Adaptive Cruise Control Systems Market Market Evolving Opportunities with Top Key Players, 2023

[Business Point 2021]

The rising prevalence of road accidents is one of the major factors fueling the demand for adaptive cruise control across the world. Road accidents are one of the biggest causes of deaths in various countries and regions. Africa and Asia-Pacific (APAC) record the highest and the second-highest occurrence of road crashes in the world respectively. Due to the growing incidence of road accidents, the demand for advanced safety features and systems such as adaptive cruise control is rising rapidly.

As a result, automakers all over the globe are increasingly adopting these systems in their vehicles. Furthermore, the governments and regulatory bodies in various countries and regions such as those in North America and Europe are implementing strict vehicle safety policies and regulations that mandate the installation of safety systems such as adaptive cruise control in vehicles. In addition to this, various trade unions and associations are encouraging the integration of adaptive cruise control systems in automobiles.

Due to the above-mentioned factors, the sales of these systems are climbing around the world. This is, in turn, propelling the boom of the global adaptive cruise control market. According to the forecast of P&S Intelligence, a market research firm based in India, the market value would grow from $4.8 billion to $15.3 billion from 2016 to 2023. The market is also predicted to exhibit a CAGR of 18.3% between 2017 and 2023.

Geographically, the adaptive cruise control market is predicted to exhibit the fastest growth in North America in the forthcoming years. This is credited to the rising enactment of strict safety regulations and norms regarding vehicular safety in the regional countries. For instance, theUnited States New Car Assessment Program (USNCAP) launched by the National Highway Traffic Safety Administration (NHTSA) has massively raised the public awareness about vehicle safety systems in the country.

Thus, it is safe to say that the demand for ACC systems would shoot-up all over the world in the upcoming years, primarily because of the increasing incidence of road accidents and the growing implementation of strict vehicle safety regulations and policies in various countries around the world.