The adaptive cruise control market size was valued at USD 30.89 Billion in 2022 and is projected to reach USD 54.45 Billion by 2031, expanding at a CAGR of around 6.5% during the forecast period, 2023 – 2031. The growth of the global adaptive cruise control market is attributed to the rapid development of automotive technology and the growing trend of connected mobility.
Adaptive cruise control (ACC) is a feature that enables cars to keep a safe following distance and travel at the specified speed limit. A radar sensor installed on the front of the vehicle identifies slow-moving vehicles in the path of the ACC vehicle. If a slow-moving vehicle is detected, the ACC system will reduce the speed of the car and regulate the clearance, or time gap, between it and the vehicle in front. If the adaptive cruise control system determines that the front vehicle is no longer in its path, it will accelerate the automobile back to its predetermined cruise control speed.
ACC system has become necessary as it enables to improve vehicle safety. In response to rising consumer demand, numerous manufacturers have implemented ACC systems in their vehicles. Additionally, international organizations like the World Health Organization (WHO) stated through publications that the number of deaths from traffic accidents has considerably grown, which encouraged manufacturers to adopt adaptive cruise control systems.
Covid-19 Impact on Adaptive Cruise Control Market
The global automobile industry has been severely impacted by COVID-19, which has caused delays in the shipment of Chinese auto parts and production shutdowns in North America and Europe. The global market for adaptive cruise control was affected by a decline in new vehicle sales and a supply shortage of car parts as a result of trade restrictions in several areas. The market for adaptive cruise control experienced considerable challenges due to global manufacturing limits. However, a recovery in the market is anticipated as a result of production facilities working at full capacity and the market returning to its usual course. Additionally, due to increased technological improvements in adaptive cruise control systems, the market is anticipated to experience considerable growth opportunities.
Adaptive Cruise Control Market Dynamics
The market research report on the adaptive cruise control market provides a detailed analysis by focusing on facts, figures, historical data, existing restraints, major drivers, key trends, and competitive landscape with recent developments that can shape the overall performance or outcome of the market during the forecast period, 2023 to 2031.
Key Trends
Increasing adoption of autonomous vehicles
The primary components of self-driving or autonomous vehicles are sensors, radars, cameras, and advanced algorithms. The ACC system is one of the essential components of autonomous vehicles and aids in their effective operation. It is a smart mechanism that adjusts speed automatically to maintain a safe distance from other cars in the same lane. This system, which is a crucial component of autonomous vehicles, consists of a lateral control strategy, a longitudinal control strategy, and an integrated decision unit that maintains the fixed lane, regulates speed, and applies powerful brakes to avoid crashes.
The car industry is moving toward autonomous vehicles because safety systems have advanced. The global adoption of self-driving or autonomous vehicles is being driven by increased need for comfort, high efficiency, and development in safety features. In addition, the number of car accidents is increasing daily. The adoption of autonomous vehicles equipped with such systems will significantly decrease the number and severity of traffic accidents, driving up demand for these systems.
Major Drivers
The global market for adaptive cruise control is being driven by consumers' increased preference for high-tech collision avoidance systems. The demand for ACC systems is expected to increase due to the increase in traffic accidents during the forecast period. Moreover, growing advancement in adaptive cruise is anticipated to boost the market. Shifting preferences for buying cars with these systems and increasing disposable income of consumers are propelling the market. Rising passenger cars sales are one of the major growth factors.
Several governments have developed creative plans to reduce the number of accidents on the roads. To increase automobile safety, ruling authorities around the world have imposed strict regulations on automakers. Several unions and transportation organizations have started safety regulations for the deployment of ACC systems in automobiles. Leading manufacturers have made significant investments in R&D to create long-range RADAR, which is used with adaptive cruise control to change the vehicle's speed in response to nearby traffic.
