Adaptive Cruise Control Market Size to Reach USD 62.36 Billion In 2027, Rising Incidences of Road Accidents and Growing Government Initiatives for Adoption of Autonomous Vehicles are Some Key Factors Boosting Industry Growth, says Emergen Research

Vancouver, British Columbia--(Newsfile Corp. - April 14, 2021) - The global adaptive cruise control market size is expected to reach USD 62.36 billion in 2027 according to the latest report by Emergen Research. Factors such as rising concerns about road safety among consumers and governments, growing inclination towards automated vehicles for relaxed and comfortable driving are boosting revenue growth of the adaptive cruise control market.

Adaptive Cruise Control (ACC) is an intelligent assistance technology that can control vehicle speed and inform drivers about excess speed and environmental threats. Increasing need for advanced technology to evade rear-end collisions and growing adoption of autonomous vehicles is increasing demand for adaptive cruise control systems. According to German Road Safety Council (DVR), adoption of this technology has resulted in 10% less consumption of fuel. Thus, government initiatives to adopt energy effective and low-emission vehicles to minimize carbon footprint is boosting revenue growth of the global market. Moreover, factors such as increasing need for fuel-efficient vehicles and rising frequency of road accidents are boosting market growth. Various market players are focusing on developing modern technologies to enhance passenger safety and low emission vehicles. However, extreme weather conditions like snow, fog, or rain can lead to failure of system's sensors that is projected to hamper growth of adaptive cruise control during the forecast period.

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Some key highlights of the report:

• Key companies in the adaptive cruise control market 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.

• In July 2019, Velodyne Lidar, Inc. acquired Mapper.ai. to enhance adaptive cruise control and develop driver-assisted systems.

• The passenger car segment is expected to register highest CAGR of 21.21% during the forecast period owing to rising demand for fuel-efficient passenger cars and growing emission control concerns raise by government. This technology helps in signaling the vehicle to slow down and warns driver about space cushion, thereby minimizing possibilities of road accidents.

• By type, the predictive systems segment is projected to account for steady revenue growth over the forecast period as it makes use of sensor data to foresee neighboring vehicle movements and reduce speed of vehicle considering passenger and driver safety.

• The radar segment accounted for largest market share of 51.7% in 2019 and is projected to dominate other technology segments during the forecast period. High revenue growth is attributed to benefits of this technology to locate exact position of the object, velocity of target, and quick and precise information on different scales.

• Europe is expected to account for largest revenue share among other regional markets in the global adaptive cruise control market between 2021 and 2028. High revenue contribution is attributed to factors such as rising safety awareness among skilled drivers and passengers and presence of robust market players in this region.

• The market in North America is projected to account for significant revenue growth throughout the forecast period owing to strict regulations put forth by governments for road safety and adoption of energy-efficient vehicles.

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Emergen Research has segmented the global Adaptive Cruise Control Market on the basis of vehicle, type, technology, and region:

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

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Regional Outlook (Revenue, USD Billion; 2017-2027)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • BENELUX

  • Rest of Europe

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Rest of APAC

• Latin America

  • Brazil

  • Rest of LATAM

• MEA

  • Saudi Arabia

  • UAE

  • Rest of MEA

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