NEW YORK, July 10, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Adaptive Cruise Control Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Technology (Lidar, Radar, Laser and Ultrasonic), by Application (Passenger cars, Commercial vehicles), by End-Use (OEMs, Aftermarket)” published by P&S Market Research, the global adaptive cruise control market is projected to reach $15,290 million by 2023, growing at a CAGR of 18.3% during the forecast period (2017 – 2023).
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As per the research, the global adaptive cruise control market high is likely to grow from $4,767.0 million in 2016 to $15,290.0 million by 2023. The rapidly growing automotive industry especially in emerging economies of India, China, Brazil is generating significant demand for vehicle fitted with adaptive cruise control. Increasing number of road accident and awareness to safety systems is also driving the market.
North America and Europe collectively accounted for more than 65% in the global adaptive cruise control market in 2016. The regions are expected to dominate the global market during the forecast period. The major factor attributing to the growth is the increase in vehicle production, stringent safety norms towards vehicle safety and technological advancement. The United States New Car Assessment Program (US NCAP) by National Highway Traffic Safety Administration (NHTSA) has helped in focusing on increased consumer concerns resulting in more number of people installing such systems.
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The adaptive cruise control market is majorly dominated by Tier 1 players having presence across the globe. Some of the major players involved include Autoliv Inc., Continental AG, Denso Corporation, Delphi Automotive PLC, Robert Bosch GmbH, Valeo SA, Hyundai Mobis, ZF Friedrichshafen AG, and Magna International Inc.
Merger and acquisition and strategic partnerships have been the major recent developments in the global adaptive cruise control market. For instance, Delphi Automotive PLC acquired Movimento, one of the leading supplier of Over-the-Air (OTA) software and data management systems for the automotive industry in Jan 2017. The acquisition of Movimento will strengthen Delphi’s presence in the vehicle connectivity market. Prior to this in Oct 2016, Denso Corporation and Toshiba Corporation entered in a partnership agreement to develop an artificial intelligence technology called Deep Neural Network-Intellectual Property (DNN-IP). The new technology will use in image recognition systems which was earlier developed by companies individually to expand their presence in the advanced driver assistance system market. Earlier in Jan 2016, Magna International acquired one of Getrag Group of Companies. Getrag is a one of the leading suppliers of vehicle transmission systems. Magna completed the deal at the purchase price, which was $1.9 billion. Getrag serves all the major automotive giants such as BMW, Audi, Jiangling Motors, Ford, Volvo and Dongfeng.
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