As per FMI, Europe adaptive cruise control market is expected to dominate the global market during the forecast period. Adaptive cruise control market in Europe is projected to top US$ 4,399.2 Million by 2032.
The most lucrative market in Europe for adaptive cruise control devices is thought to be Germany. To guarantee passenger safety, adaptive cruise control systems use radar or lidar sensor technology to measure the distance and speed between the vehicles. Growth is attributed to high production of automobiles in the nation, opines FMI. The emphasis of adaptive cruise control system producers is on enhancing vehicle safety through the adaptation of various technologies. According to the research, the market for adaptive cruise control in Germany is projected to grow at a CAGR of 14.1% over the forecast period.
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The global adaptive cruise control market is projected to expand at 12.7% CAGR during the forecast period between 2022 and 2032, as per Future Market Insights (FMI). Adaptive cruise control (ACC) is a system designed to control the acceleration and braking of a vehicle with the use of sensors.
Growing traffic and increasing number of on- road vehicles is accelerating the demand for adaptive cruise control systems in the forecast period. Adaptive cruise control uses sensors such as radar and laser systems are integrated to ensure passenger and vehicle safety.
Furthermore, expansion of automotive industry across the globe is driving the sales in the market. Advanced driver assistance system is essential in vehicles to help drivers. Manufacturers of adaptive cruise control systems are focusing on developing high performing sensors with wider detection range.
“Over the assessment period, sales of adaptive cruise control systems are rising due to increasing technological innovation in advanced driver assistance system that gives high accuracy and high speed processing of vehicle.” says an FMI analyst.
Key Takeaways:
- In terms of technology, the radar sensor segment is projected to hold approximately 9% of the total market share in 2022.
- Based on sales channel, the OEM segment is anticipated to grow at 9% CAGR through 2032.
- East Asia will emerge as an attractive adaptive cruise control market globally, creating an incremental $ opportunity of US$ 2,609.3 Mn in the forecast period.
- Passenger vehicle segment is expected to reach about US$ 9,037.5 Mn by end of the forecast period.
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Competitive Landscape
Key market participants of the Adaptive Cruise Control market elaborated in the report include:
Continental AG, Robert Bosch GmbH, Valeo SA, Magna International, Delphi Automotive, ZF Friedrichshafen, Aisin Corporation, Hitachi Astemo, Hella KGaA Hueck Co, KG, Pacific Industrial Co. Ltd and others.
Key players are strengthening their positions in the market by expanding their geographic presence across the globe to expand their customer base. Some of the players are also focusing on developing high performance products for vehicles by using cutting edge technologies.
Meanwhile, other players are focusing on acquisition and expansion strategies to increase their revenue. Key players are strengthening their positions in the market by expanding their production capacities across the globe.
For instance:
- In April 2021, DENSO Corporation developed advanced driver assistance system technology for Lexus LS and Toyota Mirai released in Japan.
- In Feb 2020, Continental AG announced the opening of a new manufacturing plant in US. The purpose is expansion of production capacity of radar sensors for advanced driver assistance systems and expand the company’s market position as well.
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Adaptive Cruise Control Market by Category
By Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
By Sales Channel:
- OEM
- Aftermarket
By Vehicle Type:
- Passenger Vehicles
- LCV
- HCV
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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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