The Automotive Cruise Control Market size was valued at USD 34.12 Bn in 2021 and is estimated to reach USD 53.01 Bn by 2028, recording a CAGR of 6.5% during the projection period.
Automotive cruise control is a safety feature that enables the vehicle’s cruise control to alter the speed of the vehicle in reaction to nearby traffic. It doesn’t depend on other cars to help it out, and it doesn’t depend on roadside infrastructure or satellites to figure out how busy the area is surrounding the vehicles.
Moreover, it uses LiDAR, RADAR, or laser technology to measure the distance between two vehicles and aids in adjusting speed accordingly. The device automatically slows down the car when it detects a slow-moving vehicle in front of it to maintain a safe distance. The vehicle will automatically accelerate to the cruise control speed if the radar doesn’t identify any obstructions within the range of the cruise control system. As a result, it automatically helps the driver accelerate and brake in response to oncoming traffic. It functions in conjunction with the collision avoidance system, which alerts the driver if the vehicle is approaching an obstruction and prevents an accident.
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On the basis of component type, the global automotive cruise control market is segmented into RADAR and LiDAR. The RADAR segment is anticipated to rule the market during the projection period in terms of adaptive cruise control market share. The demand for these systems is rising as concerns about the safety of vehicle occupants grow. To increase car safety, some governments have put strict rules on automakers to install RADAR technology. There are three varieties of automotive RADARs: long-range, medium-range, and short-range radars. The majority of blind spot detection applications use medium and short-range radars, which are able to identify obstructions that are behind a vehicle.
On the other hand, LiDAR is expected to experience the fastest growth over the predicted period. The demand for LiDAR technology is being fueled by the automotive industry’s growing trend towards highly safe and effective self-driving cars. LiDAR is a laser-based technology that uses distance measurements to determine how far a vehicle is from an obstruction and then sends signals to adaptive cruise control to slow the car down. This segment is able to hold onto its second-largest position in the category due to the increasing use of this technology in passenger cars. Throughout the anticipated time, it is also anticipated that the increasing acceptance of this technology in commercial vehicles would retain its steady growth.
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To reduce the rising incidence of traffic accidents worldwide, many countries have developed creative measures. To improve the safety of automobiles, ruling authorities around the world have put strict requirements on automakers. The installation of ACC systems in cars is subject to safety restrictions that have been adopted by various transportation organizations and unions. In order to produce long-range RADAR and adaptive cruise control, which adjusts the vehicle’s speed in response to the flow of traffic around it, major manufacturers have made significant investments in R&D.
LIST OF KEY COMPANIES PROFILED:
- Robert Bosch GmbH
- Continental AG
- ZF Friedrichshafen AG
- Mando Corp.
- Valeo
- Luminar Technologies, Inc.
- Velodyne Lidar, Inc.
- HELLA GmbH & Co. KGaA
- DENSO CORPORATION.
- Mobileyeย
SEGMENTATION
By Component Type
- RADAR
- LiDAR
- Others
By Technology
- Infrared Sensors
- Laser Sensors
- Radar Sensors
- Image Sensors
- Ultrasonic Sensors
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
The market for adaptive cruise control is also being driven by consumers’ increased preference for sophisticated collision avoidance technologies. Throughout the forecast period, the demand for ACC systems is expected to increase due to the increase in traffic accidents. Furthermore, the market need for adaptive cruise control is being driven by its ongoing technological progress. The market for adaptive cruise control is being propelled by consumers’ rising disposable incomes and shifting preferences for buying cars with these features. One of the variables that would drive demand for these systems throughout the projection period is rising passenger automobile sales.
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- January 2020 – Robert Bosch GmbH unveiled its long-range LiDAR for vehicles at the Consumer Electronics Show. This sensor’s ability to integrate long- and short-range radars means that it can be utilized on roads as well as in urban areas.
ย The Asia Pacific is home to the largest cruise control market due to the fact that major nations such as China, Japan, and India have made the installation of these systems mandatory in all vehicle types. These systems’ costs have decreased over time as a result of increasing technological advancements. As a result, consumers are choosing mid-level vehicles over entry-level ones.
North America is anticipated to be the second-largest market for automotive cruise control. In light of the stringent government regulations in place in this region, automakers are now forced to install safety features in all models. Another factor influencing the region’s second-largest market share is its early adoption of advanced technology. In the market, Europe is anticipated to have rapid growth. Growth in the region is expected to be fueled by the presence of large, influential businesses there as well as rising consumer awareness of vehicle safety.
One of the main reasons for the company’s dominance is the significant investment made in R&D to produce cutting-edge systems, lightweight components, and cost-effective components that are highly competitive in the market. As these businesses are expected to drive market innovation during the forecast period, this is expected to undoubtedly have an impact on the global market.
TABLE OF CONTENTS
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Automotive Cruise Control Market
Chapter 5. Global Automotive Cruise Control Market Overview, By Component Type, 2015 – 2028(USD Million)
Chapter 6. Global Automotive Cruise Control Market Overview, By Technology, 2015 – 2028(USD Million)
Chapter 7. Global Automotive Cruise Control Market Overview, By Vehicle Type, 2015 – 2028(USD Million)
Chapter 8. Global Automotive Cruise Control Market Overview, By Geography, 2015 – 2028(USD Million)
Chapter 9. North America Automotive Cruise Control Market Overview, By Countries, 2015 – 2028(USD Million)
Chapter 10. Europe Automotive Cruise Control Market Overview, By Countries, 2015 – 2028(USD Million)
…Continued
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