Updated at 2021-10-13 07:00:49 UTC
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:
This Report Answers the Following Questions:
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Availability of Cost-effective ACC Systems to Favor Growth in Asia Pacific
Geographically, the market is fragmented into Asia Pacific, Europe, North America, and the rest of the world. Amongst these, Asia Pacific is anticipated to lead the market throughout the forthcoming period. The region procured USD 15.14 billion revenue in 2018. Developing nations, such as China, India, and Japan are likely to contribute to the growth in this region as they have made it compulsory for all the automotive manufacturers to equip every vehicle with adaptive cruise control systems. These systems are presently available at lower prices owing to the recent technological advancements. Apart from that, the buying preferences of consumers are shifting to mid-level vehicles from entry-level vehicles. North America, on the other hand, is set to remain in the second position backed by the early adoption of innovative technology, as well as rising government rules to refine the safety equipment of vehicles. This includes the ACC system.
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:
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