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.
How Does the Automotive Sector Drive the Global Market?
The automotive industry is rapidly growing behind the global market growth. The demand for adaptive cruise control is rising due to its adjustable automotive vehicle speed. The growing popularity of connected and autonomous vehicles among consumers due to their advanced safety features drives the market size.
The automotive sector implements various advanced technologies in the latest cars, buses, SUVs and trucks. Various automotive companies are experimenting with providing excellent safety features to reduce road accidents. The major automotive companies include BMW, Volvo, Audi and Mercedes-Benz.
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The rising number of accidents in developing countries such as India and China increases the demand for safe cars. Automotive manufacturers are continuously solving problems related to a growing number of accidents. These manufacturers are improving adaptive cruise control systems by investing their time in research and development activities.
The consumers growing demand for a comfortable, reliable and better driving experience increases the adoption of adaptive cruise control. The automotive sector is estimated to drive the global market with innovation, technical features, and smooth and comfortable driving systems.
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 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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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