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The Automotive LiDAR Market size was valued at around USD 510 million in 2023 & is estimated to grow at a CAGR of around 18.5% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Automotive LiDAR Market
Global Automotive LiDAR Market Driver: Increasing Adoption of Autonomous Vehicles
The growth in the Global Automotive LiDAR Market is primarily driven by the increasing adoption of autonomous vehicles and the technological advancement involved in improving their reliability. The automobile companies generally used other technologies such as cameras, radars, ultrasonic, and sensors to achieve the L1 and L2 autonomy of the automobile and even L3. But while using these works fine till L2 autonomy goes further will need much sophistication in the system of autonomous vehicles as these technologies struggle to detect the exact location, shape, and size of the objects in the surroundings. This shortcoming leads to automobiles having difficulty differentiating various objects from pedestrians, to animals to other vehicles present in the surroundings especially if they are slightly away from the vicinity of the automobile. The usage of LiDAR solves such shortcomings improving the reliability of the autonomous automobile.
LiDAR can create a high-definition mapping of the surrounding environment of the autonomous automobile which greatly surpasses the similar capabilities of the other such technologies. Additionally, LiDAR can work optimally in low light conditions and is capable enough to detect and differentiate objects up to 400 meters. This is filling the gaps previously left in autonomous vehicles and greatly boosts their reliability to operate optimally. As the technology evolves further along with the implementation of regulations to improve road safety and prevent road accidents, the development of such scenarios will fuel the growth and drive the Automotive LiDAR Market Value in the coming years.
Scope of the Report and Automotive LiDAR Market Segmentation
By Technology
-Mechanical
-Solid-state
By Application
-Autonomous
-Semi-Autonomous
- The semi-autonomous segment holds the largest market share in terms of application, in the Global Automotive LiDAR Market.
By Range
-Short & Mid-Range (Up to 200 meters)
-Long Range (Above 201 meters)
By Image Processing
-2-D
-3-D
-4-D
By Location
-Bumper and Grill
-Headlight and Taillight
-Roof and Upper Pillar
-Others (Windscreen, Rear View Mirrors, etc.)
By Vehicle Type
-Passenger Vehicles
--Internal Combustion Engine (ICE) Vehicle
--Electric Vehicle (EV)
-Commercial Vehicles
By Demand Type
-OEM
-Replacement
Top leading companies in the Automotive LiDAR Market includes:
Delphi Automotive, PLC, Continental AG, ZF Friedrichshafen AG, Infineon Technologies AG, Velodyne LiDAR, Inc., Texas Instruments, Inc., Leddartech, Inc., First Sensor AG, Quanergy Systems, Inc., Innoviz Technologies, Ltd., Luminar Technologies, Ouster, Inc., Robert Bosch GmbH, Valeo, Benewake (Beijing) Co., Ltd., Others
Automotive LiDAR Market Development
- June 2024: Innoviz Tech has announced its partnership with the major OEMs to develop L4 autonomous vehicle capabilities.
- April 2024: Luminar Technologies unveiled its next-generation integrated lidar product, which will boost lidar performance while cutting costs and offering better scalability. The company also announced that it had begun shipping its sensors “at scale” as standard equipment for a new electric vehicle from the global automaker Volvo.
For more detailed information about the Automotive LiDAR market report, click here – https://www.marknteladvisors.com/research-library/global-automotive-lidar-market.html
Geographical analysis:
North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific
South America: Brazil, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Israel, Rest of MEA
- North America holds the largest market share. The main reason for the growth is the presence of major economic powerhouses like the USA in the North American region.
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