Global adaptive cruise control market is expected to grow at a CAGR of 13.2 % during the forecast period, 2019–2026.
Adaptive cruise control system is also known as traffic-aware cruise control which are optional cruise control in cars used to detect the distance between the two vehicles and maintain the safe distance between two vehicles. Adaptive cruise control is based on the control sensors components like laser, and radar. These components setup allow vehicle to lower the speed when it detects the car approaching another vehicle and then accelerate when traffic is cleared. Adaptive cruise control systems considered as a key component for future generation of intelligent cars. Adaptive cruise control system is similar like conventional cruise control system maintains the vehicle pre-set cars speed however, the adaptive cruise control systems automatically adjusts the distance between vehicles in same lane.
Growing demand for passenger cars and commercial vehicles globally is increasing the growth of adaptive cruise control market. Growing disposable income, standard of living and growing infrastructure is some of factors responsible for growth of adaptive cruise control market. According to OICA, the sales of passenger grew by 7.89 percent as on April-March 2018 over the same as last year period.
Increasing number of accidents is one of the major drivers responsible for growth of adaptive cruise control market. Road accidents are causing deaths across various regions around the globe. Thus, there has been continuously demand for increasing safety features to be installed during manufacturing of vehicles. Adaptive cruise control system will help to control the speed of vehicles and maintain the safe distance between two vehicles. According to WHO, approximately 1.35 million people die each year due to road accidents. More than half of the death are among the road users like pedestrians, cyclist, and motorcyclist.
Adaptive cruise control market is segmented by technology type, vehicle type, and end use.
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.
Adaptive cruise control market is segmented into OEMs and aftermarket.
Adaptive cruise control market is segmented into lidar, radar, laser, and ultrasonic. Lidar technology is used to measure the distance between two vehicles by illuminating the target object with pulsed laser light and measure the reflected pulse with sensor. Commonly, lidar is used to make high resolution maps with applications in geomatics, archaeology, geography, and others. Radar is uses radio wave to detect the obstacle and determine distance, angle, or velocity and is commonly used in aircrafts, motor vehicles, spacecraft, and others. Laser technology uses visible laser light to detect target object. Ultrasonic sensor consists of transmitter, receiver and transceivers, where electrical signals are converted to ultrasonic waves by transmitter and receiver converts it to electric signal again, and transceiver can both transmits receive ultrasonic signals.
Adaptive cruise control market is segmented based on vehicles types into passenger car and commercial vehicles. Adaptive cruise control is used in passenger and commercial cars in order to reduce the road accidents and provide more safety. Government regulations are taking initiatives to strengthen rules to adapt the adaptive cruise control systems to increase the safety.
Adaptive cruise control market is segmented into OEMs and aftermarket. Adaptive cruise control systems are used both by OEMs and aftermarket. OEMs are manufactures of the device and the aftermarket are responsible for suppling it to the end users.
Geographically, adaptive cruise market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
In North America, the rising concern for human safety is a key factor that drives the growth of adaptive cruise control market. Additionally, stringent government regulations for safety in propelling the growth of market.
Europe adaptive cruise market comprised of key manufacturers which makes it a major production hub and home for adaptive cruise control technology.
In Asia pacific, some of the factors like increasing demand for luxury and premium cars are responsible for growth of adaptive cruise system market. Additionally, in Asia Pacific emerging countries like China, India, and Thailand are propelling the growth of market.
Latin America and MEA are expected to witness a considerable growth for adaptive cruise control market during the forecast period 2019–2026. This is attributed to the growing investments by OEMs in countries like Brazil and Chile.
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