New York, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global automotive adaptive cruise control market size is projected to expand at ~6% CAGR between 2023 and 2033. The market is expected to garner a revenue of USD 59 billion by the end of 2033, up from a revenue of ~USD 32 billion in the year 2022.The increasing number of road accidents caused by vehicles traveling too fast can be attributed to the market's growth. For instance, it was discovered that more than 4,900 road traffic fatalities and 82,000 vehicle accident injuries occurred in the United States in 2018. Further, the automotive adaptive cruise control system is an advanced driving system that assists the speed of the vehicle automatically. It is intended to make it easier for cars to adhere to speed limits and keep a safe following distance.
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Furthermore, the rising safety norms by governments across the world to prevent and limit accidents are predicted to fuel market growth during the forecast period. In addition to this, the growth of the automotive adaptive cruise control market can be attributed to the rising sales and manufacturing of vehicles and the international expansion of the use of sensing technology by automakers for car safety. It was found that around 9.6 billion sensors were sold worldwide in 2021.
Increasing Adoption of Autonomous and Smart Vehicles to Boost Market Growth
The growth of the automotive adaptive cruise control market can be attributed to the growing adoption of autonomous and smart vehicles across the globe. It was noted that currently there are around 1450 autonomous vehicles in America, and this is predicted to rise further during the forecast period owing to rising demand for self-driving cars. In autonomous vehicles, ACC operates using in-vehicle sensory equipment, including cameras, radar, and laser devices that detect how close one automobile is to another or to any other objects on the road. Furthermore, the rising number of fatalities from road accidents and rash driving is expected to fuel the demand for autonomous vehicles that eliminate human driving error. According to the National Highway Traffic Safety Administration, 38,824 people died in automobile accidents in the United States in 2020. The company claims that as automation in autonomous driving systems increases, human drivers are eliminated from the series of collision-prone circumstances. A variety of benefits come with this cutting-edge technology, and by 2025, it's expected that all safety features in automobiles will be fully autonomous. Furthermore, as more connected and smart vehicles are adopted, automakers can improve security, internal diagnostics, and communications, which is expected to boost market growth over the forecast period.
Global Automotive Adaptive Cruise Control Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Intelligent Vehicle Penetration and Rising Automobile Sales to Drive Growth in the Asia Pacific Region
The automotive adaptive cruise control market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The market's expansion can be attributed to the region's increasing adoption of intelligent vehicles, which is backed up by increased public awareness about the use of ACC in vehicles. For instance, in China, the adoption rate of intelligent vehicles reached around 25% in 2022. Further, the expansion of the market can be attributed to the region's rising automobile production and sales. In 2021, it was noted that China sold over 22 million passenger cars and 5 million commercial vehicles, while India sold about 4 million of both passenger and commercial vehicles. Furthermore, rising public awareness of road traffic accidents and the importance of automatically controlling vehicle speed to avoid accidents is expected to drive market growth. For instance, according to the most recent statistics provided by the Ministry of Road Transport and Highways, there were more than 4,12,430 road accidents in India in 2021, which resulted in around 1,53,970 fatalities and 3,84,450 injuries.
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Increasing R&D Investment and Rising Sales of Autonomous Vehicles to Drive Growth in the Europe Region
The automotive adaptive cruise control market in Europe is estimated to garner the highest CAGR by the end of 2033. The growth of the market can be attributed to the increasing investment by the leading market players in the region in the development of new and innovative technologies for next-generation automobiles. It was noted that Europe has invested around USD 63 billion in the year 2020 to promote more digitalization and innovations in the field of automobiles. The market's expansion can be further attributed to the region's rising technological development, which includes developments in the automotive industry, particularly in the field of autonomous vehicles, and is supported by the region's rising demand for these vehicles. For instance, it is expected that approximately 4.1 million autonomous vehicles will be present in the area during the forecast period. Additionally, the region's expanding demand for smart and connected vehicles is anticipated to drive market expansion over the course of the projected period, owing to an increase in consumer preference for smart mobility. It was discovered that Europe accounts for more than 29% of all smart car purchases worldwide.
Automotive Adaptive Cruise Control, Segmentation by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
The passenger vehicles segment in automotive adaptive cruise control market is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be ascribed to the increasing adoption of passenger vehicles across the globe. For instance, there were around 4.5 million passenger cars in the USA in 2019 and this number is predicted to increase further during the forecast period. Further, passenger vehicles include motorcycles, motor scooters, bicycles, vans, light trucks, pickup trucks, sports utility vehicles, minivans, and vehicles powered by electric motors. Hence, the increasing sales and manufacturing of electric vehicles and nonelectric vehicles in this segment are predicted to fuel the segment’s growth. It was noted that currently there are 27,81,69,631 non-electric vehicles and 13,34,385 electric vehicles in India. Further, the increasing urbanization and the growing inclination of people toward group road trips which is estimated to fuel the segment growth as passenger vehicles accommodate more than 8 people. Moreover, the growing investment by the key market players in the segment for the development of the new braking systems along with the accommodation of adaptive cruise control in the vehicles is predicted to boost the segment growth over the ensuing years.
Automotive Adaptive Cruise Control, Segmentation by Technology
- Laser Sensors
- Image Sensors
- Infrared Sensors
- Radar Sensors
- Ultrasonic Sensors
The radar sensors segment in automotive adaptive cruise control market is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the significant usage of radar sensors in the development of automotive ACC. A radar sensor mounts on the top of the ACC to continuously monitor the road ahead. ACC maintains the driver's selected speed as long as the road in front of it is clear and there is another vehicle in the lane. Further, the growth of the segment can be attributed to the increasing incidences of accidents owing to vehicle collisions and the rising level of safety concern among the population. It was found that around 19,500 accidents happened in India owing to a loss of control by the driver during speeding. Additionally, radar sensors are extremely useful in managing and detecting the blind spot; they can even help in rear parking by detecting the blind spot of the rear end. Hence, the growing demand for and sales of radar sensors across the world are estimated to propel segment growth during the forecast period. It was noted that more than 10.2 billion radar sensors were sold in 2020 across the world, and the number is predicted to fuel segment growth over the upcoming years owing to increasing sales and manufacturing of vehicles and various electronic items.
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Few of the well-known industry leaders in the automotive adaptive cruise control market that are profiled by Research Nester are Denso Corporation, Hyundai Motor Company, ZF Friedrichshafen AG, Magna International Inc., Robert Bosch GmBH, Aptiv Global Operations Limited, Continental AG, HL Mando Co., Ltd., Valeo, Autoliv Inc., and other key market players.
Recent Development in the Automotive Adaptive Cruise Control Market
- Hyundai Motor Company created a machine learning system based on Smart Cruise Control technology that, by identifying and examining driving behaviors, applies to Smart Cruise Control to produce a personalized self-driving experience.
- Global Safety Package 3*1 was developed by the Denso Corporation. It is an active safety system made to increase the security of automobiles by giving them strong environmental sensing capabilities.
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