Automotive Adaptive Cruise Control Market Scenario
Automotive Adaptive Cruise Control Market is expected to be valued at USD 15,457.25 million by 2023 with a CAGR of 8.56% Forecast by 2027
The Automotive Adaptive Cruise Control Market size is garnering significant traction across the globe. The adaptive cruise control system market growth attributes to the development of futuristic automotive technologies, increasing passenger safety. Owing to the vital role that these adaptive cruise control (ACC) systems play in improving automotive safety, the global automotive ACC market is growing pervasively at a rapid pace.
Moreover, the increasing sale of passenger cars in emerging countries and growing need for passenger safety escalate the market demand. Market Research Future (MRFR) asserts that the global automotive adaptive cruise control market is expected to reach approximately USD 15,457.25 MN by 2023, growing at 8.56% CAGR throughout the review period (2017-2023).
Additionally, the proliferation of auto-driven/ driverless cars increases the demand for adaptive cruise control system market. Advancements in technology have driven the automakers and vehicle owners to install adaptive cruise control in their vehicles for improved safety. The demand for better passenger safety has led to the growing use of adaptive cruise control in their vehicles.
Also, rising numbers of road accidents have led to an increase in the installation of adaptive cruise control in automobiles. Conversely, high capital investments associated with the installation of ACC systems in automotive is a significant factor projected to impede the market growth. Nevertheless, augmenting demand for safety technologies would support market growth throughout the review period.
Players leading the Global Automotive Adaptive Cruise Control Market are Continental AG (Germany), Autoliv Inc. (Sweden), Denso Corporation (Japan), Robert Bosch GmbH (Germany), Delphi Automotive PLC (U.K.), Valeo SA (France), ZF Friedrichshafen AG (Germany), Mando Corporation (South Korea), Magna International Inc (Canada), and Hyundai Mobis (South Korea), among others.
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Automotive Adaptive Cruise Control Market – Segments
The report is segmented into four dynamics;
By Technology: Lidar, Radar, Laser, and Ultrasonic.
By Vehicle Type: Passenger and Commercial Vehicle.
By End-Use: OEM and Aftermarket.
By Regions: Americas, Europe, APAC, and Rest-of-the-World.
Automotive Adaptive Cruise Control (ACC) Market – Regional Analysis
North America dominates the global Automotive Adaptive Cruise Control Market. The largest market share attributes to substantial technological advances in production techniques and product developments. Besides, the presence of notable industry players and automakers, alongside the early uptake of advanced ACC systems, drive the regional market growth. The well-established automotive industry in this region creates opportunities for the automotive ACC market to grow significantly.
Moreover, the increase in vehicle production and safety government regulations implemented by governments foster the growth of the regional market. The National Highway Traffic Safety Administration (NHTSA) has set up various regulations for the passengers’ safety in cars. The North American ACC market is estimated to retain its dominance throughout the assessment period.
Europe stands second in the global automotive adaptive cruise control market share. The region is a hub for luxury cars and automotive research innovation, boosting the market size. Additionally, the market is driven by the resurging economy in the region, playing a vital role in the growth of the ACC market. Growing passenger car markets in Germany, the UK, France, and Italy support the regional market growth.
Furthermore, enormous investments to improve automotive safety technologies in the U.K. and Germany influence the growth of the regional market. The European Automotive Adaptive Cruise Control Market is expected to grow at a significant growth rate during the forecast period.
The Asia Pacific region has emerged as a promising market for automotive adaptive cruise control systems. The vehicle production rate in the region is growing rapidly. Factors such as the increasing production of passenger and commercial vehicles, alongside the growing ACC markets in India, China, and Japan, foster the regional market growth. Besides, the presence of a number of ACC manufacturers, alongside the increasing use of safety technology, boosts the growth of the regional market.
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Growing awareness for automotive safety positively impacts the market growth in the region. Furthermore, the growth in the population urbanization and the improving economic conditions that are increasing the purchasing power of consumers propel the regional market growth. The APAC automotive adaptive cruise control market is projected to register an impressive CAGR during the estimated period.
Global Automotive ACC Market – Competitive Analysis
Highly competitive, the automotive adaptive cruise control market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers acquisitions, collaboration, innovation, and brand reinforcement. Vendors providing these systems also offer aftersales services to the end-users. Manufacturers strive to develop low-cost, compact systems, emphasizing improved hardware.
Many automotive suppliers and OEMs are focusing on developing advanced adaptive cruise control aftermarket. They deliver products through distribution channels and dealers. Key manufacturers form strategic alliances with local dealers and automotive manufacturers to expand their business in the countries where stringent regulations restrict them from exporting these systems. Strong players raise the entry barriers for new entrants in the market.
Table Of Content
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.2 RESEARCH OBJECTIVE
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1 PORTER’S FIVE FORCES ANALYSIS
3.1.1 THREAT OF NEW ENTRANTS
3.1.3 BARGAINING POWER OF SUPPLIERS
BARGAINING POWER OF BUYERS
3.1.4 THREAT OF SUBSTITUTES
3.1.5 SEGMENT RIVALRY
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
5 GLOBAL AUTOMOTIVE ADAPTIVE CRUISE CONTROL MARKET, BY TECHNOLOGY
5.2.1 MARKET ESTIMATES FORECAST, 2020-2027
5.2.2 MARKET ESTIMATES FORECAST BY REGION, 2020-2027
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