The adaptive cruise control market is capturing a valuation of US$ 4.1 billion in 2023 and is predicted to reach US$ 13.7 billion by 2033. The market is registering a CAGR of 12.7% during the forecast period.
Key Takeaways:
- The adaptive cruise control market is estimated to capture a CAGR of 12.7% with a valuation of US$ 13.7 billion by 2033.
- In the historic period, the market secured a valuation of US$ 3.8 billion in 2022.
- The United States is anticipated to register a share of 16.7% in the global market by 2033.
- With a share of 8.5%, Japan is estimated to drive the global market during the forecast period.
- China is predicted to register a share of 14.0% in the global market by 2033.
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How Does the Automotive Sector Drive the Global Market?
The global market is growing more quickly than the auto industry. Adaptive cruise control is a feature that is gaining popularity as more cars are equipped with the ability to change their pace. The growing consumer desire for connected and autonomous vehicles due to its cutting-edge safety features is what is driving the market size.
Modern trucks, SUVs, buses, and cars all come equipped with cutting-edge technology that are employed by the automotive sector. Numerous automakers are experimenting with providing top-notch safety features in an effort to reduce road accidents. Audi, BMW, Volvo, and Mercedes-Benz are some of the top automakers.
Because accidents are happening more frequently in emerging countries like China and India, there is a growing demand for safe vehicles. Automobile manufacturers are always trying to solve problems brought on by a rise in accidents. These businesses are improving adaptive cruise control systems by putting their time and energy into R&D projects.
Adaptive cruise control is being more widely used as a result of consumers’ increased demand for a comfortable, dependable, and improved driving experience. According to estimates, the automotive industry will lead the worldwide market through innovation, technical advancements, and smooth and comfortable driving systems.
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How are Key Players Adding Value in the Global Market?
The key players are adding value in the global market to stay ahead of competitors are:
- Offering Customized Solutions:The key companies offer various customized adaptive cruise control systems as consumers need. The companies offer specific adaptive cruise control for cars, trucks and buses.
- Enhance User Experience:The key players make adaptive cruise control systems to enhance customers’ experience. The companies are developing this system by adding user-friendly interfaces, camera sensors and other features.
- After-sale Services:The key companies offer after-sales services, including maintenance, support, repair and others. These services can perform adaptive cruise control smoother and more reliably.
Key Players in the Market are:
- Hyundai Mobis Co., Ltd
- Robert Bosche GmbH
- Delphi Technologies
- Autoliv Inc
- Valeo SA
- Mando Corporation
- Continental AG
- ZF Friedrichshafen AG
- Manga International Inc
- Denso Corporation
Recent Developments in the Global Market are:
- In 2021, Continental AG launched its new innovative radar sensors that detect objects from 300 meters. This latest sensor enhances the performance to drive safety.
- In 2021, Robert Bosch GmbH announced its new generation radar sensor. The range of this sensor is 25% increase, which improves angular resolution and ability to detect tiny objects.
In 2020, Denso Corporation launched its latest advanced cruise control with integrated various sensors and cameras. This system provides information related to weather and driving conditions.
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Market by Category
By Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
By Sales:
- OEM
- Aftermarket
By Vehicle Type:
- Passenger Vehicles
- LCV
- HCV
Region:
- North America
- Europe
- Latin America
- Asia Pacific
- The Middle East and Africa
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