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The global adaptive cruise control market was valued at $4.8 billion in 2016, which is expected to reach $15.3 billion by 2023, exhibiting a CAGR of 18.3% during 2017–2023. The growth of the market is buoyed by different vehicle safety regulations and initiatives taken by different countries across the world.
Europe was the largest adaptive cruise control market, followed by North America, in 2016, in terms of value. The region is expected to dominate the market during the forecast period as well. Major factors attributing to the growth of the European market are introduction of stringent safety norms toward vehicle safety and technological advancement.
Dynamics of Adaptive Cruise Control Market
Increasing number of accidents is one of the major drivers propelling the growth of the adaptive cruise control market. Road accidents are among the leading causes of deaths across various regions around the world, with Africa accounting for the highest road traffic-related accidents, followed by Asia-Pacific (APAC). Thus, there has been an increasing demand for safety and comfort features in vehicles, which in turn, is encouraging vehicle manufacturers to install adaptive cruise control systems in their vehicles.
One of the major opportunities in the adaptive cruise control market is electronic integration in vehicles across the automotive industry. Involvement of electronics and information and communications technology (ICT) is taking place at a rapid pace in the industry, as rising number of automakers are rapidly incorporating electronic components in vehicles. Subsequently, production of vehicles has been witnessing a shift from a mechanical-driven process toward the electronics world, creating greater growth opportunity for market players.
Adaptive Cruise Control Market Segmentation Analysis
On the basis of technology, the radar category accounted for the largest share in the adaptive cruise control market in 2016, owing to its low maintenance cost, less chances of failure, and better resolution.
Based on end use, the adaptive cruise control market was led by the OEMs category. Adaptive cruise control system is mainly deployed in vehicle at the time of its manufacturing by automaker. The OEMs cover the product under warranty, which gives better result in avoiding accidents in comparison to the product installed in the aftermarket.
Global Scenario of Adaptive Cruise Control Market
Globally, Europe was the largest market for adaptive cruise control in 2016. Developed countries, such as Germany, the U.K., and France, are major contributors to the adaptive cruise control market in the region. Whereas, the North American market is expected to witness the fastest growth during the forecast period. Implementation of stringent safety norms is one of the major factors driving the market growth in the region. The United States New Car Assessment Program (USNCAP) by National Highway Traffic Safety Administration (NHTSA) has helped in focusing on increased consumer concerns, resulting in greater number of people installing such systems.
Competitive Landscape of Adaptive Cruise Control Market
The global adaptive cruise control market is fragmented in nature, dominated by majorly tier-1 suppliers. Among the leading players, Robert Bosch GmbH was the largest player in the market in 2016. Some of the other major players in the market are Continental AG, Denso Corporation, ZF Friedrichshafen AG, Magna International Inc., Valeo SA, Delphi Automotive PLC, Autoliv Inc., Mando Corporation, and Hyundai Mobis.
Recent Strategic Developments of Major Adaptive Cruise Control Market Players
In recent years, major players operating in the adaptive cruise control market have taken several strategic measures, such as product launches, mergers and acquisitions, and facility expansions, to gain a competitive edge in the industry. For instance, in January 2017, Robert Bosch acquired ITK Engineering AG and its global operations to expand its business in custom system and software development services. Further, in October 2016, Denso Corporation and Toshiba Corporation entered in a partnership agreement to develop an artificial intelligence technology called deep neural network-intellectual property (DNN-IP).
Key Questions Addressed/Answered in the Report