The rising prevalence of road accidents is pushing up the demand for adaptive cruise control across the world. Road accidents are one of the major causes of deaths throughout the globe. According to various reports, Africa and Asia-Pacific (APAC) witness the highest and the second-highest number of road accidents in the world, respectively. This makes the incorporation of advanced safety systems and features such as adaptive cruise control extremely necessary in vehicles.
This is because these systems enhance the vehicular safety, which, in turn, reduces the incidence of road accidents. Moreover, these systems enhance the comfort features in automobiles and improve the overall driving experience. One of the biggest growth opportunities for the players operating in the adaptive cruise control market is the rapid integration of electronic systems in vehicles. The adoption of information and communications technology (ICT) and electronics systems is rising rapidly in automobiles.
Besides the aforementioned factors, the growing deployment of electric vehicles all over the world is also propelling the sales of adaptive cruise control systems. In addition to this, the rising enactment of safety policies and regulations regarding vehicular safety in several countries is massively pushing up the demand for adaptive cruise control systems across the globe. Due to these reasons, the global adaptive cruise control market is registering huge expansion.
In the coming years, the usage of the lidar technology is predicted to rise rapidly all over the world. According to the forecast of P&S Intelligence, a market research firm based in India, the demand for the laser technology is predicted to grow explosively across the world in the upcoming years. When application is taken into consideration, the adaptive cruise control market is classified into passenger vehicles and light commercial vehicles.
Between these, the passenger vehicles category recorded higher growth in the market in the past and is predicted to demonstrate rapid advancement in the market in the future. This would be because of the soaring disposable income of the people and the consequent surge in the sales of luxury and premium cars all over the world. Furthermore, the implementation of several government initiatives for improving fuel efficiency is boosting the integration of advanced safety systems in vehicles.
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