Adaptive cruise control systems are majorly used in automotive to control the speed of vehicle. It automatically controls the speed of vehicle by slowing down the speed in traffic and increasing when there is no obstacle. Currently, automotive industry is moving towards electrifications and automation. It uses various sensors for detecting the distance between two vehicles. It increases the safety and reduces the risk of accidents. Additionally, it has been attached to pre-crash systems that alerts the vehicles spontaneously applying brakes. Some of factors like increase in the sale of passenger cars, advancement in technology, and growing safety of passengers are responsible for the growth of adaptive cruise control market.
Geographically, adaptive cruise market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
In North America, with growing vehicle production and safety standards by government are some factors responsible for the market growth of adaptive cruise control market. The government administration such as The National Highway Traffic Safety administration has set up various safety regulations to be adapted by the automotive manufactures. The stringent government regulations have increased the use of automotive adaptive cruise control in vehicles. Moreover, the presence flourishing automotive sectors is responsible for growth of adaptive cruise control market. The United States New Car Assessment Program (US NCAP) by National Highway Traffic Safety Administration (NHTSA) has helped in focusing on increased consumer concerns resulting in a greater number of people installing such systems. Audi, BMW, Dodge, Ford, Hyundai, Land Rover, Toyota, Volvo, Nissan, and Mercedes Benz are some of the well-known brands which have adapted the adaptive cruise control systems.
In Europe the increasing sale of passenger and commercial cars along with the increased safety is responsible for the growth of adaptive cruise control market in the region.
Asia pacific is expected to grow the market of adaptive cruise control due to increase in sales of electric vehicles. Countries like China and Japan are experiencing the immense growth for electric vehicles. China is expected to dominate the adaptive cruise control market. The growing demand for electric vehicle will increase the demand for adaptive cruise control.
Adaptive cruise control market is segmented by technology type, vehicle type, and end use.
Based on technology, adaptive cruise control market is segmented into lidar, radar, laser, and ultrasonic.
Adaptive cruise control market is segmented based on vehicles types into passenger car and commercial vehicles.
Based on end use, adaptive cruise control market is segmented into OEMs and aftermarket.
Among vehicle type, passenger car is expected to gain major traction in global adaptive cruise control system market during forecast period 2019-2026. It is extremely useful for adjusting the vehicles speed to maintain a safe distance from vehicles ahead and it is also augment intangible benefits of car. Growing demand for passenger car likely to escalate demand for adaptive cruise control systems. For instance, according India Brand Equity Foundation, India is the world's fifth-largest market for passenger vehicles, and it was grown at a double-digit rate in the first five months of 2017.
Adaptive Cruise Control Segmentation
By Vehicle Type
By end use