Automotive Adaptive Cruise Control Global Market Report 2024

Automotive adaptive cruise control represents a driver assistance technology designed to establish and maintain a vehicle's maximum speed while automatically adjusting its speed in response to traffic conditions ahead. By leveraging sensors, this system lessens the driver's workload by regulating the car's speed, recognizing potential forward collisions, and alerting the driver. Its primary functions encompass maintaining safe distances between vehicles, ensuring road safety, preventing accidents, and optimizing traffic flow.

Key components integral to automotive adaptive cruise control encompass LIN, CAN, ECU, MCU, and wire harness. LIN, or Local Interconnect Network, serves as an economical serial network connecting various car electronics. This technology caters to a range of vehicles, including passenger and commercial vehicles. Radar sensors and lidar sensors are the primary technologies employed. The system operates in two modes such as a standard adaptive cruise control system and a connected adaptive cruise control system, widely available through both OEM and aftermarket channels.

The automotive adaptive cruise control market research report is one of a series of new reports that provides automotive adaptive cruise control market statistics, including automotive adaptive cruise control industry global market size, regional shares, competitors with automotive adaptive cruise control market share, detailed automotive adaptive cruise control market segments, market trends and opportunities, and any further data you may need to thrive in the automotive adaptive cruise control industry. This automotive adaptive cruise control market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive adaptive cruise control market size has grown rapidly in recent years. It will grow from $20.84 billion in 2023 to $23.24 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The expansion observed during the historical period can be credited to regulatory mandates, an upsurge in passenger car sales, economic growth, and government support.

The automotive adaptive cruise control market size is expected to see rapid growth in the next few years. It will grow to $35.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth in the forecast period can be linked to the heightened focus on vehicle safety, a surge in vehicle sales, the increasing prevalence of connected vehicles, urbanization trends, and a rise in disposable income. Noteworthy trends expected during this period encompass advanced sensor fusion, integration of machine learning and AI, driver monitoring systems, long-range radar, and the implementation of cooperative adaptive cruise control (CACC).

The automotive adaptive cruise control market is anticipated to experience growth due to the increasing number of road accidents. These incidents, which result in injuries, are a significant concern and the adaptive cruise control system plays a vital role in mitigating accidents by leveraging technology to regulate vehicle speed and adjust to traffic conditions. In 2022, the Ministry of Road Transport and Highway reported 3.66k road accidents in India, leading to 13.17k fatalities and 3.48k injuries. This rise in road accidents is a driving force behind the growth of the automotive adaptive cruise control market.

The burgeoning demand for electric vehicles is poised to drive the expansion of the automotive adaptive cruise control market. Electric vehicles, primarily powered by rechargeable batteries, are integrating adaptive cruise control systems to enhance safety and driver convenience. This technology not only ensures safer driving but also contributes to a more efficient and less stressful driving experience. As per the International Energy Agency's data in September 2022, the sales of electric vehicles nearly doubled in 2021 to 6.6 million from 3 million in 2020, constituting about 9% of total sales and rising by 4 percentage points. This surge in demand for electric vehicles contributes significantly to the growth of the automotive adaptive cruise control market.

Technological advancements stand as a prominent trend shaping the automotive adaptive cruise control market. Key players in this sector are diligently working on innovative technological solutions to fortify their market positions. Notably, in January 2021, Volvo, a Sweden-based automotive company, introduced the Volvo S60 in India, equipped with the 'Pilot Assist feature.' This advanced technology ensures driving safety and convenience, allowing the vehicle to maintain consistent speeds in conjunction with other vehicles while offering steering assistance, automatic braking, and acceleration capabilities.

Prominent enterprises within the automotive adaptive cruise control market are directing their efforts towards technological integration, exemplified by the adoption of iQ-Cruise technology, designed to enhance the driving experience. iQ-Cruise technology, an AI-powered adaptive cruise control system, stands as a solution that not only decreases fuel consumption but also significantly improves safety measures and driver satisfaction. An instance of this innovation occurred in April 2022, with the introduction of iQ-Cruise technology, a blend of AI and adaptive cruise control (ACC). This integration focuses on enhancing fuel efficiency, ensuring safety, and offering valuable driver alerts to maintain a stress-free and secure driving environment.

In June 2023, Magna International Inc., a US-based mobility technology company, concluded the acquisition of Veoneer Active Safety for an undisclosed amount. This strategic move is aimed at fortifying Magna's position within the market and expanding its product portfolio and customer base. Veoneer Active Safety, a Sweden-based automotive electronics safety systems provider, specializes in automotive adaptive cruise control systems, a valuable addition that aligns with Magna's objectives for market growth and innovation.

Major companies operating in the automotive adaptive cruise control market include Magna International Inc., Continental AG, Denso Corporation, Hitachi Automotive Systems Ltd., Robert Bosch GmbH, Valeo SA, Hyundai Motor Company, ZF Friedrichshafen AG, Mando Corporation, Nidec Elesys America Corporation, Velodyne Lidar, Knorr-Bremse AG, Eaton Corporation PLC, ADVICS Co Ltd., Visteon Corporation, Autoliv Inc., Delphi Automotive LLP, WABCO Holdings Inc., TRW Automotive Holdings Corp., Hella KGaA Hueck & Co., Mobileye N.V., Gentex Corporation, Aptiv PLC, Infineon Technologies AG, NXP Semiconductors N.V., Texas Instruments Inc., STMicroelectronics N.V., Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corporation, Maxim Integrated Products Inc., Melexis NV, Sensata Technologies Inc., TE Connectivity Ltd., Panasonic Corporation, Toshiba Corporation

North America will be the largest region in the automotive adaptive cruise control market in 2023. The regions covered in this automotive adaptive cruise control market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the automotive adaptive cruise control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The automotive adaptor cruise control market consists of revenues earned by entities by providing automotive adaptor cruise control solutions such as blind-spot detection, emergency braking, emergency lane keeping, road hazard services, lane assistance systems, and lane keeping assist. The market value includes the value of related goods sold by the service provider or included within the service offering. The automotive adaptor cruise control market also includes sales of front radar sensors and multipurpose cameras . Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this automotive adaptor cruise control market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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