Vancouver, British Columbia, March 04, 2021 (GLOBE NEWSWIRE) -- The Global Adaptive Cruise Control Market is expected to accumulate nearly USD 62.36 billion by 2027 at a CAGR of 20.8%, according to the latest study by Emergen Research. The growth of this market is spurred by the escalating sales of luxury automobiles, rising demand for state-of-the-art automotive electronics, the growing need for automotive fuel-efficiency, and a rise in government endeavors to promote the adoption of electric vehicles.
The increasing rate of road mishaps worldwide due to augmented traffic and lack of safety measures, the incorporation of collision avoidance and advanced braking systems in present-day automobiles, stringent government regulations concerning road and passenger safety, and manufacturers’ rising focus on introducing advanced automotive safety features complying with regulatory norms are some other vital parameters contributing to the global adaptive cruise control market growth.
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Adaptive cruise control (AAC), also known as autonomous cruise control, is an advanced driver-assistance system equipped with laser sensors and cameras that enable the vehicle to detect other vehicles ahead and automatically adjust its speed to avoid collisions. It is a safety feature that efficiently controls the braking and acceleration of a vehicle. The ACC technology is considered an intelligent feature for cars of future generations. It has proven efficient in maintaining a safe distance between road vehicles and reducing accident risks.
Hence, adaptive cruise control has improved drivers’ safety and comfort, enhancing the overall driving experience. Some of the leading car brands offering this feature include BMW 3 Series, Toyota Corolla Hatchback, Nissan Altima, and Hyundai Sonata. The expanding transportation & logistics sector, increasing adoption of technologically advanced cruise control systems, and the soaring disposable incomes of consumers further propel the demand for adaptive cruise controls. However, sensor failures caused by extreme weather conditions like intense fog and thunderstorms and escalating costs of advanced automotive features are certain factors predicted to hamper the global adaptive cruise control market growth over the estimated timeframe.
Key Highlights of the Report:
- The global adaptive cruise control market is segmented into assisting systems, predictive systems, and multi-sensor systems based on type. The assisting systems segment is expected to lead the global market over the forecast timeline in terms of revenue, exhibiting a robust 21.1% CAGR. The highly efficient features of assisting systems, such as lane centering, proximity alerts, and brake assistance, have fueled their demand worldwide.
- The global market is broadly segmented into commercial vehicles and passenger cars based on vehicle type. The passenger cars sub-segment is foreseen as the most dominant segment over the forecast years, with a CAGR of 21.2%. The rising demand for premium, fuel-efficient passenger cars and their skyrocketing sales are boosting the growth of this segment.
- Among the key market regions, Europe is poised to lead the global adaptive cruise control market in the coming years, owing to the rising production of automobiles in the region and the presence of renowned automotive manufacturers, such as Continental AG, Robert Bosch GmbH, Valeo SA, and ZF Friedrichshafen.
- The leading industry participants include Robert Bosch GmbH, ZF Friedrichshafen AG, DENSO Corporation, Continental AG, Valeo SA, Autoliv Inc., Mando Corporation, Delphi Automotive LLP, Velodyne Lidar, Inc., Magna International Inc., Hyundai Mobis Co. Ltd., and Delphi Automotive PLC.
- In September 2020, MG Motor announced the upcoming launch of its new luxury SUV Gloster in India. The new MG Gloster features an adaptive cruise control system that automatically controls the car’s speed with no input from the driver. Lane Departure Warning (LDW), Front Collision Warning (FCW), Auto Park Assist (APA), and Blind Spot Monitor (BSM) are the other significant features of the new vehicle.
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For the purpose of this report, the global adaptive cruise control market has been segmented on the basis of type, vehicle, technology, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
-
- Assisting Systems
- Predictive Systems
- Multi-sensor Systems
Vehicle Outlook (Revenue, USD Billion; 2017-2027)
-
- Commercial Vehicles
- Passenger Cars
Technology Outlook (Revenue, USD Billion; 2017-2027)
-
- LiDAR
- Radar
- Image
- Ultrasonic
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- By Region (Revenue: USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of Middle East & Africa
- North America
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