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Driving Growth: Increasing Road Accidents Fuel Expansion of the Automotive Adaptive Cruise Control Market || Magna International Inc., Continental AG, Denso Corporation, Hitachi Ltd
Automotive Adaptive Cruise Control Market
The Business Research Company's Automotive Adaptive Cruise Control Global Market Report 2023 identifies the rise in the number of road accidents is the major driver for the automotive adaptive cruise control market's growth in the forecast period. A road accident refers to any incident that occurs on a road that causes injury due to crashes originating from, finishing with, or involving a vehicle partially or wholly on a public road. The automotive adaptive cruise control system helps in reducing road accidents by using technology that slows the traffic ahead and automatically adjusts the speed of the vehicles. For instance, in 2022, according to the Ministry of Road Transport and Highway, an India-based ministry, a total of 3.66k road accidents were reported by states and union territories, in which 13.17k people lost their lives and 3.48k people were injured
The global automotive adaptive cruise control market size grew from $18.46 billion in 2022 to $20.72 billion in 2023 at a compound annual growth rate (CAGR) of 12.2% . The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the automotive adaptive cruise control is expected to grow to $32.35 billion in 2027 at a CAGR of 11.8% .
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Major competitors in the automotive adaptive cruise control market include Magna International Inc., Continental AG, Denso Corporation, Hitachi Ltd., Robert Bosch GmbH, Valeo SA, Hyundai Mobis, ZF Friedrichshafen AG, Mando Corporation, Nidec Elesys America Corporation.
A key trend in the automotive adaptive cruise control market includes technological advancements. This change is a result of diverse choices, attractive prices, and broader coverage offered by reinsurers to gain additional market share and cut costs. This approach has helped global reinsurers to close business deals at a group level, thereby reducing the need for Automotive Adaptive Cruise Control at different levels. For instance, Automotive Adaptive Cruise Control companies Generali and Allianz have adopted a bundled approach, enabling them to get better oversight of the global market and cut down on the cost of offering Automotive Adaptive Cruise Control services.
Read More On The Global Automotive Adaptive Cruise Control Market Report Here: https://www.thebusinessresearchcompany.com/report/automotive-adaptive-cruise-control-global-market-report
The automotive adaptive cruise control market is segmented -
1) By Component: LIN, CAN, ECU, MCU, Wire harness
2) By Technology: RADAR Sensor, LIDAR Sensor
3) By Mode Of Operation: Normal Adaptive Cruise Control System, Connected Adaptive Cruise Control System
4) By Vehicle: Passenger Vehicle, Commercial Vehicle
5) By Distribution Channel: OEM, Aftermarket
6) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America will be the largest region in the automotive adaptive cruise control market.
The Business Research Company's "Global Automotive Adaptive Cruise Control Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Automotive Adaptive Cruise Control Market Include:
1. Executive Summary
2. Automotive Adaptive Cruise Control Market Characteristic
3. Automotive Adaptive Cruise Control Market Trends And Strategies
4. Automotive Adaptive Cruise Control Market - Macro Economic Scenario
5. Automotive Adaptive Cruise Control Market Size And Growth
……………
27. Automotive Adaptive Cruise Control Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Adaptive Cruise Control Market
29. Automotive Adaptive Cruise Control Market Future Outlook And Potential Analysis
30. Appendix
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