New York, Nov. 18, 2019 (GLOBE NEWSWIRE) -- The rising number of government initiatives globally related to the safety of the vehicles coupled with the rising demand for safe and efficient vehicles are the major factors attributing to the growth of the market over the forecasted period. Another factor helping the growth of the Adaptive Cruise Control (ACC) market is the rising demand for luxurious vehicles which come with ACC systems built in.
According to the current analysis of Reports and Data, the global Adaptive Cruise Control market was valued at USD 13.83 Billion in 2018 and is projected to grow at a CAGR of 6.92% from 2019 to 2026. Adaptive Cruise Control (ACC) refers to an intelligent form of cruise control that allows the vehicles to speed up and slow down automatically in order to keep up with the pace of the traffic ahead. Increasing number of vehicle accidents globally is one of the drivers for the growth of the Adaptive Cruise Control (ACC) market. Another major factor for the increase in the size of the market through the forecasted period are the rising number of initiatives being undertaken by governments globally in order to improve the fuel efficiency of the vehicles as well as improve the safety attributes of the vehicles
ACC is also called as autonomous cruise control, active cruise control, intelligent cruise control and radar cruise control. Regardless of what it is called, it`s becoming an increasingly common feature in new cars globally. ACC works with a sensor that is mounted within the front part of the car that constantly keeps on scanning the road ahead for other vehicles.
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Two major trends that can help increase the demand for ADAS over the forecasted period are the switch from conventional powered vehicles to electric powered vehicles; and the increasing automation in vehicles. Trends like these will majorly impact the demand for ADAS through the forecasted period. The rise in the demand for electric vehicles will witness a huge growth of the electric vehicle segment as more and more vehicles will be fitted with ACC in the coming future. Autonomous vehicles which keep a track of the speed of the vehicle in the surroundings and adjust their speeds accordingly will also lead to an increasing demand for ACC through 2026.
Further key findings from the report suggest
- The valuation for the Global Adaptive Cruise Control market was USD 13.83 Billion in 2018 and is predicted to reach USD 23.85 Billion by 2026.
- Increasing number of government initiatives globally related to the safety of the vehicle coupled with the increasing number of accidents on the road are the major factors affecting the growth of the market.
- Passenger car segment is forecasted to occupy the largest share of the market in 2026 on account of rising demand for vehicles from the customers. Reforms related to the scrapping of conventional powered vehicles and the switch to electric cars is the major factor attributing to the large share of the segment. The Passenger vehicle segment accounted to USD 3.01 Billion in the European region in 2018.
- European region is forecasted to occupy a major share in the market on account of presence of many prominent players in the industry like Continental AG, Valeo S.A., and ZF Friedrichshafen.
- North America region is forecasted to occupy the largest share in the market in 2026 on account of high demand for safe and efficient vehicles in the region. The region is forecasted to grow to USD 10.02 Billion in 2026.
- Competitors in the industry are also utilizing certain strategies like targeted acquisitions and mergers, thus helping them gain a better share in the market.
- Key participants include Autoliv, Inc. (Sweden), Magna International (Canada), Valeo S.A. (France), Delpi Automotive (Ireland), Continental AG (Germany), Denso Corporation (Japan), ZF Friedrichshafen (Germany), Hyundai Mobis Co. (South Korea), Mando Corporation (South Korea), and WABCO (France).
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the Adaptive Cruise Control Market on the basis of Technology, Vehicle, Propulsion, and Region:
Technology (Revenue, USD Million; 2016–2026)
- Infrared Sensor
- Laser Sensor
- Image Sensor
- Radar Sensor
- Ultrasonic Sensor
- LiDAR Sensor
Vehicle (Revenue, USD Million; 2016–2026)
- Passenger Vehicle
- Mid-sized car
- Sedan
- Minivan
- Convertible
- Crossover
- Hatchback
- Others
- Light Commercial Vehicle (LCV)
- Compact
- Utility Vehicle
- Supermini
- Light Truck
- Others
- Heavy Commercial Vehicle (HCV)
- Mobile Truck
- Limo
- Recreational Vehicle
- Towing Truck
- Fire Trucks
- Others
Propulsion (Revenue, USD Million; 2016–2026)
- Electric
- Battery Electric Vehicle
- Fuel Cell Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Petrol
- Diesel
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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