The latest market report published by Credence Research, Inc. “Global Automotive Adaptive Cruise Control Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. Theglobal automotive adaptive cruise control market generated revenue of around USD 31.6 billion in 2022 and is anticipated to grow a CAGR of over 6.9% during the forecast period from 2023 to 2030 to reach around USD 50.4 billion in 2030.
Several nations have devised novel ways to curb road accidents. Automakers must follow severe safety regulations worldwide. Several transportation groups and unions have issued safety guidelines for installing ACC car systems. Major manufacturers have invested much in R&D to build long-range RADAR, which is used with adaptive cruise control to adjust vehicle speed to adjacent traffic. Consumers’ growing preference for advanced collision avoidance technologies drives the adaptive cruise control industry. Due to rising traffic accidents, ACC system demand is likely to rise. Adaptive cruise control was also driven by its technological advancement. Rising consumer discretionary income and changing car purchase taste drive the adaptive cruise control market.
The global automotive adaptive cruise control market is bifurcated into technology, component, vehicle type, end use, mode of operation, and geography. Based on technology, the market is categorized into lidar, laser, radar, ultrasonic and image sensors. The global market is segmented based on components: lin, can, ecu, mcu, and wireless harness. By vehicle type, the market can be based on passenger cars, light commercial vehicles (lcv), and medium and heavy commercial vehicles (mhcv). The market can be split into OEM and aftermarket based on end-use. Based on the mode of operation, the market can be fragmented across normal adaptive cruise control systems and connected adaptive cruise control systems. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, Asia Pacific dominated the global automotive adaptive cruise control market and accounted for a major market revenue share in terms of value. Installing these systems in every vehicle component has become mandatory in large countries such as China, India, and Japan. The costs associated with purchasing these systems have gone up over time. As a direct consequence, customers are moving away from purchasing vehicles in the entry-level to the mid-level price range.
The Automotive Adaptive Cruise Control Market Major Challenges are not to be underestimated. Despite the clear benefits and growing demand for this technology, there are several obstacles that pose significant challenges for market growth. One of the main issues is the high cost of installation and maintenance, which can limit adoption rates among consumers. Additionally, there is a lack of standardization across different manufacturers and models, making it difficult for customers to compare features or switch between brands. Another major challenge is ensuring safe operation in all driving conditions, including adverse weather or unexpected obstacles on the road. Finally, concerns around cybersecurity and data privacy have raised questions about whether these systems could be vulnerable to hacking or misuse by third parties.
The Automotive Adaptive Cruise Control Market opportunities are numerous and promising. The technology has been around for a while, but it is only now gaining mass adoption due to the rising demand for safer and more efficient driving experiences. The market is expected to grow at a compound annual growth rate of 18% from 2021 to 2028. This presents an excellent opportunity for automakers, as they can integrate this technology into their vehicles, providing consumers with features like automated lane changing, automatic emergency braking, and adaptive headlights.
The automotive adaptive cruise control market is expected to experience significant growth worldwide due to several factors:
- Increasing demand for safety features: Safety features are becoming more important in the automotive industry, as consumers seek vehicles that can help reduce the risk of accidents. Adaptive cruise control is a safety feature that can help reduce the risk of collisions by automatically adjusting the vehicle’s speed to maintain a safe following distance.
- Growing adoption of advanced driver assistance systems (ADAS): ADAS technology is becoming more widely adopted in the automotive industry, as it can help improve safety, convenience, and comfort. Adaptive cruise control is a key component of many ADAS systems, which is driving the demand for this technology.
- Emphasis on fuel efficiency: Fuel efficiency is becoming more important as governments worldwide impose stricter fuel economy standards. Adaptive cruise control can help improve fuel efficiency by maintaining a consistent speed and reducing the need for frequent acceleration and braking.
- Increasing demand for luxury vehicles: Adaptive cruise control was initially introduced in luxury vehicles, and it remains a popular feature in this segment. As more consumers purchase luxury vehicles, the demand for adaptive cruise control is expected to increase.
- Technological advancements in sensor technology: Adaptive cruise control relies on sensor technology to detect other vehicles and adjust the vehicle’s speed accordingly. Technological advancements in sensor technology, such as the development of radar and lidar sensors, are improving the accuracy and reliability of adaptive cruise control systems.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global automotive adaptive cruise control market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global automotive adaptive cruise control market segmentation based on technology, component, vehicle type, end use, and mode of operation.
- Major countries in each region with their import/export statistics
- The global automotive adaptive cruise control market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.