The Automotive Adaptive Cruise Control Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Adaptive Cruise Control Global Market Report 2024, The automotive adaptive cruise control market size has grown rapidly in recent years. It will grow from $20.84 billion in 2023 to $23.24 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to regulatory mandates, rise in passenger car sales, economic growth, government support.
The automotive adaptive cruise control market size is expected to see rapid growth in the next few years. It will grow to $35.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing emphasis on vehicle safety, rising vehicle sales, rising connected vehicles, rising urbanization, rising disposable income. Major trends in the forecast period include enhanced sensor fusion, machine learning and ai integration, driver monitoring systems, long-range radar, cooperative adaptive cruise control (cacc).
The rise in the number of road accidents is expected to propel the growth of the automotive adaptive cruise control market going forward. A road accident refers to any incident that occurs on a road that causes injury due to crashes originating from, finishing with, or involving a vehicle partially or wholly on a public road. The automotive adaptive cruise control system helps in reducing road accidents by using technology that slows the traffic ahead and automatically adjusts the speed of the vehicles. For instance, in 2022, according to the Ministry of Road Transport and Highway, an India-based ministry, a total of 3.66k road accidents were reported by states and union territories, in which 13.17k people lost their lives and 3.48k people were injured. Therefore, the rise in the number of road accidents is driving the growth of the automotive adaptive cruise control market.
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The automotive adaptive cruise control market covered in this report is segmented –
1) By Component: LIN, CAN, ECU, MCU, Wire harness
2) By Technology: RADAR Sensor, LIDAR Sensor
3) By Mode Of Operation: Normal Adaptive Cruise Control System, Connected Adaptive Cruise Control System
4) By Vehicle: Passenger Vehicle, Commercial Vehicle
5) By Distribution Channel: OEM, Aftermarket
Technological advancements are a key trend gaining popularity in the automotive adaptive cruise control market. Major companies operating in the automotive adaptive cruise control market are focused on developing new technological solutions to strengthen their position. For instance, in January 2021, Volvo, a Sweden-based company that provides automotive adaptive cruise control, launched the Volvo S60 in India. The new Volvo S60 possesses the ‘Pilot Assist feature’ that provides driving safety and convenience. This advanced technological feature allows the car to maintain a consistent speed with other vehicles while also providing steering assistance and an automatic braking or accelerating system.
The automotive adaptive cruise control market report table of contents includes:
1. Executive Summary
2. Automotive Adaptive Cruise Market Characteristics
3. Automotive Adaptive Cruise Market Trends And Strategies
4. Automotive Adaptive Cruise Market – Macro Economic Scenario
5. Global Automotive Adaptive Cruise Market Size and Growth
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26. South America Automotive Adaptive Cruise Market
27. Brazil Automotive Adaptive Cruise Market
28. Middle East Automotive Adaptive Cruise Market
29. Africa Automotive Adaptive Cruise Market
30. Automotive Adaptive Cruise Market Competitive Landscape And Company Profiles
Top Major Players:
- Magna International Inc
- Continental AG
- Denso Corporation
- Hitachi Automotive Systems Ltd
- Robert Bosch GmbH
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