Global Automotive Adaptive Cruise Control Market
Automotive adaptive cruise control is the integration of autonomous technology which involves usage of sensors, antennas, imaging technology as well as vehicle controls to ensure that the vehicle can automatically manage the speed of its movement for the maintenance of a safe distance from other automotive moving in front of them. It has a number of different functionalities and features that are similar to conventional cruise control although one of the major differences between cruise control and this technology is the modification of speed as per the speed of the vehicle moving in front.
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Automotive adaptive cruise control market is growing due to rising demand for automotive adaptive cruise control in vehicles, increasing awareness about passenger safety; the effects of these factors are mentioned below:
- Rising demand for automotive adaptive cruise control in vehicles: Various consumers have shifted their preferences to ensure that they get the latest technological offerings in their vehicles even if they have to increase their expenditure. They are willing to spend a larger sum to adopt the latest technologies available in the market. This trend is having a positive impact on the overall autonomous driving technology for automotive which subsequently involves a variety of elements and applications of autonomous driving such as blind spot detection and adaptive cruise control among various others
- Increasing awareness about passenger safety among population: Another factor that is giving rise to a higher level of market adoption for these technologies is the focus of different authorities, market players and consumers of vehicles become more aware regarding the safety of the passengers present in vehicles. Adaptive cruise control is capable of providing a number of valuable benefits over conventional cruise control one of the most significant is the changes in travel speed with the help of adaptive technology. Conventional cruise control makes the vehicle travel at a pre-determined speed not taking into account the speed of the vehicle in front which does not ensure complete safety.
Strategic launches of products and expansion of businesses undertaken by market players:
- In July 2019, Ibeo Automotive Systems announced that they had established a subsidiary in the United States region. Ibeo Automotive USA Inc. will be based in Detroit, Michigan, United States and Paula Jones will be the president of this subsidiary and will be responsible for management of its operations. This will help them in establishing a significant presence for their product range of LiDAR technology as they look to take advantage of one of the most in-demand industry, i.e. autonomous driving
- In October 2018, NXP Semiconductors announced the expansion of their automotive radar range. The expansion involves combining S32R processors, RF Transceiver along with an updated antenna design for the latest reference platform. The latest solution has been created to meet the automotive-grade radar development manufacturing processes that meet the strict requirements of the industry
The market is segmented on the basis of technology as LiDAR, Radar, laser, ultrasonic, image sensors; vehicle type is categorized into passenger car, LCV, M&HCV; end-use as OEM, aftermarket; mode of operation as normal adaptive cruise control system, connected adaptive cruise control system.
“According to Data Bridge Market Research, global automotive adaptive cruise control market is expected to be growing with a healthy CAGR of 14.45% during the forecast period of 2019 to 2026”
Some of the major players operating in market are Continental AG, Delphi Technologies, DENSO CORPORATION, Autoliv Inc, Magna International Inc., WABCO, Robert Bosch GmbH, ZF Friedrichshafen AG, Knorr-Bremse AG, Mobileye., Mando-Hella Electronics Corp., Valeo, HYUNDAI MOBIS, Delphi Technologies, Hitachi, Ltd., PRECO Electronics.
With the higher purchasing power available to the consumers they are willing to spend a greater sum on their assets purchases as they prefer to spend a larger sum of money which is creating an enhanced adoption rate for the modern technologies for vehicles which is high-costing.