Source: Future Market Insights announcement
The global adaptive cruise control market is projected to expand at 12.7-percent CAGR (compound annual growth rate) during the forecast period between 2022 and 2032, as per Future Market Insights (FMI). Adaptive cruise control (ACC) is an advanced driver-assist system (ADAS) designed to control the acceleration and braking of a vehicle with the use of sensors.
Growing traffic and increasing number of on- road vehicles is accelerating the demand for adaptive cruise control systems in the forecast period. Adaptive cruise control uses sensors such as radar and laser systems are integrated to ensure passenger and vehicle safety.
Furthermore, expansion of automotive industry across the globe is driving the sales in the market. Advanced driver assistance system is essential in vehicles to help drivers. Manufacturers of adaptive cruise control systems are focusing on developing high performing sensors with wider detection range.
As per FMI, Europe adaptive cruise control market is expected to dominate the global market during the forecast period. Adaptive cruise control market in Europe is projected to top $4,399.2 million by 2032.
“Over the assessment period, sales of adaptive cruise control systems are rising due to increasing technological innovation in advanced driver assistance system that gives high accuracy and high-speed processing of vehicle.” says an FMI analyst.
• In terms of technology, the radar sensor segment is projected to hold approximately 39.9 percent of the total market share in 2022.
• Based on sales channel, the OEM segment is anticipated to grow at 12.9-percent CAGR through 2032.
• East Asia will emerge as an attractive adaptive cruise control market globally, creating an incremental $ opportunity of $2,609.3 million in the forecast period.
• Passenger vehicle segment is expected to reach about $9,037.5 million by end of the forecast period.