As per FMI, Europe adaptive cruise control market size 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 Million by 2032.
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 an advanced driver assistance system that allows vehicles to automatically adjust their speed to maintain a safe distance from other vehicles on the road. This technology is becoming increasingly popular among car buyers, and it is expected to see continued demand and growth in the future.
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Furthermore, the adoption of ACC technology is also being driven by government regulations and initiatives aimed at improving road safety. For example, in the United States, the National Highway Traffic Safety Administration (NHTSA) has issued guidelines recommending the installation of advanced safety features, including ACC, in all new vehicles.
In addition, car manufacturers are increasingly offering ACC as a standard or optional feature in their vehicles, making it more accessible to consumers. Some companies have even started developing more advanced versions of ACC, such as predictive cruise control, which uses real-time data to adjust speed based on road conditions and traffic patterns.
Overall, the demand and growth of Adaptive Cruise Control technology are expected to continue to rise in the coming years as consumers and governments alike prioritize road safety and the adoption of advanced driver assistance systems.
“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.
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Adaptive Cruise Control Market by Category
By 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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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