Market Insights
According to MRFR analysis, the global Automotive Adaptive Cruise Control Market is expected to register a CAGR of ~ 8.56% from 2023 to 2032 and hold a value of over USD 64.7 Billion by 2032. The adaptive cruise control system is an exclusive driver assistance system that aids to maintain a safe distance from another vehicle.
The automotive adaptive cruise control system automatically regulates the vehicle speed to maintain a safe distance from vehicles ahead. The speed of the car is adjusted either by deceleration it down or speeding it up automatically. Rapid automotive technological advancements and the increasing trend of connected mobility are major factors driving the adaptive cruise control market revenue growth. Connected mobility entails gathering data from several sources on a vehicle, processing it, and developing applications around it.
Regional Analysis
North America dominates the automotive adaptive cruise control market due to the upsurge in vehicle production and strict government regulations for safety.
Asia-Pacific on the other hand is set to register the highest CAGR for the forecast period due to the growth and expansion of the automobile sector in this region, increasing demand for luxury cars, and increasing personal disposable income.
Market Segmentation
The Global Automotive Adaptive Cruise Control Market has been segmented into Component and Vehicles
Based on Components, The Global Automotive Adaptive Cruise Control Market has been segmented into LiDAR, RADAR, and Others. The RADAR segment is projected to dominate the market over the forecast period in terms of adaptive cruise control market share. Growing demand for the safety of occupants in vehicles is fueling the demand for these systems. Several governments have imposed strict regulations on automotive manufacturers to equip RADAR technology to enhance the safety of vehicles.
Based on vehicles, The Global Automotive Adaptive Cruise Control Market has been segmented into passenger cars and commercial vehicles. The passenger car segment is anticipated to dominate the market over the estimated period. Strict regulations imposed by the government to equip ACC systems in vehicles are fuelling the growth of this segment. Increasing vehicle production across the globe is also one of the significant factors maintaining the dominance of this segment.
Key Players
Some of the key market players are Valeo SA (France), Hyundai Mobis (South Korea), ZF Friedrichshafen AG (Germany), Magna International Inc (Canada), Autoliv Inc. (Sweden), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), Robert Bosch GmbH (Germany), and Mando Corporation (South Korea)
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