In 2023, the market for adaptive cruise control is estimated at USD 16.4 billion and will increase to USD 53.1 billion by 2030 with a growth rate of 18.5% over the period 2024 to 2030. This growth of the market can be credited to the rising requirement for autonomous cars due to safety concerns, continuous enhancements in sensor tech, and government rules motivating advanced driver assistance systems are the key market drivers.
Technical developments: The advances in lidar, camera, and radar tech open up the opportunity to grow high-end adaptive cruise control systems at a reasonable price. Such growth will additionally speed up the acceptance of adaptive cruise control in the coming few years.
Increasing government rules: Governments globally understand the vital role of ADAS features in public road safety and accept laws that need or indorse their use on new cars. Such rules are projected to surge the need for adaptive cruise control in the coming few years.
The addition of pioneering tech is a key trend in the sector targeting advancing safety, along with fuelling general system performance. Makers continued to add AI and ML algorithms to permit adaptive cruise control systems to adapt to numerous multifaceted driving patterns. Such growths were aimed at making adaptive cruise control more suitable in numerous road conditions and traffic conditions, contributing to a safer and smoother experience of driving.
On the basis of end-use, the OEMs category, generated the larger revenue share in the market. Probably, it is happening because of the fact that a number of adaptive cruise control systems that are integrated with regular automobile producers (OEMs) reached the market either as a standard or optional feature.
The inclusion of adaptive cruise control under standard service calls shows its proliferation among car owners. Further, the obligation of the automotive sector to further safety and automation consequentially accords adaptive cruise control with its central place as a shaping force of automation nowadays. One element of progress, which is combined with the expansion of consumer interests, will create the system to accelerate the development of markets.
Based on application, the passenger cars category is the largest contributor to the market. This can be credited to the severe government guidelines to equip vehicles with driver assistance systems to advance vehicle security. Furthermore, the rising vehicle production throughout the globe is also a key factor for the largest share of this category.
North America is the largest contributor to the industry. This can be primarily because of the growing demand for commercials & luxury vehicles and strict government rules imposed to control motor accidents in the continent.
