Automotive Adaptive Cruise Control Market Exhibits Growth Potential Emerging Trends Increasing Demand Forecast for 2017-2023
Market Overview
The automotive
adaptive cruise control market is garnering significant traction across the
globe. The market growth attributes to the development of futuristic automotive
technologies, increasing passenger safety. Owing to the vital role that these
adaptive cruise control (ACC) systems play in improving automotive safety, the
global automotive ACC market is growing pervasively at a rapid pace.
Moreover, the increasing sale of passenger cars in emerging
countries and growing need for passenger safety escalate the market demand.
Market Research Future (MRFR) asserts that the global automotive adaptive
cruise control market is expected to reach approximately USD 15,457.25 MN by
2023, growing at 8.56% CAGR throughout the review period (2017-2023).
Additionally, the proliferation of auto-driven/ driverless
cars increases the demand for adaptive cruise control systems. Advancements in
technology have driven the automakers and vehicle owners to install adaptive
cruise control in their vehicles for improved safety. The demand for better
passenger safety has led to the growing use of adaptive cruise control in their
vehicles.
Also, rising numbers of road accidents have led to an increase in the installation of adaptive cruise control in automobiles. Conversely, high capital investments associated with the installation of ACC systems in automotive is a significant factor projected to impede the market growth. Nevertheless, augmenting demand for safety technologies would support market growth throughout the review period.
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Automotive Adaptive Cruise Control Market – Segments
The report is segmented into four dynamics;
By Technology : Lidar, Radar, Laser, and Ultrasonic.
By Vehicle Type : Passenger and Commercial Vehicle.
By End-Use : OEM and Aftermarket.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Automotive Adaptive Cruise Control (ACC) Market – Regional Analysis
North America dominates the global automotive adaptive
cruise control market. The largest market share attributes to substantial
technological advances in production techniques and product developments.
Besides, the presence of notable industry players and automakers, alongside the
early uptake of advanced ACC systems, drive the regional market growth. The
well-established automotive industry in this region creates opportunities for
the automotive ACC market to grow significantly.
Moreover, the increase in vehicle production and safety
government regulations implemented by governments foster the growth of the
regional market. The National Highway Traffic Safety Administration (NHTSA) has
set up various regulations for the passengers' safety in cars. The North
American ACC market is estimated to retain its dominance throughout the
assessment period.
Europe stands second in the global automotive adaptive
cruise control market. The region is a hub for luxury cars and automotive
research & innovation, boosting the market size. Additionally, the market
is driven by the resurging economy in the region, playing a vital role in the
growth of the ACC market. Growing passenger car markets in Germany, the UK,
France, and Italy support the regional market growth.
Furthermore, enormous investments to improve automotive
safety technologies in the U.K. and Germany influence the growth of the
regional market. The European automotive adaptive cruise control market is
expected to grow at a significant growth rate during the forecast period.
The Asia Pacific region has emerged as a promising market
for automotive adaptive cruise control systems. The vehicle production rate in
the region is growing rapidly. Factors such as the increasing production of
passenger and commercial vehicles, alongside the growing ACC markets in India,
China, and Japan, foster the regional market growth. Besides, the presence of a
number of ACC manufacturers, alongside the increasing use of safety technology,
boosts the growth of the regional market.
Growing awareness for automotive safety positively impacts
the market growth in the region. Furthermore, the growth in the population
& urbanization and the improving economic conditions that are increasing
the purchasing power of consumers propel the regional market growth. The APAC
automotive adaptive cruise control market is projected to register an
impressive CAGR during the estimated period.
Global Automotive ACC Market – Competitive Analysis
Highly competitive, the automotive adaptive cruise control
market appears fragmented due to the presence of several well-established
players. To gain a larger competitive share, industry players adopt strategies
such as mergers & acquisitions, collaboration, innovation, and brand
reinforcement. Vendors providing these systems also offer aftersales services
to the end-users. Manufacturers strive to develop low-cost, compact systems,
emphasizing improved hardware.
Many automotive suppliers and OEMs are focusing on
developing advanced adaptive cruise control. They deliver products through
distribution channels and dealers. Key manufacturers form strategic alliances
with local dealers and automotive manufacturers to expand their business in the
countries where stringent regulations restrict them from exporting these
systems. Strong players raise the entry barriers for new entrants in the
market.
Major Players
Players leading the automotive adaptive cruise control market are Continental AG (Germany), Autoliv Inc. (Sweden), Denso Corporation (Japan), Robert Bosch GmbH (Germany), Delphi Automotive PLC (U.K.), Valeo SA (France), ZF Friedrichshafen AG (Germany), Mando Corporation (South Korea), Magna International Inc (Canada), and Hyundai Mobis (South Korea), among others.
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Industry/Innovation/Related News:
July 01, 2020 ---- Bayerische Motoren Werke AG (BMW – Germany), an automaker producing luxury vehicles and motorcycles, plans to unveil adaptive cruise control (ACC) for motorcycles. The new radar-based speed controls system adaptive cruise control (ACC) is developed by BMW and Bosch, primarily targeting touring riders. The new ACC automatically regulates desired driving speed and distance to a vehicle that's in front. BMW wants to introduce this technology to the world of motorcycles now.
Table Of Content
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET
DEFINITION
2.2 SCOPE OF THE
STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH
OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY
RESEARCH
2.3.2 SECONDARY
RESEARCH
2.4 MARKET SIZE
ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1 PORTER’S FIVE
FORCES ANALYSIS
3.1.1 THREAT OF NEW
ENTRANTS
3.1.2
3.1.3 BARGAINING
POWER OF SUPPLIERS
BARGAINING POWER OF
BUYERS
3.1.4 THREAT OF
SUBSTITUTES
3.1.5 SEGMENT
RIVALRY
3.2 VALUE CHAIN/SUPPLY
CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET
RESTRAINTS
4.4 MARKET
OPPORTUNITIES
4.5 MARKET TRENDS
continue…
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