Existing Restraints
Adverse weather conditions are anticipated to restrain the growth of the adaptive cruise control market
Regions experiencing extreme weather, such as fog, snowballs, and rainfall, are anticipated to restrain the growth of the adaptive cruise control market. Installation and programming of a radar system according to extreme weather and region makes it expensive. It is challenging for car owners to comprehend the precise purpose of the high-end sensors because each manufacturer provides them at a price that is extremely competitive with their rivals. Sales of new vehicles is estimated to decline dramatically as consumer preference shifts toward essential necessities.
Scope of Adaptive Cruise Control Market Report
The report on the global adaptive cruise control market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Adaptive Cruise Control Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023 – 2031
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Segmentation
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Types (Ultrasonic, Image, Radar, LiDAR, and Others), Technology (Predictive Systems, Multi-sensor Systems, Assisting Systems, Binocular Computer Vision Systems, Laser-based Systems, and RADAR-based Systems), Vehicle Types (Commercial Vehicles and Passenger Cars)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ZF Friedrichshafen; Wabco; Robert Bosch GmbH; Magna International Inc.; Hyundai Mobis; Ford Motor Company; Denso Corporation; Delphi Automotive PLC; Continental Ag; Autoliv Inc.
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Adaptive Cruise Control Market Segment Insights
The radar segment is anticipated to expand at a rapid pace
Based on types, the global adaptive cruise control market is segregated into ultrasonic, image, radar, LiDAR, and others. The radar segment is anticipated to account for a major market share during the forecast period. Rising demand for automobiles that can recognize and enhance human talents inside of a vehicle is estimated to drive the segment. Growth of the segment is attributed to factors such as the capacity to gauge an object's distance, the capacity to obtain information at different scales, the capacity to store a huge amount of data, the capacity to determine the difference between moving and stationary targets, and the capacity to simultaneously target numerous things. Adaptive cruise control is most frequently utilized with radar sensors, which are cutting-edge and high-performance sensing technologies that help the car recognize big things in front of it. Additionally, these technologies are usually utilized during highway driving and adverse weather because of their capacity to produce long-range wavelengths.
The LiDAR segment is projected to expand at a substantial rate during the forecast period. LiDAR is frequently used to create high-resolution maps in geography, archaeology, geomatics, and other fields. the lidar technology is used to determine the distance between two vehicles using pulsed laser light to illuminate the target item and a sensor to measure the reflected pulse.
The radar-based systems segment held key market share in 2021
On the basis of technology, the global adaptive cruise control market is fragmented into predictive systems, multi-sensor systems, assisting systems, binocular computer vision systems, laser-based systems, and radar-based systems. The radar-based systems segment held a key market share in 2021. Growth of the segment is attributed to rising demand for cutting-edge technology that makes it easier to identify things in low light. These technologies assist in giving dependable and accurate details of the vehicle's surroundings, enabling the driver to identify potential road threats in case of eye obstruction or poor visibility. Radar devices can determine a vehicle's position, velocity, and speed by utilizing transmitted wave signals.
The passenger cars segment is projected to grow at a rapid pace
In terms of vehicle types, the global adaptive cruise control market is bifurcated into commercial vehicle and passenger cars. The passenger cars segment is projected to grow at a rapid pace during the forecast period. Strict regulations by the government on the compulsion of ACC system in all automobiles are anticipated to boost the segment growth. Increasing global auto production is one of the main factors driving the passenger vehicle segment. Typically, vans, utility vehicles, and electric automobiles are considered passenger vehicles. Furthermore, increasing demand for electric vehicles and significant expenditures by key automotive manufacturers are anticipated to fuel the market. Additionally, automakers are concentrating on creating energy-efficient adaptive cruise control systems, especially while operating vehicles on rough terrain.
North America dominated the market in 2021
On the basis of regions, the global adaptive cruise control market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2021. Growth of the adaptive cruise control market in the North America region is attributed to rising demand for commercial and luxury vehicles and strict government rules implemented to reduce the number of road accidents. Adaptive cruise control system is necessary because it increases consumer trust by enhancing vehicle safety. Additionally, demand for the adaptive cruise control system is significantly expanding as fleet operations increase in the region. The U.S. held a key share of the market as a result of rising consumer knowledge about the advantages of having an adaptive cruise control system in their cars. Manufacturers have been required to put safety equipment in all automotive models due to the strict government regulations enforced in this area. Another major factor driving the market is the early adoption of advanced technology in the region.
