Government Policies Powering Global Sales of Adaptive Cruise Control Systems

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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Impact of COVID-19 on Adaptive Cruise Control (ACC) Market Growth, Segments, Size, Industry Analysis and Opportunities 2023

From $4.8 billion in 2016, the global adaptive cruise control market is expected to attain the value of $15.3 billion by 2023, advancing at an 18.3% CAGR during the forecast period (2017–2023). The factors positively impacting the market growth are the rising number of vehicle safety initiatives and regulations due to the increasing number of road accidents.

The adaptive cruise control (ACC) is meant to regulate the vehicle speed in order to maintain a safe distance from other vehicles on the road. It works by sensing the speed of vehicles and alerting the braking system to reduce the vehicle speed. 

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. 

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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 adaptive cruise control market growth.

Additionally, the growing popularity of driver assistance systems in vehicles is expected to offer huge opportunities for the players operating in the ACC market. Companies such as BMW, Audi, Cadillac, and Volkswagen are heavily installing these systems in their various products. 

Besides, governments’ rising initiatives to lower the number of road accidents are predicted to surge the sales of driver assistance systems, which, in turn, would result in the growth of the market. 

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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Adaptive Cruise Control Market Globally Business Outlook

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.

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