the global Automotive Adaptive Cruise Control Sales would reach a valuation of USD 15,457.25 MN by 2023, registering around 8.56% CAGR throughout the forecast period (2017- 2023).
Market penetration of autonomous or self-driving vehicles is a key driving force behind the growth of the market, which is also expected to provide substantial growth opportunities for the manufacturers of these systems. Safety systems are continually getting upgraded to match the rising speed limits of high-end, high-performance luxury cars in the market. Rising number of road-accident cases are driving the installations of adaptive cruise control for improved safety.
Additionally, factors such as advancement in technology, increase in the sale of passenger cars in emerging countries, and growing need for passenger safety are substantiating the growth of the market. The availability of better passenger safety led by the augmenting demand for improved safety features used in the vehicles has led to the growing use of adaptive cruise control in their vehicle.
On the other hand, high initial investments needed to install an adaptive cruise control system are major factors that are impeding the growth of the market. Nevertheless, automotive consumers are increasingly becoming aware of the importance of various safety systems and road safety measures, which would support the growth of the market.
Automotive Adaptive Cruise Control Sales - Segmentation
The report segments the market into four key dynamics to widen the scope understanding,
By Vehicle Type : Passenger car and Commercial Vehicle.
By Technology : Lidar, Radar, Laser, and Ultrasonic.
By End-use : OEM and Aftermarket.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World.
Automotive Adaptive Cruise Control Sales - Regional Analysis
North America would retain its dominance over the global Automotive Adaptive Cruise Control Sales. The region is a hub for the advanced technologies and the largest market for autonomous vehicles. Factors such as the increase in vehicle production, stringent government regulations for the safety, and the demand for vehicular safety & comfort features foster the growth of the regional market. Well-established automotive industry in this region creates significant opportunities for the market to grow further.
The US is the largest Automotive Adaptive Cruise Control Sales in the region. The presence of one of the world’s best road infrastructure encourages the automakers in the US to manufacture high powered, autonomous vehicles equipped with futuristic safety systems. Moreover, various regulations imposed by the National Highway Traffic Safety Administration for passenger safety in cars are pushing up the growth of the market.
The Automotive Adaptive Cruise Control Sales in the European region takes the second lead in terms of both, size as well as volume. The robust automotive sector in the region, along with its most innovative and technologically advanced automobiles drives the growth of the regional market. Due to the stringent government regulations, the uptake of adaptive cruise control systems is quite high in the region. This increasing uptake is expected to lead to the growth of this region during the forecast period.
The Asia Pacific Automotive Adaptive Cruise Control Sales is emerging as a promising market, globally. The automotive sector in the region is currently growing rapidly, witnessing an increase in production. Moreover, the concept of autonomous vehicles is just catching its momentum in rapidly developing countries such as South Korea, China, and Japan.
Increasing demand for automotive safety features and huge advances in related technologies are some of the primary factors driving the Automotive Adaptive Cruise Control Sales in the APAC region. Japan and South Korea are the prominent markets for automobiles across the globe. The burgeoning automotive industry and the presence of a number of ACC manufacturers in India and China, predominantly drive the growth of the regional market.
Automotive Adaptive Cruise Control Sales - Competitive Analysis
Competitive by nature, the Automotive Adaptive Cruise Control Sales is envisaged to intensify with the entry of more players. The market looks fragmented due to the several large and small-scale players operating in the market. Acquisition, collaboration, expansion, and product/ technology launch are some of the key trends that the market players adopt to gain a competitive edge in the market. Product development and geographical expansion are major area of focus, resultantly, the market would witness constant innovations and the intensified market competition.
Key players leading the global Automotive Adaptive Cruise Control Sales include Continental AG (Germany), Autoliv Inc. (Sweden), Denso Corporation (Japan), Robert Bosch GmbH (Germany), Delphi Automotive PLC (UK), Valeo SA (France), ZF Friedrichshafen AG (Germany), Magna International Inc (Canada), Mando Corporation (South Korea), and Hyundai Mobis (South Korea), among others.