Press release
Automotive Adaptive Cruise Control Market Report 2024: Strategies And Recent Developments
Automotive Adaptive Cruise Control Market
The Business Research Company offers in-depth market insights through Automotive Adaptive Cruise Control Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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%. The growth in the forecast period can be attributed to increasing emphasis on vehicle safety, rising vehicle sales, rising connected vehicles, rising urbanization, rising disposable income. Major trends in the forecast period include enhanced sensor fusion, machine learning and ai integration, driver monitoring systems, long-range radar, cooperative adaptive cruise control (cacc).
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Market Segmentation:
The main components of automotive adaptive cruise control are LIN, CAN, ECU, MCU, and wire harness. The LIN refers to the Local Interconnect Network (LIN), a low-cost serial network for connecting car electronics. The different vehicles include passenger vehicles and commercial vehicles. The technologies used are radar sensors and lidar sensors. The mode of operation includes a normal adaptive cruise control system and a connected adaptive cruise control system that is distributed through the OEM and aftermarket.
Major Driver - Reducing Road Accidents Through Automotive Adaptive Cruise Control Systems
The rise in the number of road accidents is expected to propel the growth of the automotive adaptive cruise control market going forward. 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. Therefore, the rise in the number of road accidents is driving the growth of the automotive adaptive cruise control market.
Competitive Landscape:
Major companies operating in the automotive adaptive cruise control market include Magna International Inc, Continental AG, Denso Corporation, Hitachi Automotive Systems Ltd., Robert Bosch GmbH, Valeo SA, Hyundai Motor Company, ZF Friedrichshafen AG, Mando Corporation, Nidec Elesys America Corporation, Velodyne Lidar, Knorr-Bremse AG, Eaton Corporation plc, ADVICS Co Ltd, Visteon Corporation, Autoliv Inc., Delphi Automotive LLP, WABCO Holdings Inc., TRW Automotive Holdings Corp., Hella KGaA Hueck & Co., Mobileye N.V., Gentex Corporation, Aptiv plc, Infineon Technologies AG, NXP Semiconductors N.V., Texas Instruments Inc., STMicroelectronics N.V., Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corporation, Maxim Integrated Products Inc., Melexis NV, Sensata Technologies Inc., TE Connectivity Ltd., Panasonic Corporation, Toshiba Corporation
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Top Trend - Innovative Advancements Drive Growth In The Automotive Adaptive Cruise Control Market
Technological advancements are a key trend gaining popularity in the automotive adaptive cruise control market. Major companies operating in the automotive adaptive cruise control market are focused on developing new technological solutions to strengthen their position. For instance, in January 2021, Volvo, a Sweden-based company that provides automotive adaptive cruise control, launched the Volvo S60 in India. The new Volvo S60 possesses the 'Pilot Assist feature' that provides driving safety and convenience. This advanced technological feature allows the car to maintain a consistent speed with other vehicles while also providing steering assistance and an automatic braking or accelerating system.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Adaptive Cruise Control Market Characteristics
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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