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Global Adaptive Cruise Control Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Technology, by Application, by End-Use

Global Adaptive Cruise Control Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Technology, by Application, by End-Use

  • June 2017
  • 116 pages
  • ID: 5038651
  • Format: PDF
  • By Prescient & Strategic Intelligence Private Limited

Summary

Table of Contents

Market Overview

Adaptive Cruise Control regulates the speed of the vehicle to maintain a safe distance from other vehicles on the road. Increase in vehicle production and continued R&D towards vehicle safety is taking place in the adaptive cruise control market. The adaptive cruise control is an intelligent form of cruise control that slows down the vehicle if the preceding vehicle slows down, or if another object is detected, the system sends a signal to the braking system of engine to decelerate the speed of the vehicle. When the road is clear, the speed is restored. The market is segmented on the basis of technology, application, end-use and region. By technology, the market is segmented into radar, lidar, laser and ultrasonic. By application, the market is segmented into passenger cars and commercial vehicles. Further, by segment, the adaptive cruise control market is segmented into OEMs and aftermarket. The market by geography is segmented into Asia-Pacific, North America, Europe and Rest of the World.

Market Dynamics

The global adaptive cruise control market is expected to witness a CAGR of 18.3% during the forecast period to reach $15,290 million by 2023. Radar is currently one of the largest markets followed by Lidar, which is growing at the highest CAGR. Passenger cars has been the largest contributor to the global adaptive cruise control market and growing at the highest CAGR during the forecast period. North America and Europe collectively accounted for more than 65% in the global adaptive cruise control in 2016, owing to increase in manufacturing of passenger cars and commercial vehicles in developed countries such as the Germany, U.K., U.S. and Canada. Additionally, stringent government regulation towards vehicle safety in these region is expected to drive the market. Asia-Pacific is expected to contribute to the growth of adaptive cruise control mainly due to countries like China and India. Increasing vehicle production and increase in installations of safety devices in vehicles is expected to drive the market in this region.

Adaptive Cruise Control Market

Trends

The key trend driving the global adaptive cruise control market is strong growth in luxury vehicles as most of the vehicles are equipped with advanced safety features. The growth is mainly due to new product launches, expansion of dealer network by companies in the emerging market and better financing availability. The three German luxury car makers - Audi, Mercedes-Benz and BMW are expanding their dealer networks in the tier-2 and tier-3 cities. With increase in import duties and other taxes levied on imported cars, luxury car manufacturers have opted for product localization strategy, which helps them to reduce the overall cost of the vehicle. Increasing disposable income with a section of the population, which is the target audience for such products, is aiding the growth of luxury cars in the country. Awareness towards advance safety features and installing them in their vehicles is one of the emerging trend. To avoid road accidents and improve vehicle performance and efficiency, customers are asking automakers to install advanced driving assistance systems, especially the adaptive cruise control (ACC) system. Adaptive cruise control is one of the major safety systems, which is gaining attention and is widely being installed across different models, ranging from luxury vehicles to lower and mid-segment cars. Key models of automotive manufacturers that include Volkswagen Polo, Chevrolet Volt, Volkswagen Jetta, Nissan Murano and Ford Fusion come with adaptive cruise control system.

Growth Drivers

Increasing number of accidents is one of the major drivers propelling the growth of the adaptive cruise control market. Road accidents are among the leading causes of deaths across various regions around the globe, with Africa accounting for highest road traffic-related accidents, followed by Asia-Pacific. According to WHO, deaths due to road accidents worldwide increased from 1.25 million in 2013 to 1.34 million in 2015. Consequently, there has been an increasing demand for safety and comfort features in vehicles, which in turn, is encouraging the vehicle manufacturers to install the ACC system in the vehicles. Vehicle safety regulations and initiatives by various associations and trade unions are backing the increasing installations of ACC systems in vehicles. Governments and associations across the globe have been increasingly formulating multi-dimensional policies toward vehicle and passenger safety, increasing fuel efficiency and improving overall performance of the vehicle. Government regulations related to vehicle safety are increasingly becoming stringent and the vehicles produced across Europe and North America are required to be equipped with safety features such as ACC.

Growth Restraints

One of the major restraints for the global ACC market is the inability of ACC to give exact information in adverse weather conditions. The ACC uses a laser sensor, which fails to track exact data in case of heavy rainfall or snow, thus increasing the chances of road accidents. Radar-based adaptive cruise control is typically capable of tracking vehicles, regardless of paint or weather conditions; however, none of these ACC systems are infallible.

Competitive Landscape

The adaptive cruise control market is majorly dominated by Tier 1 players having presence across the globe. Some of the major players include Autoliv Inc., Continental AG, Denso Corporation, Delphi Automotive PLC, Robert Bosch GmbH, Valeo SA, Hyundai Mobis, ZF Friedrichshafen AG and Magna International Inc.

Scope for Customization

P&S Market Research offers customization as per specific business requirements of clients. Illustrative customization within the scope of this report includes:

Period of Analysis –The adaptive cruise control study period, including historic and forecast years
Geographical Analysis – Increase in country coverage
Segment Analysis – More granular coverage related to:
Industry segmentation – The market can be further segmented on the basis of additional advance driver assistance systems. Market segmentation on the basis of software and hardware.
Company Profiles – Wider company coverage in terms of detailed analysis or additional company profiles
New custom report – A completely customized report can be provided on the market, specific to a region/ country/ segment

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