As per MRFR study, the automotive adaptive cruise control market can rise at 8.56% CAGR by 2023. On the conclusion of the review period, the adaptive cruise control market can value at USD 15,457.25 Mn.
There are different factors that can prompt the expansion of the automotive adaptive cruise control market. They are; technology advancements, rise in the sale of passenger cars, the increase in the need for passenger safety. Advancements in technology can drive the need for the installation of adaptive cruise control in their automobile to get improved safety.
The high demand for automobile that have better passenger safety features is promoting the application of adaptive cruise control system, thus can support the expansion of the market. The increased utility of ACC can also lead to the rise of the market in the assessment period.
The high passenger cars sales across the emerging nations that have led to the rise in the adoption of adaptive cruise control in vehicles can promote the expansion of the market. The rise of the automotive adaptive cruise control market can be attribute to the increase in the number of accidents. The rise in the installations of adaptive cruise control in vehicle can favor the market.
Market Segment Analysis
The segment study of automotive adaptive cruise control market is based on end use, technology, and vehicle type. The technology-based segments of the automotive adaptive cruise control market are LIDAR, ultrasonic, radar, and laser. The radar segment can gain considerable revenue for the adaptive cruise control market in the forecast period as it can automatically control of vehicles. Radar sensors detect with high accuracy, the distance between the two cars that results in increase in passenger safety.
The rise in the passenger safety concern can boost the expansion of the market. The vehicle type-based segments of the automotive adaptive cruise control market are commercial vehicles and passenger cars. The passenger car segment can dominate the market for the forecast period as the sale of passenger cars can rise in emerging nations, such as Japan India, and China.
Detailed Regional Study
In North America, the automotive adaptive cruise control market can boom across the forecast period owing to the rise in vehicle production and the presence of stringent government regulations related to safety issues. The US can head the regional market, as the growing stringency of government regulations is resulting in the rise in the adoption of adaptive cruise control in the years to come.
The increase in the utility of adaptive cruise control is likely to cause expansion of the regional automotive adaptive cruise control market in the forecast period. In Europe, the automotive adaptive cruise control market can secure the second position in the growth curve across the review period. In Asia Pacific, the automotive adaptive cruise control market can rise at the highest CAGR through the evaluation period.
Key Players
MRFR sorted some key players functioning in the world automotive adaptive cruise control market based on origin and regional branches, key innovations, and financial aspects. These major players are ZF Friedrichshafen AG (Germany), Robert Bosch GmbH (Germany), Continental AG (Germany), Autoliv Inc. (Sweden), Delphi Automotive PLC (U.K.), Denso Corporation (Japan), Hyundai Mobis (South Korea), Magna International Inc (Canada), Valeo SA (France), and Mando Corporation (South Korea). The report details several factors and precisely impact of coronavirus on the market.
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