Wilmington, Delaware, United States, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The automotive adaptive cruise control (ACC) market was valued at US$ 5.1 billion in 2022. Between 2023 and 2031, it is estimated to expand at a CAGR of 5.4%, reaching US$ 8.4 billion. ACC was increasingly appearing in all vehicle segments, not just luxury but also mainstream and entry-level models. Since technology is improving while costs are falling, ACC has the potential to become an inbuilt feature or part of many new cars.
ACC systems will most likely be increasingly connected with advanced technologies like AI, machine learning, and connectivity features. This integration may help the system to better adapt to complex driving situations and strengthen overall performance. Advanced ACC systems of the future may be more capable of managing increasingly complicated traffic situations, leading to greater automation.
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The steady advancements in sensor technologies such as radar, LIDAR, and cameras will likely lead to improved accuracy and reliability of ACC systems. Advanced sensors will help improve the detection of its surroundings, whereby it can operate more composed and safely. Integration with Autonomous Driving Technologies: ACC is usually seen as a stage for fully autonomous driving.
Key Findings of Market Report
- Adaptive cruise control adoption in self-driving vehicles bolsters market development
- Stringent regulations on road safety boost the growth of automotive adaptive cruise control
- In 2022, North America dominated the global market.
- Based on technology, the LIDAR sensor is anticipated to drive the automotive adaptive cruise control market.
- In terms of mode of operation, adaptive cruise control with a connected feature is likely to take off.
Global Automotive Adaptive Cruise Control Market: Key Players
The automotive industry is implementing several strategies to boost business growth, including those initiated by Original Equipment Manufacturers (OEMs). A big part of their strategy is merging, acquiring, forming partnerships, and launching new products. Automotive adaptive cruise control market trends are constantly changing, and manufacturers are investing in research and development to stay on top of them.
- Robert Bosch GmbH
- Continental AG
- ZF FriedrichShafen AG
- Denso Corporation
- Phinia Inc.
- Sentasa Technologies, Inc.
- Autoliv Inc.
- Valeo
- Magna International Inc.
- WABCO
- Hitachi, Ltd.
- HL Mando Corp.
Global Automotive Adaptive Cruise Control Market: Growth Drivers
- ACC is designed to improve vehicle safety by ensuring a safe distance between the cars ahead. Increasingly concerned about road safety and eager to avoid car accidents, ACC systems are gradually increasing in adoption. The rising popularity of these advanced safety features drives the ACC market. These advanced technologies promote the performance and reliability of ACC systems, which in turn promotes market growth.
- Growing consumer awareness is leading to a move towards ACG systems that provide convenience and safety benefits. As a result, consumers are more likely to pay for features that enhance their experience. The regulators in different areas may require certain safety features in vehicles. Advertisements for regulations encouraging high-end safety technologies, including ACC, can significantly influence market growth.
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Global Automotive Adaptive Cruise Control Market: Regional Landscape
- North America is expected to drive demand for the automotive adaptive cruise control market. The adoption of advanced driver assistance systems (ADAS), including ACC, has been driven largely by stringent safety regulations in North America. Sometimes, regulatory bodies like the National Highway Traffic Safety Administration NHTSA in the United States advocate for Vehicle safety technologies.
- Consumers in North America became aware of and interested in more sophisticated safety features. Vehicles fitted with ACC were getting more popular as people looked for vehicles that provided greater safety and ease of use. ADAS features are being integrated into vehicles at a higher rate in the North American automotive industry. As ACC is a critical element in ADAS, its demand will likely increase with the increasing penetration of these technologies.
Global Automotive Adaptive Cruise Control Market: Segmentation
By Technology
- RADAR Sensor
- LIDAR Sensor
By Mode of Operation
- Normal Adaptive Cruise Control System
- Connected Adaptive Cruise Control System
By Vehicle
- Passenger Vehicle
- Commercial Vehicle
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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