Adaptive Cruise Control (ACC) System Market Outlook – 2027
With technological advancements, the overall driving experience has improved significantly, making it safer and driver-friendly. Similarly, the adaptive cruise control (ACC) system is one of the technological advancements which has eased the driving experience. In conventional cruise control technology, the driver used to set maximum speed and the cruise control used to maintain that speed irrespective of vehicles ahead. Due to this, the driver had to be alert of the vehicles in the vicinity and apply brakes manually. Whereas in adaptive cruise control system, the driver sets the maximum speed and the car accelerates and decelerates automatically based on vehicles around. This is functioned with the help of electronic sensors. The radar sensors detect the vehicles or possible obstacles around and adapt to the speed accordingly. With innovation in adaptive cruise control system, the driving has been eased on highways as well as in traffic conditions.
COVID-19 scenario analysis:
- The COVID-19 has imposed a tough challenge on automotive and its component manufacturing.
- The value chain has been disturbed and fall down of economy is affecting the buying patterns of the consumers.
- Additionally, the production of the adaptive cruise control (ACC) system market has been stopped due to lockdown, and supply chain has been disrupted.
- With consumer preference shifting toward essential items, sales of new vehicles will drop significantly.
- As trade windows have been stopped, the demand for unessential and luxury items has reduced. This would affect the automobile sector and adaptive cruise control system market simultaneously as it is majorly used in luxury cars
- Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Heavy investment in R&D has paved the way for the adaptive cruise control (ACC) system market growth. Additionally, rise in adoption of ACC by automakers is surging the market growth. Moreover, ACC keeps the driver relaxed due to its ability to drive at a constant speed without keeping a foot on the pedal. Besides, maintaining the car at a consistent speed significantly improves fuel economy. However, failure of sensors in adaptive cruise control system could restrain the market growth. Furthermore, growing need for safety and advanced driver assistance system demand from consumers could proliferate the market growth.
The adaptive cruise control (ACC) system market trends are as follows:
Rise of autonomous and semi-autonomous vehicle
Recent trend in the automotive sector has been autonomous and semi-autonomous cars. With rise in production of autonomous and semi-autonomous car, the use of adaptive cruise control system will escalate. ACC system has a major role to play in autonomous and semi-autonomous cars as it has features like hand-free driving. Recently, Tesla launched its Tesla model 3 with features like Traffic-Aware Cruise Control (TACC). Likewise, the GM is developing next-generation “Ultra cruise” semi-autonomous driving system.
Increase in production of passenger cars
Industrialization has paved its way for rise in number of vehicles & income of people. The living standards of people have bettered in developed economies. This has led to increase in sales and production of luxury cars. ACC being fitted in majority of luxury cars, the demand for its market has also grown simultaneously. Many manufacturers have adopted ACC system in their cars considering consumer demand. Looking at the importance of ACC, economy car manufacturers would also want to equip this system in near future.
Key benefits of the report:
- This study presents the analytical depiction of the adaptive cruise control (ACC) system industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed adaptive cruise control (ACC) system market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the adaptive cruise control (ACC) system market research report:
- What are the leading market players active in the adaptive cruise control (ACC) system market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Adaptive Cruise Control (ACC) System Market Report Highlights
By Sales channel
By Vehicle type
Key Market Players
Mando Corporation, Magna International, Hyundai Mobis Co., Denso Corporation, Valeo S.A., WABCO, Autoliv, Inc., Delpi Automotive, Continental AG, ZF Friedrichshafen