Adaptive Cruise Control Market to Register 12.7% CAGR Through 2032 - Future Market Insights
Higher Adoption of Adaptive Cruise Control System in Autonomous/Self-Driving Vehicles is Key Market Trend. Autonomous Ride-sharing Technology is a Positive Trend for Market Growth.
NEWARK, Del., April 28, 2022 /PRNewswire/ -- The global adaptive cruise control market is projected to expand at 12.7% CAGR during the forecast period between 2022 and 2032, as per Future Market Insights (FMI). Adaptive cruise control (ACC) is a system designed to control the acceleration and braking of a vehicle with the use of sensors.
Growing traffic and an increasing number of on-road vehicles are accelerating the demand for adaptive cruise control systems in the forecast period. Adaptive cruise control uses sensors such as radar and laser systems are integrated to ensure passenger and vehicle safety.
Furthermore, the expansion of the automotive industry across the globe is driving the sales in the market. Advanced driver assistance system is essential in vehicles to help drivers. Manufacturers of adaptive cruise control systems are focusing on developing high performing sensors with wider detection range.
As per FMI, Europe adaptive cruise control market is expected to dominate the global market during the forecast period. Adaptive cruise control market in Europe is projected to top US$ 12,712 Mn by 2032.
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"Over the assessment period, sales of adaptive cruise control systems are rising due to increasing technological innovation in advanced driver assistance system that gives high accuracy and high speed processing of vehicle," says an FMI analyst.
Key Takeaways:
- In terms of technology, the radar sensor segment is projected to hold approximately 39.9% of the total market share in 2022.
- Based on sales channel, the OEM segment is anticipated to grow at 12.9% CAGR through 2032.
- East Asia will emerge as an attractive adaptive cruise control market globally, creating an incremental $ opportunity of US$ 2,609.3 Mn in the forecast period.
- Passenger vehicle segment is expected to reach about US$ 9,037.5 Mn by end of the forecast period.
Leading Companies Profiled in Adaptive Cruise Control Market are:
- Robert Bosch GmbH
- Delphi Automotive
- Continental AG
- ZF Friedrichshafen
- Mando Corporation
- Valeo SA
- Denso Corporation
- Luminar
- Magna International
Competitive Landscape
Key players are strengthening their positions in the market by expanding their geographic presence across the globe to expand their customer base. Some of the players are also focusing on developing high-performance products for vehicles by using innovative technologies.
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Meanwhile, other players are focusing on acquisition and expansion strategies to increase their revenue. Key players are strengthening their positions in the market by expanding their production capacities across the globe.
For instance:
- In April 2021, DENSO Corporation developed advanced driver assistance system technology for Lexus LS and Toyota Mirai released in Japan.
- In Feb 2020, Continental AG announced the opening of a new manufacturing plant in US. The purpose is the expansion of the production capacity of radar sensors for advanced driver assistance systems and expands the company's market position as well.
Adaptive Cruise Control Market by Category
By Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
By Sales Channel:
- OEM
- Aftermarket
By Vehicle Type:
- Passenger Vehicles
- LCV
- HCV
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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More Insights into the Global Adaptive Cruise Control Market Report
In its latest report, FMI offers an unbiased analysis of the global adaptive cruise control market, providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032. To understand the global market potential, its growth, and scope, the market is segmented based on technology (ultrasonic sensor, lidar sensor, radar sensor, camera sensor, infrared sensor, pressure sensor), by sales channel (OEM, Aftermarket), by vehicle type (passenger vehicles, LCV, HCV) & by region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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