Luton, Bedfordshire, United Kingdom, March 09, 2023 (GLOBE NEWSWIRE) --
Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Adaptive Cruise Control (ACC) Systems Market.
From 2023 to 2029, the market for adaptive cruise control (ACC) systems is anticipated to expand at a 6.5% CAGR. From USD 31.2 billion in 2022, it is anticipated to increase to over USD 54.99 billion by 2029.
Rapid technological advancements in the automotive industry and rising trend towards connected mobility are the main factors driving the revenue growth of the adaptive cruise control market. Connected mobility means collecting and processing data from various sources in the vehicle to develop applications around it. The technology makes extensive use of Internet of Things (IoT)-based sensors and devices to collect data on vehicle acceleration, engine temperature, brakes, oil level, battery, and other parameters. Collected data enables drivers to make more informed decisions.
Regulations and guidelines due to an increase in traffic accidents are increasing the demand for adaptive cruise control. The number of traffic accidents is increasing rapidly around the world. Moreover, these accidents are considered one of the leading causes of death by international organizations.
One of the driving forces for Adaptive cruise control (ACC) systems market is regulations and guidelines due to an increase in traffic accidents
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Driving Factors
World Health Organization (WHO) report a significant increase in the number of road deaths. Based on these reports, governments and other agencies in various countries around the world have issued standards and regulations for installing highly efficient adaptive cruise control systems in vehicles. This system offers drivers many advantages and allows them to make more informed decisions. They are also in increasing demand from consumers around the world to enhance vehicle safety and comfort. Additionally, automakers are rapidly adopting this technology to achieve the highest consumer ratings for their vehicles.
Regional Opportunities-
North America region is expected to show higher market growth in the forecast period.
North America adaptive cruise control market will account for the largest revenue share in 2022. Rising demand for commercial and luxury vehicles and stringent government regulations to curb rising traffic fatalities are key factors driving revenue growth in the region’s market. Adaptive cruise control is essential to improve vehicle safety and thereby increase consumer confidence. Additionally, demand for adaptive cruise control has increased significantly as fleet operations increase across the region.
Recent Developments
- In September 2022, The latest generation ASX was introduced for the European market by Mitsubishi Motors Europe B.V., according to an announcement from Mitsubishi Motors Corporation. At the center of the instrument panel is a Smartphone-link Display Audio. It is possible to enhance safe driving by using cutting-edge driver assistance systems like MI-PILOT single-lane driver assistance technology for highways, which combines Adaptive Cruise Control (ACC) with Lane Centering Assist (LCA). Beginning in March 2023, it will be available in Mitsubishi Motors dealerships in a few European markets after being produced at Renault's Valladolid facility in Spain.
- In July 2022, In an effort to improve the vehicle's autonomous driving system, Nanjing Chuhang Tech Co., Ltd. (Chuhang Tech) stated that one of Leapmotor's mass-produced sedan models would be equipped with Chuhang Tech's 77GHz front-facing radar and 77GHz blind-spot detecting radar.
Adaptive Cruise Control (ACC) Systems Market Scope and Segmentation
| Report Feature | Details |
| Base Year: | 2022 |
| Projection Period: | 2023-2029 |
| Market Details: | Total revenue and forecast, CAGR, Market value, share, and Y-o-Y growth by segment and region |
| Segment Covered: | By Type, By Component Type, By Vehicle Type, By Regions |
| Regional and Country Scope | North America: includes the US, Canada, Mexico Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe South America: includes Brazil, Argentina and Rest of South America Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA |
| Largest market share | North America - 29%. |
| Market Players Covered | Autoliv Inc., Magna International Inc., Valeo, BorgWarner Inc., Continental AG, DENSO Corporation, ZF Friedrichshafen AG, Hyundai Mobis, Mando Corp., and Robert Bosch GmbH. |
| Adaptive Cruise Control (ACC) Systems Market Growth Drivers | Some of the key growth drivers include:
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Key Market Segments: Adaptive Cruise Control (ACC) system Market
Adaptive Cruise Control (ACC) System Market by Component Type, 2023-2029, (USD Billion), (Thousand Units)
- Lidar
- Radar
- Others
Adaptive Cruise Control (ACC) System Market by Vehicle Type, 2023-2029, (USD Billion), (Thousand Units)
- Passenger Car
- Commercial Vehicles
Adaptive Cruise Control (ACC) System Market by Region, 2023-2029, (USD Billion), (Thousand Units)
- North America
- Asia Pacific
- Europe
- South America
- Middle East and Africa
Important Countries in All Regions Are Covered.
Points cover in Adaptive Cruise Control (ACC) System Market Research Report:
Chapter 1: Overview of Adaptive Cruise Control (ACC) System Market (2023-2029)
Definition
Specifications
Classification
Applications
Regions
Chapter 2: Market Competition by Players/Suppliers 2023 and 2029
Manufacturing Cost Structure
Raw Material and Suppliers
Manufacturing Process
Industry Chain Structure
Chapter 3: Sales (Volume) and Revenue (Value) by Region (2023-2029)
Sales
Revenue and market share
Chapter 4, 5 and 6: Global Adaptive Cruise Control (ACC) System Market by Type, Application & Players/Suppliers Profiles (2023-2029)
Market Share by Type & Application
Growth Rate by Type & Application
Drivers and Opportunities
Company Basic Information
Chapter 7, 8, and 9: Sourcing & Marketing Strategy Analysis
Key Raw Materials Analysis
Upstream Raw Materials Sourcing
Marketing Channel
Chapter 10 and 11: Adaptive Cruise Control (ACC) System Market Effect Factors Analysis and Market Size (Value and Volume) Forecast (2023-2029)
Technology Progress/Risk
Sales Volume, Revenue Forecast (by Type, Application & Region)
Chapter 12, 13, 14 and 15: Adaptive Cruise Control (ACC) System Market Research Findings and Conclusion, appendix and data source
Methodology/Research Approach
Data Source (Secondary Sources & Primary Sources)
Market Size Estimation
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