Versatile Cruise Control Market - Introduction
The automotive industry is witnessing consistent and significant advancements in technology, manufacturing, and electronics incorporated in vehicles across the globally. Versatile cruise control, or adaptive cruise control, is a latest technology incorporated in vehicles in order to provide information to the driver about the surroundings and condition of the road around the vehicle and adjust the speed of the vehicle according to the conditions. Versatile cruise control utilizes various sensors to detect and identify obstacles or objects heading toward the vehicle. It can also regulate the speed of the vehicle in order to maintain a safe distance from other vehicles.
Versatile cruise control system operates according to the information provided by on-board sensors. This information is collected by laser sensors or radar or a cameras fitted on the vehicle and accordingly, the system accelerates or decelerates the vehicle. Versatile cruise control system can enhance the safety of vehicle as well as driver convenience by reducing the rate of driving errors and maintaining safe distance between vehicles. Vehicles equipped with the versatile cruise control system are considered to be a level 1 autonomous vehicles. If this system is combined with ADAS or lane departure system, then the vehicle is considered as Level 2 autonomous vehicle.
Global Versatile Cruise Control Market – Competitive Landscape
Robert Bosch GmbH
Robert Bosch GmbH was founded in 1886, and is presently based in Gerlingen, Germany. The company operates through four major business segments: Consumer goods (including household appliances and power tools), mobility (hardware and software), industrial technology (including drive and control), and energy and building technology. The company offers diverse products including electric motor, brake shoes, lightings, and display systems, under the mobility segment. The company manufactures various types of sensors and systems that enhance safety of vehicles.
DENSO CORPORATION was founded in 1949, and currently is based in Kariya, Aichi, Japan. The company operates through three major business segments: Automotive, consumer products, and industrial products. Under the automotive segment, the company offers diverse products including powertrain control systems, electronic systems, thermal systems, information & safety systems and small motors. DENSO CORPORATION has over 171,992 employees across the globe.
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ZF Friedrichshafen AG
ZF Friedrichshafen AG was founded in 1915. The company is presently based in Baden-Württemberg, Germany. It is a leading supplier of automotive products to the aftermarket industry for automotive blind spot solutions. The company operates through 230 locations in 40 countries across the globe. The company provides products and services to various vehicles including passenger vehicles, commercial vehicles, motorcycles, trains, and boats.
Continental AG was founded in 1871, and currently has headquarters in Hanover, Germany. Continental AG is a leading supplier of components in the automobile industry. The company operates through two major groups: automotive group and rubber group, which is further divided into various business verticals such as powertrain, chassis & safety, interior, tires and services. The company has a global presence and operates through several locations spread across the Americas, Africa, Europe, and Middle East & Africa.
Magna International Inc.
Magna International Inc. was founded in 1957 and currently is based in Ontario, Canada. The company a major supplier of new technological and body components for the automobile industry. It has over 174,000 employees working across 338 manufacturing units and 89 product development plants spread in more than 28 countries worldwide. The company operates majorly in body exteriors & structures, power & vision, ADAS & automated driving, and seating systems.
Global Versatile Cruise Control Market – Dynamics
Rising demand for technologically advanced vehicles
Rising demand for technologically advanced vehicles is a major factor driving the versatile cruise control market. Vehicles are equipped with several systems that can detect obstacles and vehicles on the road, or around the vehicles, and take preventive measure to maintain the speed and distance of the vehicle from other vehicles. Presently, vehicles are connected to each other and they share information as per the requirement of the vehicle, which helps save lag or delay time and effort while traveling. Vehicles are becoming safer and more secure, which leads to higher safety of the driver and vehicles. This is a key factor that is estimated to drive the versatile cruise control market during the forecast period.
Increase in demand for electric vehicles and autonomous vehicles
Demand for electric vehicles and autonomous vehicle has been rising in the last few years, as customers are more concerned about the environment and also due to the changing norms of governments regarding petrol and diesel operated vehicles. Germany, India, Japan, China and several other countries promote the adoption of electric vehicles. Furthermore, these countries have announced a ban on diesel vehicles in the last few years. Subsidies provided by governments on the purchase of electric vehicles along with a rise in prices of conventional fuels are driving the demand for electric vehicles. Electric vehicles are equipped with latest and improved technologies, which is a major reason that is projected to propel the demand for versatile cruise control during the forecast period. The autonomous vehicles have standard features like lane assist, vehicle distance recognition and others. These features are available at the basic levels of autonomous vehicle. These vehicles are equipped with latest technologies to provide real-time information and share information with other vehicles, which can lead to a decline in road fatalities and accidents.
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Global Versatile Cruise Control Market – Segmentation
The global versatile cruise control market can be segmented based on:
- Vehicle Type
- Operation type
Global Versatile Cruise Control Market – By Vehicle Type
Based on vehicle type, the global versatile cruise control market can be classified into:
- Passenger vehicle
- Commercial vehicle
- Electric vehicle
Global Versatile Cruise Control Market – By Operation type
Based on operation, the global versatile cruise control market can be bifurcated into:
- Normal cruise control
- Connected cruise control
Global Versatile Cruise Control Market – By Technology
Based on technology, the global versatile cruise control market can be split into:
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