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Adaptive Cruise Control And Blind Spot Detection Market Size, Share Analysis And Trends By 2033
Adaptive Cruise Control And Blind Spot Detection Market Size
According to The Business Research Company's, The adaptive cruise control and blind spot detection market size has grown rapidly in recent years. It will grow from $3.33 billion in 2023 to $3.79 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to rising traffic congestion, integration with vehicle-to-vehicle communication, urbanization trends, vehicle electrification, and environmental concerns.
The adaptive cruise control and blind spot detection market size is expected to see rapid growth in the next few years. It will grow to $6.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to fleet management applications, growth of electric vehicles (EVs), original equipment manufacturers partnerships, and focus on fuel efficiency. Major trends in the forecast period include expansion into commercial vehicles, integration with advanced driver assistance systems (ADAS), development of multi-sensor fusion systems, evolution of user interfaces, expansion of autonomous driving features, enhanced sensor technologies, and integration of AI and machine learning.
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Market Drivers and Trends:
The increasing number of accidents is expected to propel the growth of the adaptive cruise control and blind spot detection market going forward. The rise in motor vehicle accidents can be attributed to increased vehicle miles traveled, higher rates of distracted driving, speeding, impaired driving, driver fatigue, infrastructure challenges, and adverse weather conditions. Adaptive cruise control and blind spot detection significantly reduce accidents by enhancing driver awareness, maintaining safe following distances, and alerting drivers to vehicles in their blind spots. For instance, in April 2023, according to the National Highway Traffic Administration, a US-based intergovernmental organization, in 2021, there were 42,939 fatalities resulting from motor vehicle traffic crashes on U.S. roads, marking a 10% rise from the 39,007 fatalities recorded in 2020. Additionally, the estimated number of injuries from road accidents increased to 2.50 million in 2021, up from 2.28 million in 2020, reflecting an increase of 9.4%. Therefore, the increasing number of accidents drives the growth of the adaptive cruise control and blind spot detection market.
Major companies operating in the adaptive cruise control and blind spot detection market are focused on integrating automated driving assistance features, such as mobileye superVision pilot functions, to enhance their market offering. Mobileye supervision pilot provides advanced driver assistance features, including adaptive cruise control, lane-keeping assistance, pedestrian detection, and traffic sign recognition for enhanced safety and convenience. For instance, in September 2023, ZEEKR, a China-based automobile company, announced the addition of Mobileye SuperVision Pilot functions to 110,000 ZEEKR vehicles from Mobileye Global Inc., an Israel-based system software company, to enhance their highly automated driving assistance features. The update leverages SuperVision's 11-camera 360° surround vision sensing capability and additional Mobileye technology, allowing the system to construct an environmental model and extract semantic information such as common speed and average drivable path. The system incorporates dual EyeQ systems-on-chips and 11 cameras for 360-degree computer vision coverage, along with REM-generated maps and an RSS-based driving policy.
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Major Key Players of the Market:
Honda Motor Co. Ltd., Robert Bosch GmbH, Panasonic Corporation, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA, Lear Corporation, Texas Instruments Incorporated, Aptiv PLC, Infineon Technologies AG, NXP Semiconductors, BorgWarner Inc., Renesas Electronics Corporation, Autoliv Inc., Hella KGaA Hueck & Co., Garmin Ltd., Visteon Corporation, Mobileye Global Inc, TomTom N.V.
Adaptive Cruise Control And Blind Spot Detection Market 2024 Key Insights:
• The adaptive cruise control and blind spot detection market size is expected to see rapid growth in the next few years. It will grow to $6.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
• Increasing Accidents Fuel The Control And Blind Spot Detection Market
• Integration Of Automated Driving Assistance Features In The Adaptive Cruise Control And Blind Spot Detection Market
• Asia-Pacific was the largest region in the adaptive cruise control and blind spot detection market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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