Press release
Adaptive Cruise Control And Blind Spot Detection Market Expansion Outlook: $6.84 Billion in 2029
Adaptive Cruise Control And Blind Spot Detection Market
What Is the Projected CAGR for the Adaptive Cruise Control And Blind Spot Detection Market from 2024 to 2025?
The market for adaptive cruise control and blind spot detection has experienced rapid expansion in the past few years. It is projected to escalate from $3.79 billion in 2024 to $4.28 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 13.0%. Factors such as increased traffic congestion, integration with vehicle-to-vehicle communication, the trend towards urbanization, vehicle electrification, and concerns about the environment have contributed to the growth observed in the historical period.
What are the Expected Market Size and CAGR for Adaptive Cruise Control And Blind Spot Detection by 2029?
Expectations indicate a swift expansion in the market for adaptive cruise control and blind spot detection within the upcoming years, with a rise to $6.84 billion in 2029 at a CAGR of 12.4%. This forthcoming increment during the prediction period is associated with the application of fleet management, the advancement of electric vehicles (EVs), collaborations amongst original equipment manufacturers, and emphasis on fuel efficiency. Among the notable trends to be observed during the prediction period include the expansion into commercial vehicles, incorporation with advanced driver assistance systems (ADAS), progress in multi-sensor fusion systems, refinement of user interfaces, growth of autonomous driving features, enhancement of sensor technologies, and the embedding of AI and machine learning.
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Which Factors Are Driving the Global Adaptive Cruise Control And Blind Spot Detection Market Expansion?
The adaptive cruise control and blind spot detection market is anticipated to grow owing to the escalating number of accidents. This spike in car accidents is due to an increase in vehicle miles traveled, rampant distracted driving, speeding, impaired driving, driver exhaustion, infrastructural issues, and severe weather conditions. These tools substantially mitigate accident risks by enhancing driver's awareness, ensuring safe following distances, and signaling drivers about vehicles in their blind spots. For example, the National Highway Traffic Safety Administration (NHTSA), a US-based transportation agency, stated in August 2022 that in the first quarter of this year alone, road accidents claimed 9,560 lives, marking a 7% rise from 8,935 fatalities in 2021. Thus, the climbing accident count fuels the development of the adaptive cruise control and blind spot detection market.
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Which Segment Currently Holds the Largest Share of the Adaptive Cruise Control And Blind Spot Detection Market?
The adaptive cruise control and blind spot detection market covered in this report is segmented -
1) By Type: Adaptive Cruise Control (ACC), Blind Spot Detection (BSD)
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Technology: Infrared, Radar, Image, Other Technologies
4) By Sales Channel: Original Equipment Manufacturer, After market
Subsegments:
1) By Adaptive Cruise Control (ACC): Radar-Based ACC, Camera-Based ACC, LiDAR-Based ACC, Ultrasonic Sensor-Based ACC
2) By Blind Spot Detection (BSD): Radar-Based BSD, Camera-Based BSD, Ultrasonic Sensor-Based BSD
Which Major Trends Are Shaping the Future of the Adaptive Cruise Control And Blind Spot Detection Industry?
Leading businesses in the adaptive cruise control and blind spot detection market are endeavoring to incorporate automatic driving aid features like mobileye superVision pilot functionalities to boost their market presence. Mobileye superVision pilot is designed to offer sophisticated driver assistance capabilities, including adaptive cruise control, lane maintenance support, pedestrian identification, and traffic sign recognition for improved safety and comfort. For example, in September 2023, the China-based car firm ZEEKR announced the integration of Mobileye superVision Pilot functions into 110,000 ZEEKR vehicles, courtesy of Mobileye Global Inc., an Israeli software system company, to amplify their top-tier automated driving aid features. The upgrade utilizes superVision's 11-camera 360° surround vision detection ability and extra Mobileye technology, enabling the system to build an environmental model and pull out semantic data such as prevalent speed and average driveable route. The system comprises dual EyeQ system chips and 11 cameras for a 360-degree computer vision range, complemented by REM-produced maps and an RSS-based driving policy.
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Which Key Players Dominate the Adaptive Cruise Control And Blind Spot Detection Industry Globally?
Major companies operating in the adaptive cruise control and blind spot detection market are 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.
What Are the Fastest-Growing Regions 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 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the adaptive cruise control and blind spot detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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