Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Automotive Adaptive Cruise Control Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Strong Growth Trajectory for Automotive Adaptive Cruise Control Systems: Market Forecast to Reach $23.24 Billion by 2024
The automotive industry is positioning itself for significant advances as the latest market analysis underscores the rapid expansion of the adaptive cruise control sector. The automotive adaptive cruise control (ACC) market, renowned for enhancing road safety and vehicle efficiency, is projected to soar from a valuation of $20.84 billion in 2023 to an impressive $23.24 billion by the year 2024.
Drivers worldwide are steadily recognizing the value brought forth by the ACC technology, which is contributing to the anticipated CAGR of 11.5%. Safety benefits, such as mitigating potential collisions and maintaining safe driving distances, are prime components propelling market growth. Technological innovations further fuel this advancement, with market leaders integrating artificial intelligence and adaptive capabilities to elevate the driving experience.
Regional Insights and Technological Trends Set the Pace for ACC Industry Advancement
- North America Leads in the Adoption of Advanced Driver Assistance Systems
- Electric Vehicle Surge Promises New Opportunities for ACC Integration
- AI Empowers ACC Innovation, Improving Fuel Efficiency and Safety
The integration of ACC systems into the burgeoning electric vehicle market is set to unlock new growth dimensions, with recent data indicating a surge in electric vehicle adoption. This underlines the potential for ACC technologies to make inroads into these modern vehicle offerings, thereby ensuring a more secure and efficient driving experience.
Market Dynamics: Consumer Safety Concerns Catalyze Market Development
With road safety concerns on the rise, the market is responding with ACC systems designed to adapt to dynamic driving conditions, providing peace of mind to consumers. The alarming road accident statistics only emphasize the need for such systems that can prevent accidents by leveraging sensor technology for vehicle speed regulation and traffic adaptation.
Key Players Harness Technological Advances and Strategic Acquisitions
Major market players are focusing on leveraging cutting-edge technology and strategic collaborations to solidify their market presence:
- Introducing AI-powered iQ-Cruise technology to enhance driver satisfaction
- Magna International Inc. acquires Veoneer Active Safety, broadening its product offerings
These developments represent a strategic effort to not only enhance product lines but also provide comprehensive solutions to burgeoning market demands.
Geographic Analysis Highlights Accelerated Growth Across Diverse Regions
The automotive adaptive cruise control market exhibits robust growth across various geographic regions, with North America at the forefront of this upward trajectory. The report's extensive analysis comprises diverse markets such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market participants and stakeholders can expect a detailed compilation of data including market size, participant shares, emerging trends, and growth opportunities. This report aims to provide a granular view of the market landscape, aiding decision-makers in their strategic planning.
The comprehensive data within the report delineates the contours of the ACC landscape, highlighting the significant market movements, and ensuring that industry players are well-informed to navigate future trends. As safety and efficiency continue to be paramount, the automotive adaptive cruise control market is set for an ascendant path in the forthcoming years.
A selection of companies mentioned in this report includes
- Magna International Inc
- Continental AG
- Denso Corporation
- Hitachi Automotive Systems Ltd.
- Robert Bosch GmbH
- Valeo SA
- Hyundai Motor Company
- ZF Friedrichshafen AG
- Mando Corporation
- Nidec Elesys America Corporation
- Velodyne Lidar
- Knorr-Bremse AG
- Eaton Corporation plc
- ADVICS Co Ltd
- Visteon Corporation
- Autoliv Inc.
- Delphi Automotive LLP
- WABCO Holdings Inc.
- TRW Automotive Holdings Corp.
- Hella KGaA Hueck & Co.
- Mobileye N.V.
- Gentex Corporation
- Aptiv plc
- Infineon Technologies AG
- NXP Semiconductors N.V.
- Texas Instruments Inc.
- STMicroelectronics N.V.
- Analog Devices Inc.
- Renesas Electronics Corporation
- ON Semiconductor Corporation
- Maxim Integrated Products Inc.
- Melexis NV
- Sensata Technologies Inc.
- TE Connectivity Ltd.
- Panasonic Corporation
- Toshiba Corporation
For more information about this report visit https://www.researchandmarkets.com/r/qxsbad
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