Exploring Key Insights of the Adaptive Cruise Control And Blind Spot Detection Market: Growth Prospects, Emerging Trends, and Opportunities
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How has the adaptive cruise control and blind spot detection market size evolved in recent years?
The market size for adaptive cruise control and blind spot detection has seen rapid growth in the past few years. It is projected to increase from $3.79 billion in 2024 to $4.33 billion in 2025, with a compound annual growth rate (CAGR) of 14.3%. Factors contributing to this growth during the historic period include increased traffic congestion, the integration of vehicle-to-vehicle communication, urbanization trends, vehicle electrification, and concerns about the environment.
What are the predictions for the adaptive cruise control and blind spot detection market size in the coming years?
The market size for adaptive cruise control and blind spot detection is predicted to experience rapid expansion in the coming years, poised to reach $7.31 billion by 2029 with a compound annual growth rate (CAGR) of 14.0%. This growth over the forecast period can be credited to factors such as the utilisation in fleet management applications, the proliferation of electric vehicles (EVs), collaborations among original equipment manufacturers, and a focus on improving fuel efficiency. Emerging trends for this period encompass inclusion in commercial vehicles, combined use with advanced driver assistance systems (ADAS), creation of multi-sensor fusion systems, progression of user interfaces, extension of autonomous driving features, advancements in sensor technologies, and the integration of artificial intelligence (AI) and machine learning.
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What key factors are fueling the growth of the adaptive cruise control and blind spot detection market?
The adaptive cruise control and blind spot detection market is projected to expand due to the growing number of accidents. The escalation in road mishaps can be attributed to factors like increased vehicle miles traveled, elevated levels of distracted and impaired driving, driver fatigue, infrastructure shortcomings, speeding, and poor weather conditions. The use of adaptive cruise control and blind spot detection remarkably lowers the incidence of accidents by increasing driver’s alertness, preserving secure following distances, and notifying drivers of other vehicles in their blind spots. For instance, the National Highway Traffic Safety Administration (NHTSA), a US-based transportation agency, reported in August 2022 that during the first quarter of 2022, road accidents resulted in the death of 9,560 persons, showing a 7% increase from 8,935 deaths in 2021. Consequently, the burgeoning number of accidents fuels the development of the adaptive cruise control and blind spot detection market.
How is the global adaptive cruise control and blind spot detection market divided into key segments?
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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Who are the key firms paving the way for growth 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.
Which trends are expected to transform the adaptive cruise control and blind spot detection market?
Major corporations participating in the market for adaptive cruise control and blind spot detection are placing a premium on incorporating automated driving support attributes, like mobileye superVision pilot functionalities, to boost their market presence. The Mobileye supervision pilot supplements driving assistance features such as adaptive cruise control, pedestrian detection, lane-maintaining assistance, and traffic sign identification for improved safety and convenience. In an example from September 2023, ZEEKR, an automobile firm based in China, declared the integration of Mobileye superVision Pilot functions into 110,000 ZEEKR vehicles, courtesy of Mobileye Global Inc., a system software firm headquartered in Israel. This upgrade is intended to enhance their expansive automatic driving assistance features. This enhancement capitalizes on superVision’s capability of 360° surround vision sensing through its 11 cameras, along with extra Mobileye tech, enabling the system to design an environmental framework and deduce semantic details like typical speed and average navigable route. The system employs dual EyeQ systems-on-chips and 11 cameras for total visual coverage, in addition to maps created by REM and a driving policy based on RSS.
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What regions are contributing significantly to the growth of 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.
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