Dubai, UAE, March 01, 2023 (GLOBE NEWSWIRE) -- According to the latest research report released by Extrapolate, the global Automotive LiDAR Market is expected to reach USD 1,415.1 million by 2030 from USD 513.3 million in 2021 at a substantial CAGR of 19.5% over the forecast period. Strong demand for integrating automotive electronics in various equipment, such as clusters, reverse parking cameras, vehicle front cameras, lane departure warning systems, and more, is driving the market growth.
With the increasing sales of high-end vehicles and the use of Advanced Driver Assistance Systems (ADAS) technology, the need for Automotive LiDAR sensors is likely to surge. These sensors are instrumental in providing accurate and reliable real-time data, making them an essential component in the development of self-driving cars and other autonomous vehicles. Consequently, the automotive LiDAR market is expected to experience substantial growth in the coming years.
Program Director of imec, Christian A. Bachmann said that LiDAR enhances the perception of the environment, and safety. Due to its high-resolution capabilities, this technology provides exceptional 3D mapping performance, transforming the automotive industry.
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Key Insights:
- On the basis of type, the solid-state segment is anticipated to retain a significant market share
- On the basis of vehicular type, the BEV segment dominates the global automotive LiDAR Market
- Increased utilization of LiDAR in the automotive sector to propel market growth
- North America holds the majority of the market share
Competitive Landscape
The global automotive LiDAR market is highly competitive due to the increasing investment by key players to develop innovative products. However, currently, the market is at an infancy stage, providing lucrative opportunities for top participants to gain a prominent position in the market by providing trustworthy and affordable products. This leads to increased consumer awareness and trust in the global market.
- NXP Semiconductors
- First Sensor AG
- Ibeo Automotive Systems GmbH
- Luminar Technologies Inc.
- LeddarTech Inc.
- Continental AG
- DENSO CORPORATION.
- Robert Bosch GmbH
- Quanergy Systems, Inc.
- Velodyne LiDAR Inc.
- TETRAVUE, INC.
- XenomatiX - TRUE SOLID STATE LIDAR
- Innoviz Technologies Ltd
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Global Automotive LiDAR Market Segmentation:
By Type
- Mechanical
- Solid-state
Solid-State Segment Captured Over 60% of the Revenue Share of the Global Automotive LiDAR Market
Increasing demand for high-performance, low-cost LiDAR solutions for autonomous vehicles is projected to drive the growth of the solid-state segment. The segment is projected to maintain its dominance in the global automotive LiDAR market in the coming years due to growing demand for autonomous vehicles, improved safety and security, and the rising focus on technological advancements in the automotive sector. As a result, the solid-state segment captured over 60% of the total revenue share of the global automotive LiDAR Market in 2021.
The solid-state segment is likely to retain its dominance in the forecast period. The fact that its more compact form factor and cost-effectiveness make it a more appealing option than conventional LiDAR, this specific attribute fuelled the solid-state segment to emerge as the preferred option in numerous automotive applications.
By Location
- Roof & Upper Pillars
- Headlight & Taillights
- Bumper & Grill
- Others
By Image Projection
- 2D
- 3D
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By Range Type
- Short & Mid-range
- Long Range
By Vehicle Type
- IC Engine Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Battery Electric Vehicle Segment to Dominate Global Automotive LiDAR Market
During the projection period, the Battery Electric Vehicle (BEV) segment is expected to dominate the global automotive LiDAR market, owing to the growing adoption of electric vehicles. As per Extrapolate's research analysts, BEV penetration is set to surge in the upcoming years due to stringent emission regulations imposed by governments worldwide and advancements in electric car range. Additionally, the incentives offered by various governmental bodies to promote eco-friendly vehicles are likely to further drive the adoption of BEVs.
The BEV segment is poised to grow significantly, with sales figures reflecting a clear upward trend. In 2020, approximately 2 million BEVs were sold, a number that rose to 4.7 million in 2021, indicating a remarkable growth rate of over 130% within a year.
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North America is Expected to Retain Significant Share of the Global Automotive LiDAR Market
The technologically advanced marketplace of North America is expected to hold a significant share of the global automotive LiDAR market. The market's growth is being driven by the increasing utilization of LiDAR in various industries such as environment, meteorology, corridor mapping, and urban planning. Additionally, the expanding usage of LiDAR in ADAS and driverless vehicles is anticipated to further boost market growth. The region is also home to some of the market leaders like Faro Technologies and Velodyne Lidar Inc., which have been instrumental in raising awareness about the advantages of autonomous vehicles and intelligent transportation infrastructure. In fact, Velodyne Lidar Inc. joined the Intelligent Transportation Society of America in August 2020 to further promote this cause.
Moreover, Europe is poised to emerge as the second largest market for global automotive LiDAR, with large enterprises expanding in emerging countries driving its growth. The demand for mechanical LiDAR in sectors like manufacturing, automotive, and industrial applications is fueling the market growth, while the presence of key market players like Hexagon AB, Leosphere, and Sick AG is further supporting regional development. These factors, coupled with increasing investments in governmental and business sector activities, are driving the ongoing market expansion and paving the way for a larger and faster-growing LiDAR market.
Browse Complete TOC: https://www.extrapolate.com/toc/Automotive/automotive-lidar-market/25735
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and assumptions
2.3. Data sources
2.3.1. Secondary Sources
2.3.1.1. Preliminary data mining
2.3.2. Primary Sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Technological Advancements in Automotive LiDAR
3.3. Market drivers
3.3.1. Rising adoption of LiDAR systems in UAVs
3.4. Market restraints
3.4.1. Cost of Automotive LiDAR System Is High
3.5. Market opportunities
3.5.1. Increasing Vehicle Safety Regulations and Growing Adoption of ADAS Technology By OEM's
3.6. Market Challenges
3.6.1. High Cost of LiDAR Raises Overall Vehicle Cost
3.7. Porter’s Five Forces analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Automotive LiDAR Market
Chapter 5. Global Automotive LiDAR Market Overview, By Type, 2017 - 2030(USD Million)
5.1. Global Automotive LiDAR Market Share, By Type, 2017 - 2030 (USD Million)
5.1.1. Mechanical
5.1.1.1. Market Size and Projections,2017 - 2030 (USD Million)
5.1.1.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
5.1.2. Solid-state
5.1.2.1. Market Size and Projections,2017 - 2030 (USD Million)
5.1.2.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
Chapter 6. Global Automotive LiDAR Market Overview, By Location, 2017 - 2030(USD Million)
Continued…...
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