How Has the Adaptive Cruise Control And Blind Spot Detection Market Evolved Historically and What is its Current Size?
The adaptive cruise control and blind spot detection market has seen considerable growth due to a variety of factors.
• The market for adaptive cruise control and blind spot detection has seen a quick expansion in the past few years. It is projected to elevate from a value of $3.79 billion in 2024 to $4.33 billion in 2025, experiencing a compound annual growth rate (CAGR) of 14.3%.
This growth during the historic phase can be credited to factors such as burgeoning traffic issues, its integration with vehicle-to-vehicle communication, increasing urbanization, the push towards vehicle electrification, and concerns regarding the environment.
What Is The Projected Growth Of The Adaptive Cruise Control And Blind Spot Detection Market Size In The Coming Years?
The adaptive cruise control and blind spot detection market is expected to maintain its strong growth trajectory in upcoming years.
• The adaptive cruise control and blind spot detection market size is expected to see rapid growth in the next few years. It will grow to $7.31 billion in 2029 at a compound annual growth rate (CAGR) of 14.0%.
The growth in the forecast period can be attributed to fleet management applications, growth of electric vehicles (EVs), original equipment manufacturers partnerships, and focus on fuel efficiency. Major trends in the forecast period include expansion into commercial vehicles, integration with advanced driver assistance systems (ADAS), development of multi-sensor fusion systems, evolution of user interfaces, expansion of autonomous driving features, enhanced sensor technologies, and integration of AI and machine learning.
What Are the Critical Driver Fuelling The Adaptive Cruise Control And Blind Spot Detection Market's Growth?
The adaptive cruise control and blind spot detection market is likely to expand in response to the rising number of accidents. The increase in motor vehicle accidents is associated with higher travelled vehicle miles, an uptick in distracted driving, speed infractions, driving under the influence, driver exhaustion, infrastructural issues, and harsh weather conditions. Adaptive cruise control and blind spot detection play a crucial role in lessening accidents by improving driver vigilance, ensuring safe driving distances, and notifying drivers of vehicles in their blind spots. For instance, the National Highway Traffic Safety Administration (NHTSA), a US-based transportation agency, reported in August 2022 that there were 9,560 deaths due to road accidents in the first quarter of 2022. This is a 7% surge compared to the 8,935 fatalities in 2021. As a result, the growth of the adaptive cruise control and blind spot detection market is driven by the escalating rate of accidents.
What Are The Principal Market Segments In The Global Adaptive Cruise Control And Blind Spot Detection Industry?
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, After market
Subsegments:
1) By Adaptive Cruise Control (ACC): Radar-Based ACC, Camera-Based ACC, LiDAR-Based ACC, Ultrasonic Sensor-Based ACC
2) By Blind Spot Detection (BSD): Radar-Based BSD, Camera-Based BSD, Ultrasonic Sensor-Based BSD
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Which Emerging Market Trends Are Altering The Adaptive Cruise Control And Blind Spot Detection Industry?
Prominent businesses in the adaptive cruise control and blind spot detection market are investing in the incorporation of automated driving assistance features like mobileye superVision pilot functions in a bid to improve their market offerings. The Mobileye superVision pilot presents a slew of advanced driver assistance features like adaptive cruise control, lane-keeping aid, pedestrian detection, and traffic sign recognition, all contributing to heightened safety and convenience. For example, in September 2023, ZEEKR, an automobile company from China, announced it would incorporate Mobileye superVision Pilot functions into 110,000 of its vehicles, supplied by Israel-based system software company Mobileye Global Inc., to boost its highly automated driving assistance features. This update relies on superVision’s 11-camera 360° surround vision sensing capability and other Mobileye technology, enabling the system to build an environmental model and extract semantic information such as average speed and drivable path. The system integrates dual EyeQ systems-on-chips and 11 cameras to ensure 360-degree computer vision coverage, complemented by REM-generated maps and an RSS-based driving policy.
Who Are the Key Players In The Adaptive Cruise Control And Blind Spot Detection Market?
Major companies operating in the adaptive cruise control and blind spot detection market are:
• Honda Motor Co. Ltd.
• Robert Bosch GmbH
• Panasonic Corporation
• Denso Corporation
• ZF Friedrichshafen AG
• Continental AG
• Hyundai Mobis
• Magna International Inc.
• Valeo SA
• Lear Corporation
• Texas Instruments Incorporated
• Aptiv PLC
• Infineon Technologies AG
• NXP Semiconductors
• BorgWarner Inc.
• Renesas Electronics Corporation
• Autoliv Inc.
• Hella KGaA Hueck & Co.
• Garmin Ltd.
• Visteon Corporation
• Mobileye Global Inc.
• TomTom N.V.
What Are The Regional Insights Into 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 2024. 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.
