(MENAFN- Ameliorate Digital Consultancy)
The global automotive LiDAR market expected to reach a valuation of US$ 3 Bn by 2031, with sales growing at a 19.5% CAGR over the assessment period. Increasing sales of self-driving cars are expected to boost sales. These systems are required in advanced driver assistance systems and collision warning systems to fulfil the requirements of a safe and intelligent car to make driving an immersive experience.
Advancements in technology is a mainstay in all industries and automotive LiDAR market is witnessing rapid technological advancements. Hence, modern vehicles are equipped electrical and electronic devices to keep up with the growing preference for advanced driving assistance systems (ADAS). Ongoing transition towards electric vehicles (EVs) is expected to bode well for the market.
LiDAR technology has found convergence in automobiles to track minute deviations in the surroundings. Hence, they are indispensable, with use in lane departure warning systems and collision warning systems in driverless cars.
Autonomous car technology is expected to drive the usage of LiDAR systems. This, coupled with government initiatives to make travelling hazardless with technological advancements such as 4D LiDAR will fuel sales of LiDAR sensors and devices.
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Key Takeaways:
Based on technology, the solid-state LiDAR segment will account for 60% of the total market share. China is expected to dominate the East Asia automotive LiDAR market over the forecast period. The U.S. will account for a lion's share of the North America automotive LiDAR market owing to increasing sales of electric vehicles.
Growth Drivers:
Increasing sales of autonomous vehicles will spur demand for automotive LiDAR systems. Surging adoption of solid-state LiDAR due to their cost-effectiveness will augment the growth in the market. The implementation of LiDAR will grow on the back of advancements in scanners, advanced hardware and sensors.
Restraints :
High costs associated with implementation of automatic LiDAR systems proves to be a deterrent to growth of LiDAR market.
Key Companies Profiled by Fact.MR
Delphi Automotive PLC NXP Semiconductors TetraVue XenomatiX N.V. Luminar Technologies Inc. LeddarTech Inc. Continental AG Robert Bosch GmbH Innoviz Technologies Ltd. Velodyne LIDAR Inc.
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Competitive Landscape:
The global automotive LiDAR market comprises a blend of local, as well as international companies. Majority of these companies are increasingly focusing on strategic collaborations to expand their presence worldwide.
For instance,
In March 2020, Velodyne LiDAR, a prominent name in LiDAR technology industry announced a merger with NAVYA, a leading driverless cars system provider. In April 2021, two luminaries in LiDAR technology industries, Lingdao Intelligence and Innoviz Technologies inked a deal to launch high-res LiDAR to the Chinese Market In Jan 2022, Valeo declared to go forward with a new generation of LiDAR for 2024 launch.
Market Segmentation:
By Technology : Solid-state LiDAR Mechanical/Scanning LiDAR
By Location : Roofs & Upper Pillars Headlights & Taillights Bumpers & Grills
By Image Projection : 2D Automotive LiDAR 3D Automotive LiDAR
By Range Type : Short & Mid-range Automotive LiDAR Long range Automotive LiDAR
By Vehicle Type : IC Engine Vehicles Hybrid Electric Vehicles (HEVs) Plug-in Hybrid Electric Vehicles (PHEVs) Battery Electric Vehicles (BEVs)
By Application : Semi-autonomous Autonomous
By Region : North America Automotive LiDAR Market Latin America Automotive LiDAR Market Europe Automotive LiDAR Market East Asia Automotive LiDAR Market South Asia & Oceania Automotive LiDAR Market MEA Automotive LiDAR Market
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More Valuable Insights on Automotive LiDAR Market
In the latest study, Fact.MR reveals key factors expected to boost the growth in global automatic LiDAR market during the forecast period (2021-2031). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of automotive LiDAR through detailed segmentation as follows:
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