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The adaptive cruise control market to grow at a CAGR of 18.3% between 2017-2023
Adaptive cruise control market
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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.
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 industry and garnered 33.7% share in the global 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 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.
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.
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The adaptive cruise control market is majorly dominated by Tier 1 players having presence across the globe. Some of the major players include Autoliv Inc., Continental AG, Denso Corporation, Delphi Automotive PLC, Robert Bosch GmbH, Valeo SA, Hyundai Mobis, ZF Friedrichshafen AG and Magna International Inc.
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