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Automotive Adaptive Cruise Control Global Market Report 2023
Magna International Inc., Continental AG, Denso Corporation, Hitachi Ltd., Robert Bosch GmbH, Valeo SA, Hyundai Mobis, ZF Friedrichshafen AG, Mando Corporation, Nidec Elesys America Corporation, Velodyne Lidar, Knorr-Bremse AG, Eaton Corporation plc, ADVICS Co Ltd.
New York, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Adaptive Cruise Control Global Market Report 2023" - https://www.reportlinker.com/p06426346/?utm_source=GNW
, and Visteon Corporation are among the market’s major players.
The global automotive adaptive cruise control market grew from $18.46 billion in 2022 to $20.72 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The automotive adaptive cruise control market is expected to grow to $32.35 billion in 2027 at a CAGR of 11.8%.
The automotive adaptor cruise control market consists of revenues earned by entities by providing automotive adaptor cruise control solutions such as blind-spot detection, emergency braking, emergency lane keeping, road hazard services, lane assistance systems, and lane keeping assist.The market value includes the value of related goods sold by the service provider or included within the service offering.
The automotive adaptor cruise control market also includes sales of front radar sensors and multipurpose cameras .Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Automotive adaptive cruise control refers to a driver assistance technology that sets a maximum speed for vehicles and automatically slows the speed of the car when traffic is sensed in front of the vehicle.This device automatically adjusts a car’s speed to reduce the driver’s effort, and this technology allows the car to identify probable forward crashes and notify the driver.
It is used to maintain adequate spacing between vehicles on the road, ensure road safety, avoid accidents, and enhance traffic flow.
North America will be the largest region in the automotive adaptive cruise control market in 2022. The regions covered in this automotive adaptive cruise control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main components of automotive adaptive cruise control are LIN, CAN, ECU, MCU, and wire harness.The LIN refers to the Local Interconnect Network (LIN), a low-cost serial network for connecting car electronics.
The different vehicles include passenger vehicles and commercial vehicles.The technologies used are radar sensors and lidar sensors.
The mode of operation includes a normal adaptive cruise control system and a connected adaptive cruise control system that is distributed through the OEM and aftermarket.
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 automotive adaptive cruise control market.
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 2020 Volvo S60 in India.The new 2020 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.
In October 2020, BorgWarner Inc., a US-based motor vehicle manufacturing company, acquired Delphi Technologies for an undisclosed amount. This acquisition aims to make BorgWarner a leader in electrified propulsion systems by enhancing its electronics and power electronics products, capabilities, and scale. Delphi Technologies is a UK-based motor vehicle manufacturing company that provides automotive adaptive cruise control systems.
The countries covered in the automotive adaptive cruise control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive adaptive cruise control market research report is one of a series of new reports that provides automotive adaptive cruise control market statistics, including automotive adaptive cruise control industry global market size, regional shares, competitors with automotive adaptive cruise control market share, detailed automotive adaptive cruise control market segments, market trends and opportunities, and any further data you may need to thrive in the automotive adaptive cruise control industry. This automotive adaptive cruise control market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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