According to a new market research report “Global Adaptive Cruise Control Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Technology (Lidar, Radar, Laser and Ultrasonic), by Application (Passenger cars, Commercial vehicles), by End-Use (OEMs, Aftermarket)” published by P&S Market Research, the global adaptive cruise control market is projected to reach $15,290 million by 2023, growing at a CAGR of 18.3% during the forecast period (2017 – 2023).
Explore Report Description at: https://www.psmarketresearch.com/market-analysis/adaptive-cruise-control-market
Global adaptive cruise control market worth $15,290.0 million in 2023
As per the research, the global adaptive cruise control market high is likely to grow from $4,767.0 million in 2016 to $15,290.0 million by 2023. The rapidly growing automotive industry especially in emerging economies of India, China, Brazil is generating significant demand for vehicle fitted with adaptive cruise control. Increasing number of road accident and awareness to safety systems is also driving the market. Vehicle safety regulations and initiatives by various associations and trade unions are backing the increasing installations of adaptive cruise control (ACC) systems in vehicles. Governments and associations across the globe have been increasingly formulating multi-dimensional policies toward vehicle and passenger safety, increasing fuel efficiency and improving overall performance of the vehicle.
Insights on market segments
As per the findings of research, the global adaptive cruise control market has been segmented into technology, application, end-use and region. In 2016, radar segment accounted for the largest share in global adaptive cruise control market and garnered 33.7% share in the global market. On the other hand, lidar segment is expected to witness the fastest growth in the global adaptive cruise control market.
The major factors driving the growth of the radar and lidar is increasing adoption of adaptive cruise control system in passenger car and commercial vehicles. Passenger cars is the dominating segment in the adaptive cruise control market.
North America and Europe to contribute over 65% to the global adaptive cruise control market
North America and Europe collectively accounted for more than 65% in the global adaptive cruise control market in 2016. The regions are expected to dominate the global market during the forecast period. The major factor attributing to the growth is the increase in vehicle production, stringent safety norms towards vehicle safety and technological advancement. The United States New Car Assessment Program (US NCAP) by National Highway Traffic Safety Administration (NHTSA) has helped in focusing on increased consumer concerns resulting in more number of people installing such systems. In addition, development of safety features in vehicles will lead to improvement in the rating system, which will in turn lead to a positive change in the market. Adaptive cruise control system can be seen in a wide array of cars. Audi, BMW, Chevrolet, Dodge, Ford, Honda, Hyundai, Land Rover, Lexus, Mercedes-Benz, Nissan, Porsche, Subaru, Toyota, and Volvo are some of the well-known brands that offer adaptive cruise control system as standard or optional equipment in some of their cars.
Growing demand of Passenger cars and commercial vehicles segment across the globe
The major factors driving the growth of the market includes growing demand of passenger cars and commercial vehicles globally. India and China have emerged as the growing countries where the vehicle production has increased rapidly in past five years and the trend is likely to continue during the forecast period. Growth in sales of passenger vehicles in India was the fastest among the eight largest auto markets in the world in 2016. In North America, the outlook in the U.S. and Canada remained promising and achieved high sales figures in 2016 and without any overriding concern of a slow down on the horizon in either market. The Middle East region and countries in rest of the world, which include Brazil, Chile, Iran, Australia have gained global traction in the recent time and is expected to remain at a forefront of market due to which several OEMs continue to explore local manufacturing options in these countries.
The market is dominated by organized players
The adaptive cruise control market is majorly dominated by Tier 1 players having presence across the globe. Some of the major players involved include Autoliv Inc., Continental AG, Denso Corporation, Delphi Automotive PLC, Robert Bosch GmbH, Valeo SA, Hyundai Mobis, ZF Friedrichshafen AG, and Magna International Inc.
Merger and acquisition and strategic partnerships have been the major recent developments in the global adaptive cruise control market. For instance, Delphi Automotive PLC acquired Movimento, one of the leading supplier of Over-the-Air (OTA) software and data management systems for the automotive industry in Jan 2017. The acquisition of Movimento will strengthen Delphi’s presence in the vehicle connectivity market. Prior to this in Oct 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). The new technology will use in image recognition systems which was earlier developed by companies individually to expand their presence in the advanced driver assistance system market. Earlier in Jan 2016, Magna International acquired one of Getrag Group of Companies. Getrag is a one of the leading suppliers of vehicle transmission systems. Magna completed the deal at the purchase price, which was $1.9 billion. Getrag serves all the major automotive giants such as BMW, Audi, Jiangling Motors, Ford, Volvo and Dongfeng.
GLOBAL ADAPTIVEE CRUISE CONTROL MARKET SEGMENTATION