LONDON — The adaptive cruise control (ACC) market is capturing a valuation of $4.1 billion in 2023 and is predicted to reach $13.7 billion by 2033. The market is registering a compound annual growth rate (CAGR) of 12.7 percent during the forecast period, as reported in a recently published report by Future Market Insights.
The automotive industry is rapidly growing behind the global market growth. The demand for adaptive cruise control – a major advanced driver-assistance system (ADAS) — is rising due to its adjustable automotive vehicle speed.
The growing popularity of connected and autonomous vehicles among consumers due to their advanced safety features drives the market size.
The automotive sector implements various advanced technologies in the latest cars, buses, SUVs, and trucks. Various automotive companies are experimenting with providing excellent safety features to reduce road accidents. The major automotive companies include BMW, Volvo, Audi, and Mercedes-Benz.
The rising number of accidents in developing countries such as India and China increases the demand for safe cars. Automotive manufacturers are continuously solving problems related to a growing number of accidents. These manufacturers are improving adaptive cruise control systems by investing their time in research and development activities.
The consumers’ growing demand for a comfortable, reliable, and better driving experience increases the adoption of adaptive cruise control. The automotive sector is estimated to drive the global market with innovation, technical features, and smooth and comfortable driving systems.
• The adaptive cruise control market is estimated to capture a CAGR of 12.7 percent with a valuation of $13.7 billion by 2033.
• In the historic period, the market secured a valuation of $3.8 billion in 2022.
• The United States is anticipated to register a share of 16.7 percent in the global market by 2033.
• With a share of 8.5 percent, Japan is estimated to drive the global market during the forecast period.
• China is predicted to register a share of 14.0 percent in the global market by 2033.
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.
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 percent 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.