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Driving Forward: Automotive Adaptive Cruise Control Market Set for Rapid Growth, Aiming at $35.19 Billion by 2028 with a 10.9% CAGR
Automotive Adaptive Cruise Control Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the automotive adaptive cruise control industry. This report on automotive adaptive cruise control market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive adaptive cruise control market size has grown rapidly in recent years. It will grow from $20.84 billion in 2023 to $23.24 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to regulatory mandates, rise in passenger car sales, economic growth, government support. The automotive adaptive cruise control market size is expected to see rapid growth in the next few years. It will grow to $35.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
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Key Market Players:
Magna International Inc, Continental AG, Denso Corporation, Hitachi Automotive Systems Ltd., Robert Bosch GmbH, Valeo SA are prominent players in the automotive adaptive cruise control industry.
Market Drivers:
According to the Automotive Adaptive Cruise Control Market Report 2023 by The Business Research Company, the key factors driving the growth of the automotive adaptive cruise control market, includes the rise in the number of road accidents. 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.
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Market segments for automotive adaptive cruise control include:
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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