The rising rate of road accidents and increasing government initiatives for implementing autonomous vehicles are driving the demand for the market
Vancouver, BC -- (SBWIRE) -- 02/02/2021 -- Adaptive Cruise Control (ACC) is an intelligent assistance technology to accurately control vehicle speed and warn the driver about the situational threats in the environment. According to Emergen Research, the global Adaptive Cruise Control Market is expected to reach USD 62.36 Billion by 2027, registering a CAGR of 20.8%.
Due to the rising concern for road safety among professional drivers and logistics organizations, the commercial vehicle segment is anticipated to grow substantially over the forecast period.
The passenger car segment is forecasted to hold the largest market throughout the forecast period, with a CAGR of 21.2% owing to the growing demand for fuel-efficient cars.
Key participants include DENSO Corporation, Robert Bosch GmbH, Continental AG, Velodyne Lidar, Inc., Delphi Automotive LLP, Magna International Inc, Autoliv Inc., Valeo SA, ZF Friedrichshafen AG, and Mando Corporation, among others.
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Market Drivers
The adaptive cruise control is able to control the vehicle speed through a predefined distance providing utmost comfort to the driver coupled with the ability to concentrate better on the traffic signals. The key factors driving the growth of the automotive adaptive cruise control market are an increase in the sale of passenger cars in emerging economies, advancement in technology, and the growing need for passenger safety.
The rise in the use of ACC has led to the growth of the market over the forecast period. The rise in demand can be attributed to the need for fuel efficiency and the rising number of road accidents. It is a clean and safe alternative that can cater to the unmet transportation needs of emerging countries.
North America region is accounted for the second-largest market and is expected to grow significantly with a CAGR of 20.9% during the forecast period due to the government initiatives to implement energy-efficient vehicles.
Vehicle Outlook (Revenue, USD Billion; 2017-2027)
Commercial Vehicle
Passenger Car
Type Outlook (Revenue, USD Billion; 2017-2027)
Assisting Systems
Multi-Sensor Systems
Predictive Systems
Technology Outlook (Revenue, USD Billion; 2017-2027)
LiDAR
Image
Ultrasonic
Radar
Regional Landscape
By region, the market is segmented into Asia Pacific, Europe, North America, and the rest of the world. North America is estimated to dominate the adaptive cruise control market over the forecast period owing to the increase in vehicle production and strict government regulations for safety. Owing to the rise in stringent government regulations, people have adopted adaptive cruise control.
This rise in the use of adaptive cruise control is estimated to boost the growth in this region over the forecast period. Europe is expected to emerge as the second-largest market that is estimated to grow over the forecast period. The Asia Pacific is estimated to grow at a robust rate during the forecast period.
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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Adaptive Cruise Control Market Segmentation & Impact Analysis
4.1. Adaptive Cruise Control Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. The rising cases of road accidents
4.2.2.2. The increasing demand for safety features
4.2.2.3. The increasing government initiatives for implementing autonomous vehicles
4.2.3. Market restraints analysis
4.2.3.1. Adverse weather conditions
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Adaptive Cruise Control Market By Vehicle Insights & Trends, Revenue (USD Billion)
5.1. Vehicle Dynamics & Market Share, 2019 & 2027
5.1.1. Commercial Vehicle
5.1.2. Passenger Car
Chapter 6. Adaptive Cruise Control Market By Type Insights & Trends Revenue (USD Billion)
6.1. Type Dynamics & Market Share, 2019 & 2027
6.1.1. Assisting Systems
6.1.2. Multi-Sensor Systems
6.1.3. Predictive Systems
Continue…!
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