The adaptive cruise control market Share 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 economy is growing more quickly than the auto industry. Adaptive cruise control, which enables drivers to change their speed, is a feature that is becoming more and more widespread in cars. Because of its cutting-edge safety features, consumers are becoming more interested in connected and autonomous automobiles, which is fueling the industry’s growth.
All contemporary cars, trucks, buses, and SUVs are equipped with cutting-edge technologies employed in the automotive sector. Numerous automakers are experimenting with providing top-notch safety features in an effort to reduce road accidents. Mercedes-Benz, Volvo, BMW, Audi, and other well-known brands are only a few examples.
Due to the growth in accidents in developing countries like China and India, there is an increasing demand for safe vehicles. Automobile manufacturers are always seeking for ways to address problems brought on by a rise in accidents. By investing time and effort in R&D projects, these companies are enhancing adaptive cruise control systems.
Adaptive cruise control is being used increasingly frequently as a result of growing consumer demand for a more comforting, reliable, and improved driving experience. Due to innovation, technical advancements, and practical and enjoyable driving systems, the automotive industry is predicted to dominate the worldwide market.
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.
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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.
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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