The global adaptive cruise control market size in Asia Pacific is anticipated to grow at a substantial rate during the forecast period. Strict government regulations, as well as increased demand from automakers like Mitsubishi and others are fueling the market in the region. Governments in several countries have implemented strict policies and regulations to assure the maximum level of safety in all cars produced domestically and imported from other regions as a result of growing concern about the frequency of road accidents. For instance, the Bharat New Vehicle Safety Assessment Program (BNVSAP), which was adopted by the Indian Government in July 2019, considerably imposes time-bound passive and active safety measures on both new and old vehicles. Automotive manufacturers who sell their goods in the Indian market are being compelled by this required regulation to integrate advanced systems and technology that will maximize passenger and driver safety. Vehicles with adaptive cruise control help keep a consistent car speed. This is particularly helpful when driving on highways as it considerably reduces driver tiredness, allowing them to pleasantly enjoy the ride.
Europe held a substantial share of the adaptive cruise control market in 2021. The expansion of prominent OEMs like Autoliv, Continental AG, and others, as well as increased demand for luxury cars, are the major factors propelling market growth in the region. The presence of key manufacturers such as BMW, Audi, and others is boosting the market in Germany. Leading manufacturers are prominently integrating technologies such as the Internet of Things (IoT), machine learning, and others for developing safety technologies that precisely integrate with and improve the functionality of the already installed adaptive control systems in their vehicles. For instance, Volvo, a renowned manufacturer with its headquarters in Sweden, introduced the XC90 hybrid in India. The radar-based security systems built include a co-pilot system that looks for obstacles in the road and instantly applies the brakes if an accident is about to happen. Additionally, it has security features including adaptive cruise control. When these technologies are used together, the car can be kept in its lane with minimal steering effort.
Segments
The global adaptive cruise control market has been segmented on the basis of
Types
- Ultrasonic
- Image
- Radar
- LiDAR
- Others
Technology
- Predictive Systems
- Multi-sensor Systems
- Assisting Systems
- Binocular Computer Vision Systems
- Laser-based Systems
- RADAR-based Systems
Vehicle Types
- Commercial Vehicles
- Passenger Cars
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key industry participants competing in the global adaptive cruise control market include ZF Friedrichshafen; Wabco; Robert Bosch GmbH; Magna International Inc.; Hyundai Mobis; Ford Motor Company; Denso Corporation; Delphi Automotive PLC; Continental Ag; Autoliv Inc. The market research report on adaptive cruise control covers a complete market share analysis by focusing on various key strategies and business development methods adopted by the leading nutritional yeast manufacturer to ensure their presence in the global competition It also provides market size from the year 2021 to 2030. Some of the strategies include product launches, acquisitions or mergers, partnerships or collaborations, and expansion of production units. For instance,
- In July 2021, Ford launched BlueCruise with features such as intelligent adaptive cruise control, stop-and-go, lane centering, and speed sign recognition. Given that your eyes are on the road, which is observed by a driver-facing camera, it enables your vehicle to operate hands-free. It enables your vehicle to operate hands-free given that your eyes are on the road, which is observed by a driver-facing camera.
- In April 2021, The Lexus LS and Toyota Mirai were released in Japan with advanced driver assistance system technologies created by DENSO Corporation. DENSO's recently created advanced drive includes LiDAR, for recognizing the geometry of nearby vehicles and roads, a locator telescopic camera for spotting the surroundings in front of the car, and a Spatial Information Service Electronic Control Unit (SIS ECU) for precisely locating the vehicle itself.
- In February 2020, According to Continental AG, a new production facility will open in the US. The goal is to increase the production capacity of radar sensors for advanced driver assistance systems and to strengthen the company's position in the market.
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