Adaptive Cruise Control System Market to Witness Strong Growth, with a Projected CAGR of 6.6% | Market.us Report
New York, April 11, 2023 (GLOBE NEWSWIRE) — The global adaptive cruise control system market was valued at USD 34.7 billion in 2022 and is expected to grow to USD 65 Billion. Between 2023 and 2032, this market is estimated to register a CAGR of 6.6%.
A type of advanced driver assistance system (ADAS), the adaptive cruise control (ACC) automatically modifies a vehicle’s speed to keep a secure following distance from the vehicle in front of it. The system detects the distance and speed of the vehicle in front of it using radar, lidar, or other sensors and then modifies the vehicle’s speed appropriately.
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- By component type, in 2022, in Adaptive Cruise Control System market the RADAR segment dominates the market due to the safety of drivers.
- Based on vehicle type the passenger cars segment is dominant in the adaptive cruise control system market.
- From the end-user, it is observed that the original equipment manufacturers segment is dominant because many vehicles now come with ACC systems and standards.
- In 2022, the Asia Pacific region is having the highest revenue share of 36%.
- Asia Pacific is anticipated to grow at more rate because of mandatory regulations of adaptive cruise control systems for all types of vehicles.
Factors affecting the growth of the Adaptive Cruise Control System industry
There is a number of factors that have an impact on the growth of the adaptive cruise control system market. Some of them include:
- Increasing demand for safety features: Consumers’ increasing concern for safety is fuelling the demand for ADAS, including ACC, or advanced driver assistance systems. Due to ACC’s ability to reduce mishaps brought on by human error, demand for ACC systems in automobiles is rising.
- Technological advancements: The creation of more sophisticated and advanced ACC systems that can recognize and react to a variety of driving circumstances is due to technological advancements. As a result, ACC systems are now more effective and efficient, which is encouraging the automotive industry to implement them more widely.
- Government regulations: Globally, more and more governments are requiring the installation of safety systems in cars, like ACC. Due to the need to adhere to these rules, ACC systems are becoming more popular in automobiles.
- Increasing demand for electric vehicles: The growing popularity of electric vehicles (EVs) is driving the demand for ACC systems. As EVs are equipped with advanced technology features, automakers are incorporating ACC systems in EVs to provide a better driving experience.
- The rising popularity of autonomous driving technology: The development of autonomous driving technology is driving the adoption of ACC systems, as ACC is a key component of autonomous driving technology. As more autonomous vehicles are developed, the demand for ACC systems is expected to rise.
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In the coming years, the market for adaptive cruise control systems (ACC) is predicted to experience substantial growth. More complex and advanced ACC systems have been created due to rising demands for safety features and technological developments within the automotive sector. These systems are more effective and efficient as they can detect and respond to different operating situations. Furthermore, governments around the world are mandating the implementation of safety features like ACC in cars, further propelling their use. Moreover, electric vehicles and autonomous driving technology are becoming more popular globally, fuelling the rise of the ACC market.
APAC is dominant in this market with a 36% market share. Some large nations, including China, Japan, and India, have made it mandatory to install these systems in all kinds of vehicles. The North American market for ACC systems is among the second largest because of the widespread use of advanced driver assistance systems in the region. Additionally, market growth is anticipated to be fuelled by the rising demand for luxury and high-end vehicles. ACC systems have expanded into a sizable industry in Europe as a result of the region’s strict vehicle safety regulations. In addition, it is anticipated that the region’s growing use of hybrid and electric vehicles will increase demand for these devices. The Middle East and Africa’s ACC system market, though still modest in scale, is anticipated to grow steadily over the ensuing years as more advanced driver assistance systems become the norm.
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Scope of the Report
|Market Value (2022)||USD 34.7 Billion|
|Market Size (2032)||USD 65 Billion|
|CAGR (from 2023 to 2032)||6.6%|
|APAC Revenue Share||36.0%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The need for advanced driver aid systems (ADAS) is growing: Rising awareness of vehicle safety and a rise in the number of traffic accidents are driving demand for ADAS, including adaptive cruise control systems.
Technological developments: Because of the development of sophisticated sensors and radar technology, the precision and effectiveness of ACC systems are being improved, making them more dependable and raising the adoption rate.
Governmental guidelines and safety requirements: Several countries all over the world have mandated the inclusion of particular safety features in automobiles, such as ADAS. This is promoting ACC devices used in many places.
The global market for adaptive cruise control systems may be temporarily constrained due to several issues. One major barrier is the cost, which may be higher than standard cruise control options. These restrictions may make ACC systems less accessible to some customers in places with lower purchasing power, potentially decreasing their adoption rate. Furthermore, under adverse driving conditions like heavy traffic or bad weather, ACC systems might prove less useful and less utilized.
In the coming years, there are numerous prospects for growth and innovation in the adaptive cruise control systems market. One of the greatest opportunities in automotive safety technology is the rising demand for advanced driver assistance systems (ADAS), including adaptive cruise control. As consumers become more informed about these features, there will be an increased demand for these products. ACC systems are becoming more precise and effective due to advances in sensor and radar technology, increasing their dependability as well as adoption rate. Government regulations and safety standards that mandate specific features on vehicles, such as ADAS, are encouraging manufacturers to invest in ACC systems. With the rise of autonomous vehicles, demand for these systems will only increase due to their essential role in these programs.
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Report Segmentation of the Adaptive Cruise Control System Market
Component Type Insight
In component type analysis the RADAR segment is dominant in the adaptive cruise control system market. RADAR use gives more safety to drivers of vehicles that use adaptive cruise control systems. Camera sensors are also a significant component that helps in detecting the position of other vehicle objects on the road. This camera will include stereo, monocular, and infrared cameras. Other components include displays, software, and communication modules.
Vehicle Type Insight
The market for adaptive cruise control is divided into passenger vehicles and commercial vehicles based on the type of vehicle. The passenger automobile segment is the most attractive. Modern automobiles increasingly feature ACC systems, especially in more expensive or upscale versions. Sedans, coupes, hatchbacks, and other personal-use vehicle models are included under the passenger car category. ACC systems are also increasingly prevalent in commercial cars like delivery trucks and buses.
End Use Insight
The industry is divided into OEMs (Original Equipment Manufacturers) and aftermarkets based on end-use. The industry is dominated by the original equipment manufacturers segment. Nowadays, ACC systems are a common standard or optional feature on many cars from the OEMs themselves, and they are frequently covered by warranties. For cars that didn’t come with ACC systems, aftermarket manufacturers, distributors, and merchants offer them.
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Recent Development of the Adaptive Cruise Control System Market
- In January 2020: Bosch launched its long-range LiDAR for vehicles at the Consumer Electronics Show. This sensor is suitable to use both in city centers and on motorways as this technology includes both long and short-range radars.
- In January 2020: Luminar launched perception engineering i.e., advanced LiDAR technology for automobiles to enhance the safety of the vehicles. Its capability to detect and classify objects in real time is up to 250 meters.
Based on Component Type
- Image Sensor
- Infrared Sensor
- Other types
Based on Vehicle Type
- Passenger Cars
- Commercial Vehicles
Based on End Use
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The market for adaptive cruise control systems is still in its early stages, and several significant companies are competing for market supremacy. Key players are expected to keep making investments in this expanding industry while also spending a lot of time researching and developing adaptive cruise control technology. We can anticipate increased competition and innovation from both established players and recent entrants as the industry grows.
Some of the major players include:
- Autoliv Inc
- Continental Ag
- Delphi Automotive PLC
- Denso Corporation
- Ford Motor Company
- Hyundai Mobis
- Magna International
- Other Key Players
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