How Is The Global Adaptive Cruise Control And Blind Spot Detection Market Defined?
Adaptive cruise control (ACC) and blind spot detection (BSD) are advanced safety features in vehicles that work together to enhance driving safety. ACC is a system that automatically adjusts the vehicle's speed to maintain a safe distance from the car ahead, while BSD is a sensor-based detection system that alerts the driver about vehicles in their blind spot. These technologies minimizes accidents and improving overall road safety by providing drivers with assistance in maintaining safe distances and being aware of vehicles in their blind spots.
Adaptive Cruise Control And Blind Spot Detection Global Market Report 2024 provides data on the global adaptive cruise control and blind spot detection market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The adaptive cruise control and blind spot detection market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Adaptive Cruise Control And Blind Spot Detection Market Size And Annual Growth Rates?
The market for adaptive cruise control and blind spot detection has expanded rapidly, growing from $3.33 billion in 2023 to $3.79 billion in 2024, with a CAGR of 13.9%. Historical growth has been fueled by increasing traffic congestion, advancements in vehicle-to-vehicle communication, urbanization, vehicle electrification, and environmental concerns. The market is projected to reach $6.42 billion by 2028, with a CAGR of 14.1%. Factors driving this include applications in fleet management, the expansion of electric vehicles, partnerships with original equipment manufacturers, and a focus on fuel efficiency. Key trends include growth in commercial vehicle applications, integration with advanced driver assistance systems (ADAS), development of multi-sensor fusion systems, evolution of user interfaces, enhanced autonomous driving features, improved sensor technologies, and incorporation of AI and machine learning.
Which Key Drivers Are Propelling The Adaptive Cruise Control And Blind Spot Detection Market's Growth?
The rise in vehicle accidents is expected to drive the growth of the adaptive cruise control and blind spot detection market. The increase in traffic accidents can be attributed to factors such as more miles traveled, distractions while driving, speeding, impaired driving, fatigue, poor infrastructure, and bad weather. Adaptive cruise control and blind spot detection systems help reduce accidents by improving driver awareness, maintaining safe distances, and alerting drivers about vehicles in their blind spots. For example, in April 2023, the National Highway Traffic Safety Administration reported 42,939 fatalities in 2021, a 10% increase from 2020, with 2.50 million injuries, a 9.4% rise. This growing number of accidents is driving the growth of the adaptive cruise control and blind spot detection market.
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What Are The Key Segments Within The Global Adaptive Cruise Control And Blind Spot Detection Market?
The adaptive cruise control and blind spot detection market covered in this report is segmented –
1) By Type: Adaptive Cruise Control (ACC), Blind Spot Detection (BSD)
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Technology: Infrared, Radar, Image, Other Technologies
4) By Sales Channel: Original Equipment Manufacturer, Aftermarket
How Are New Trends Impacting The Size Of The Adaptive Cruise Control And Blind Spot Detection Market?
Leading companies in the adaptive cruise control and blind spot detection market are enhancing their offerings by integrating automated driving assistance features, like the Mobileye SuperVision pilot system, to improve safety and convenience. The Mobileye SuperVision pilot system provides a variety of advanced driver assistance features, including adaptive cruise control, lane-keeping assistance, pedestrian detection, and traffic sign recognition. For example, in September 2023, ZEEKR, an automobile company based in China, announced the integration of Mobileye SuperVision Pilot functions into 110,000 vehicles, enhancing their automated driving capabilities. This update incorporates SuperVision’s 11-camera 360° surround vision and additional Mobileye technology, which enables the system to build environmental models and extract data such as common speed and drivable paths. The technology also uses dual EyeQ chips and cameras for complete 360-degree vision, alongside REM-generated maps and RSS-based driving policies.
Which Region Drives The Highest Growth In The Adaptive Cruise Control And Blind Spot Detection Market?
Asia-Pacific was the largest region in the adaptive cruise control and blind spot detection market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the adaptive cruise control and blind spot detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
