Wednesday, May 29, 2024
Self-DrivingAdaptive Cruise Control Market Size To Reach USD 60.92...

Adaptive Cruise Control Market Size To Reach USD 60.92 Bn In 2030

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The global adaptive cruise control market size is expected to reach USD 60.92 Billion in 2030 and register a revenue CAGR of 6.2% over the forecast period, according to latest report by Reports and Data. Stringent safety regulations imposed by governments in various countries across the globe play a major role in driving adaptive cruise control market revenue growth. Ruling bodies in various countries have come up with major strategies to curb road accidents. In addition, various laws and regulations have been imposed so that automotive manufacturers enhance safety features in their vehicles.

Moreover, major automotive manufacturers are investing significantly in research & development activities to develop innovative products that not only increase their popularity and profitability but also let them be compliant. One of the major innovations include long-range Radio Detection and Ranging (RADAR) sensors that enable vehicles to capture data on surrounding traffic over a long distance thereby enabling drivers to make more informed decisions.

However, adverse weather conditions are expected to pose a major hindrance to adaptive cruise control market revenue growth. Adaptive cruise control system makes extensive use of sensors to capture and utilize the data on surrounding and thereby utilize it to perform a specific operation. In regions with extreme weather conditions such as fog, snowfall, and rainfall, functioning of these sensors and other electronic technologies integrated into various compartments of a vehicle are disrupted and thereby may not function accordingly or provide incorrect data.

In addition, incorporating advanced sensors that are capable of withstanding these harsh weather conditions can eventually increase overall price point of the vehicle. Moreover, the competitive market for sensing technology has enabled manufacturers to come up with innovative technology which may be difficult to understand or interpret for a non-technical person. Therefore, the aforementioned factors have strictly restricted adoption of adaptive cruise control systems among consumers in countries and regions where weather conditions are extreme.

Key Highlights

  • On 29 March 2022, Juizi Holdings, Inc., which is a franchisor and retailer of new energy vehicles in China announced that the company through its wholly-owned subsidiary Zhejiang Jiuzi New Energy Vehicles Co., Ltd. entered into a strategic agreement with Jiangsu Skywell Automobile Co., Ltd. on 16 March 2022. Under the terms of agreement, Zhejiang Jiuzi has been given non-exclusive right to use Skywell’s ‘Skyworth’ trademark and sell their new EV6 SUV series during 2022-2023. EV6 is a completely electric SUV that includes fully integrated high-end technologies and enhanced safety features such as adaptive cruise control, automatic braking & parking, and others.
  • Predictive systems segment is expected to grow at a steady rate during the forecast period. Rising demand for systems that allow drivers to predict next movement of the vehicle in front of them is a major factor expected to drive revenue growth of this segment. Predictive systems are a type of adaptive cruise control that uses sensory data to predict actions of nearby vehicles. This allows the vehicle to slow down in order to avoid colliding with another vehicle that is abruptly switching lanes. In Europe, for example, Honda began offering a predictive cruise control system on the Executive Grade Honda CR-V in 2015. The advanced capabilities of this predictive cruise control enabled existing adaptive cruise control system to anticipate and automatically respond prior to sudden movements of vehicles surrounding.
  • Image sensors segment is expected to grow at a steady rate during the forecast period. Increasing technological applications and stringent legal mandates have compelled automakers to use high-quality image sensors across all vehicle segments. Modern automotive cameras, as opposed to traditional rearview cameras used for parking or moving the vehicle backward, are equipped with advanced image sensors that aid in monitoring both interior and exterior surroundings. Furthermore, with rising demand for adaptive cruise control systems, this has become inevitably important. Image sensors, such as OMNIVISION’s compact and cost-effective Complementary Metal Oxide Semiconductor (CMOS) sensors, are designed to meet market demands while also delivering industry-leading image quality.  
  • Commercial vehicle segment accounted for moderate revenue share in 2021. Rising demand from warehouses across regions is a major factor driving this segment’s revenue growth. Automotive manufacturers have long used technologies such as adaptive cruise control to integrate and provide a more relaxed driving experience to consumers. However, they are increasingly being seen to be integrated into commercial vehicles. Furthermore, as these technologies become more relevant, accessible, and affordable, commercial fleets are increasingly adopting them to improve fleet safety.
  • Market in Asia-Pacific accounted for moderate revenue share in 2021. Rising consumer demand for electric automotive vehicles, as well as growing trend of connected mobility, are major factors expected to drive market revenue growth in this region. Furthermore, strong presence of major automakers such as Mitsubishi, Honda, and others has created a lucrative opportunity for adaptive cruise control component manufacturers to expand their presence. These automakers are increasingly incorporating advanced and innovative technologies into their vehicles in order to increase profitability and provide their customers with a diverse range of product options.
  • Major companies in the global market report include Autoliv Inc., Magna International Inc., Valeo, BorgWarner Inc., Continental AG, Denso Corporation, ZF Friedrichshafen AG, Hyundai Mobis, Mando Corp., and Robert Bosch GmbH
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