The Rise In Number Of Road Accidents Is Expected To Drive The Automotive Adaptive Cruise Control Market As Per The Business Research Company’s Automotive Adaptive Cruise Control Global Market Report 2022

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According to The Business Research Company’s research report on the automotive adaptive cruise control market, the rise in the number of road accidents is expected to propel the growth of the automotive adaptive cruise control market going forward. A road accident refers to any incident that occurs on a road that causes injury due to crashes originating from, finishing with, or involving a vehicle partially or wholly on a public road. The automotive adaptive cruise control system helps in reducing road accidents by using technology that slows the traffic ahead and automatically adjusts the speed of the vehicles. For instance, in 2022, according to the Ministry of Road Transport and Highway, an India-based ministry, a total of 3.66k road accidents were reported by states and union territories, in which 13.17k people lost their lives and 3.48k people were injured. Therefore, the rise in the number of road accidents is driving the automotive adaptive cruise control market growth.

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The global automotive adaptive cruise control market size is expected to grow from $16.52 billion in 2021 to $18.18 billion in 2022 at a compound annual growth rate (CAGR) of 10.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The automotive adaptive cruise control market is expected to grow to $27.06 billion in 2026 at a CAGR of 10.5%.

Technological advancements are a key trend gaining popularity in the automotive adaptive cruise control market. Major companies operating in the automotive adaptive cruise control market are focused on developing new technological solutions to strengthen their position. For instance, in January 2021, Volvo, a Sweden-based company that provides automotive adaptive cruise control, launched the 2020 Volvo S60 in India. The new 2020 Volvo S60 possesses the ‘Pilot Assist feature’ that provides driving safety and convenience. This advanced technological feature allows the car to maintain a consistent speed with other vehicles while also providing steering assistance and an automatic braking or accelerating system.

Magna International Inc, Continental AG, Denso Corporation, Hitachi Ltd, Robert Bosch GmbH, Valeo SA, Hyundai Mobis, ZF Friedrichshafen AG, Mando Corporation, Nidec Elesys America Corporation, Velodyne Lidar, Knorr-Bremse AG, Eaton Corporation plc, ADVICS Co Ltd, and Visteon Corporation are among the market’s major players.

The global automotive adaptive cruise control market segments are categorized by component into LIN, CAN, ECU, MCU, wire harness; by technology into RADAR sensor, LIDAR sensor; by mode of operation into normal adaptive cruise control system, connected adaptive cruise control system; by vehicle into passenger vehicle, commercial vehicle; by distribution channel into OEM, aftermarket.

North America was the largest region in the automotive adaptive cruise control market in 2021. The regions covered in this automotive adaptive cruise control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Automotive Adaptive Cruise Control Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive adaptive cruise control market forecast size and growth, automotive adaptive cruise control market segments and geographies, automotive adaptive cruise control market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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