According to a new market report published by Lucintel, the future of the global automotive ACC system market looks promising with opportunities in OEM and aftermarkets. The global automotive ACC system market is expected to reach an estimated $7.0 billion by 2022 and it is forecast to grow at a CAGR of 24.1% from 2017 to 2022. The major drivers of growth for this market are increasing luxury and premium vehicle production, rising number of accidents, government initiatives to improve fuel efficiency and safety attributes, and consumer willingness to pay for comfort and safety.
In this market, radar, LIDAR, and sensor fusion technology are some of the major segments of automotive ACC systems. On the basis of our comprehensive research, Lucintel forecasts that the sensor fusion and radar segments are expected to show above average growth during the forecast period.
Within the global automotive ACC system market, the radar segment is expected to remain the largest market, as it is used in all types of weather and situations while LIDAR-based ACC systems do not detect and track vehicles in adverse weather conditions nor do they reliably track extremely dirty (non-reflective) vehicles, which would spur growth for this segment over the forecast period.