The global adaptive cruise control market was valued at $4.8 billion in 2016, and it is expected to reach $15.3 billion by 2023, exhibiting a CAGR of 18.3% during 2017–2023. On the basis of technology, the radar category witnessed the largest demand in 2016, in terms of value.
On the other hand, the lidar category is expected to witness the fastest growth in the adaptive cruise control market, during the forecast period. This is due to high integration of anti-collision sensors and implementation of strict legal and regulatory standards that mandate inclusion of sensors in motor vehicles to increase safety features.
Customer Awareness Toward Advanced Safety Features is Major Trend in Market
Awareness among people toward advance safety features in their vehicles is one of the emerging trends witnessed in the adaptive cruise control market. To avoid road accidents and improve vehicle performance and efficiency, customers are asking automakers to install advanced driving assistance systems, especially the adaptive cruise control system. Adaptive cruise control is one of the major safety systems that is gaining attention and is widely being installed across different models, ranging from luxury vehicles to lower and mid-segment cars. Volkswagen Polo, Chevrolet Volt, Volkswagen Jetta, Nissan Murano, and Ford Fusion are some of the models that are equipped with adaptive cruise control system.
Vehicle Safety Regulations and Initiatives is Driving the Market Growth
Vehicle safety regulations and initiatives by various associations and trade unions are backing the increasing installation of adaptive cruise control systems in vehicles. Governments and associations across the globe have been increasingly formulating multi-dimensional policies toward vehicle and passenger safety, fuel efficiency, and performance of vehicle. Moreover, government regulations related to vehicle safety are increasingly becoming stringent and the vehicles produced across Europe and North America are required to be equipped with safety features. These factors are driving the growth of the adaptive cruise control market.
Segmentation Analysis of Adaptive Cruise Control Market
On the basis of technology, radar is the largest category in the adaptive cruise control market, whereas lidar is the fastest growing category. On the other hand, the laser category is also expected to face significant growth in the market in the coming years.
Based on application, passenger cars was larger category in the adaptive cruise control market in 2016 and is expected to exhibit faster growth during the forecast period. This is attributed to the increasing disposable income of people and growing sales of premium and luxury cars. Moreover, government initiatives to improve fuel efficiency and safety attributes of vehicles are motivating manufacturers to install such integrated systems in passenger vehicles for ensuring safety and complying with government regulations.
Geographical Analysis of Adaptive Cruise Control Market
Globally, the North American adaptive cruise control market is projected to witness the fastest growth during the forecast period. Implementation of stringent safety norms is one of the major factors driving the market 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. In addition, development of safety features in vehicles will lead to the improvement in the rating system, which in turn, will lead to a positive change in the market.
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Competitive Landscape of Adaptive Cruise Control Market
Some of the major players operating in the global adaptive cruise control market are Robert Bosch GmbH Continental AG, Denso Corporation, ZF Friedrichshafen AG, Magna International Inc., Valeo SA, Delphi Automotive PLC, Autoliv Inc., Mando Corporation, and Hyundai Mobis.
In June 2017, Bosch and TomTom have created an HD map with integrated radar road signature that could allow automated vehicles to determine their exact location on a road down to a few centimeters. Moreover, in January 2017, Delphi Automotive PLC acquired Movimento, one of the leading suppliers of over-the-air (OTA) software and data management systems for the automotive industry. The acquisition of Movimento will strengthen Delphi’s presence in the vehicle connectivity market.
GLOBAL ADAPTIVEE CRUISE CONTROL MARKET SEGMENTATION