Yash Singh
P&S Market Research automotive and transportation team provides in-depth business research solutions to all segments of automotive sector covering its entire value chain, including both demand and supply side. Our team associate with major OEMs, tier-1 players, transportation service providers for understanding the market at depth.
Source: https://www.psmarketresearch.com/industry-report/automotive-and-transportation
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.
Vehicle safety regulations and initiatives by various associations and trade unions are backing the increasing installations of adaptive cruise control (ACC) systems in vehicles. Governments and associations across the globe have been increasingly formulating multi-dimensional policies toward vehicle and passenger safety, increasing fuel efficiency and improving overall performance of the vehicle.
As per the findings of research, the global adaptive cruise control market has been segmented into technology, application, end-use and region. In 2016, radar segment accounted for the largest share in global adaptive cruise control market and garnered 33.7% share in the global market. On the other hand, lidar segment is expected to witness the fastest growth in the global adaptive cruise control market.
The major factors driving the growth of the radar and lidar is increasing adoption of adaptive cruise control system in passenger car and commercial vehicles. Passenger cars is the dominating segment in the adaptive cruise control market.
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.
Market Research Analyst - Automotive and Transportation | P&S Market Research
