The growing number of road accidents and increasing vehicle safety regulations and initiatives are the key factors contributing to the growth of the adaptive cruise control (ACC) market. In 2016, the market attained a size of $4767.0 million, and it is projected to generate a revenue of $15,290.0 million by 2023, progressing at a CAGR of 18.3% during 2017–2023 (forecast period). ACC automatically adjusts the speed of the vehicle to keep a safe distance from the vehicles ahead.
Based on application, the ACC market is bifurcated into passenger and light commercial vehicles. Of these, during the historical period (2013–2016), passenger vehicles dominated the market, and these are predicted to maintain their dominance during 2017–2023. This is attributed to the surging awareness among consumers about safety, increasing premium car sector, and formulation of strict norms by regulatory bodies, such as the New Car Assessment Program. Furthermore, the increasing demand for luxury cars in Asia-Pacific (APAC), specifically India and China, is predicted to contribute to the growth of the market.
Geographically, in 2016, North America and Europe collectively contributed more than 65.0% revenue to the adaptive cruise control market, and these are predicted to dominate the market during the forecast period as well. This is attributed to the increasing production of vehicles, technological developments, and strict safety regulations. The United States New Car Assessment Program (US NCAP) is encouraging people to install such systems in vehicles. Furthermore, the rapid integration of safety features in vehicles is leading to an improved rating system, which, in turn, would result in the market growth.
The rising number of road accidents are one of the prime causes of deaths around the world, with Africa registering the highest road traffic-related accident rate, followed by APAC. As per the World Health Organization, in 2013, due to road accidents, the total number of deaths was 1.25 million, and in 2015 it reached 1.34 million. To control the growing number of accidents across the globe, various associations and trade unions are coming up with vehicle safety regulations and initiatives for vehicle and passenger safety.
Thus, the increasing awareness about safety while driving, increasing adoption of advanced driver assistance systems, and stringent vehicle safety regulations and initiatives are the key factors helping the market grow.
Geographically, in 2016, North America and Europe collectively contributed more than 65.0% revenue to the adaptive cruise control market, and these are predicted to dominate the market during the forecast period as well. This is attributed to the increasing production of vehicles, technological developments, and strict safety regulations. The United States New Car Assessment Program (US NCAP) is encouraging people to install such systems in vehicles. Furthermore, the rapid integration of safety features in vehicles is leading to an improved rating system, which, in turn, would result in the market growth.
The rising number of road accidents are one of the prime causes of deaths around the world, with Africa registering the highest road traffic-related accident rate, followed by APAC. As per the World Health Organization, in 2013, due to road accidents, the total number of deaths was 1.25 million, and in 2015 it reached 1.34 million. To control the growing number of accidents across the globe, various associations and trade unions are coming up with vehicle safety regulations and initiatives for vehicle and passenger safety.
Thus, the increasing awareness about safety while driving, increasing adoption of advanced driver assistance systems, and stringent vehicle safety regulations and initiatives are the key factors helping the market grow.
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