The rising prevalence of road accidents is pushing up the demand for adaptive cruise control across the world. Road accidents are one of the major causes of deaths throughout the globe. According to various reports, Africa and Asia-Pacific (APAC) witness the highest and the second-highest number of road accidents in the world, respectively. This makes the incorporation of advanced safety systems and features such as adaptive cruise control extremely necessary in vehicles.
This is because these systems enhance the vehicular safety, which, in turn, reduces the incidence of road accidents. Moreover, these systems enhance the comfort features in automobiles and improve the overall driving experience. One of the biggest growth opportunities for the players operating in the adaptive cruise control market is the rapid integration of electronic systems in vehicles. The adoption of information and communications technology (ICT) and electronics systems is rising rapidly in automobiles.
Besides the aforementioned factors, the growing deployment of electric vehicles all over the world is also propelling the sales of adaptive cruise control systems. In addition to this, the rising enactment of safety policies and regulations regarding vehicular safety in several countries is massively pushing up the demand for adaptive cruise control systems across the globe. Due to these reasons, the global adaptive cruise control market is registering huge expansion.
The valuation of the market is predicted to grow from $4.8 billion in 2016 to $15.3 billion by 2023. Furthermore, the market is predicted to advance at a CAGR of 18.3% from 2018 to 2023. Radar, laser, ultrasonic, and Lidar are the most commonly adopted technologies in adaptive cruise control systems. Out of these, the adoption of the radar technology is currently being observed to be the highest in the world.
Therefore, it can be said with surety that the sales of adaptive cruise control systems would skyrocket all over the world in the forthcoming years, primarily because of the rising prevalence of road accidents and the growing enactment of favorable government initiatives regarding vehicular safety in several countries around the world.
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