The global adaptive cruise control (ACC) market is likely to gain impetus from the increasing adoption of autonomous or self-driving vehicles worldwide. These vehicles are highly dependent on software algorithms, cameras, radars, sensors, and other similar innovative driving systems. Fortune Business Insights™ published this information in its latest report, titled, “Automotive Adaptive Cruise Control (ACC) Market Size, Share & Industry Analysis, By Component Type (LiDAR, RADAR, Others) By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026.” The report further states that the adaptive cruise control market size was USD 29.48 billion in 2018 and is projected to reach USD 48.31 billion by 2026, exhibiting a CAGR of 6.5% during the forecast period.
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Fortune Business Insights™ lists out the names of all the adaptive cruise control manufacturers. They are as follows:
ZF Friedrichafen AGs
Robert Bosch GmbH
Delphi Automotive LLP
Continental AG
Mando Corporation
Denso
Valeo
Luminar
Velodyne Lidar, Inc.
This Report Answers the Following Questions:
What are the trends, opportunities, and challenges that the market may come across in the near future?
What are the vital growth drivers and hindrances?
How will the market be affected in the future by changing consumer behaviour?
Which segment would lead by generating the largest share in the market?
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Rising Need to Curb Road Accidents will Augment Growth
The governments of various countries across the globe are gradually coming up with state-of-the-art strategies to control the increasing number of road accidents across the globe. Thus, several regulatory bodies are implementing strict norms and regulations on the automotive manufacturers to improve the safety features of the vehicles. Apart from that, numerous transportation unions and associations have implemented safety guidelines to install adaptive cruise control systems in vehicles. Prominent companies are also investing hefty amount of money in research and development activities to manufacture adaptive cruise control systems and long range RADAR for adjusting the speed of the vehicle as per its surrounding traffic. However, installation of such systems in vehicles located in areas with extreme weather conditions is difficult. It may hamper the market growth.
RADAR Segment to Dominate Owing to Rising Demand for Safety of Occupants
Based on component type, the market is categorized into RADAR, LiDAR, and others. Out of these, the RADAR segment held 52.8% adaptive cruise control market share in 2018. The segment is expected to lead the market throughout the forecast period. This growth is attributable to the imposition of stringent rules by the governments of various countries on the automotive manufacturers to install this technology in the vehicles to enhance safety. Also, the rising demand for safety of the driver, as well as passengers of the vehicle is set to accelerate the growth of this segment in the coming years.
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Key Companies Focus on Introducing Lightweight Products to Gain Competitive Edge
The market is highly competitive with the presence of a large number of enterprises. They are adopting the strategies of research and development activities to introduce cost-effective and lightweight ACC systems. Below are a couple of the latest industry developments:
January 2020: Bosch, a multinational engineering and technology company based in Germany, introduced its latest long-range LiDAR It is meant of automotive usage. It illuminates the target objects with laser light and measures the reflected pulses to calculate the distance. It is best suited for medium and close ranges in cities and on highways. Owing to the economies of scale, the product will be price-competitive.
June 2017: TomTom and Bosch joined hands to develop high-resolution road maps solely based radar signals. Self-driving vehicles can use these maps to point their location in a few centimetres.
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