Gurugram, India, April 25, 2023 (GLOBE NEWSWIRE) -- Increasing Awareness of Vehicle Safety Regulations and the Growing presence of ADAS or Advanced Driver Assistance Systems, the Global Automotive LiDAR Market is Forecasted to Reach Nearly US$ 1.5 Bn by 2028, says Ken Research Study.
Advanced Driver Assistance Systems involve a range of solutions aimed at preventing automotive collisions on road and protecting pedestrians, drivers, cyclists, and passengers from road accidents. Automotive LiDAR’s are a part of this set of solutions that help vehicles see and map their surroundings better than what human eyes, cameras, or mirrors can achieve. Automotive LiDAR’s leverage infrared light or lasers to create high-resolution 3D images of a vehicle’s surroundings. These LiDAR’s can prove effective in semi-autonomous and autonomous vehicles and can be installed on a vehicle’s roofs and upper pillars, bumpers and grills, headlights and taillights, and more.
“Ken Research shares 3 key insights on this high opportunity market from its latest research study”
1. The Capability of Automotive LiDARs to Reduce Road Accidents is helping the Market to Grow at a Double-Digit Rate
A crucial part of the advanced driver assistance system or the ADAS paradigm, automotive LiDAR’s reduce the chances of road accidents and unwarranted vehicle collisions, often resulting in a fatality. It is one of the major beneficial factors why the market for automotive LiDAR’s is expected to grow at a notably high pace. According to data published by the European Automobile Manufacturers’ Association (ACEA), removing the driver from the scene of vehicle mobility reduces the element of human error in driving, responsible for 90% of all accidents. According to the Partners for Automated Vehicle Education, a conglomeration of self-driving technology companies, autonomous vehicles could avoid more than 70% of crashes. Being a vital part of autonomous/semi-autonomous vehicle component set-up, many technology companies are keen to invest in making cutting-edge LIDAR S meant for the future of driving. The Global Automotive LIDAR Market is valued at ~US$500 million in 2022 and is expected to grow further to a size of ~US$1.5 billion by 2028.
2. Significant Drop in Automotive LiDAR Prices is expected to Boost Adoption and Help the Market Grow Significantly
Innovations are happening at a rapid pace in the Automotive LiDAR market. As leading companies continue to invest heavily in improving LiDAR technology, production is becoming increasingly efficient and scalable, resulting in a drop in price. According to Velodyne’s published commitment, the company intends to bring down the average unit price of a LiDAR to US$600 by 2024, from US$17,900 in 2017. Other leading companies are also expected to follow suit, resulting in a healthily increased adoption rate of LiDAR’s in the automotive market.
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3. Automotive LiDAR’s Performance is Affected Severely by Weather Conditions
The result a LiDAR would provide is still limited by the prevailing weather conditions. Although changes in relative humidity do not impact the range of an automotive LIDAR significantly, the maximum range goes notably down when the speed of the rainfall increases. Scientific studies have shown that an increase in rainfall from 2mm/hr to 25mm/hr can reduce the maximum range of a LiDAR from nearly 80 Meters to around 70 Meters. Foggy weather also affects the performance of a LiDAR. For the automotive LiDAR market to grow even more these challenges have to be overcome.
Market Taxonomy
By Application
- Semi-Autonomous Vehicles
- Autonomous Vehicles
By Technology
- Solid State
- Mechanical/Scanning
By Location
- Roof and Upper Pillars
- Headlight & Taillight
- Bumper & Grill
- Others
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By Range
- Short- & Mid-Range
- Long Range
By Vehicle Type
- IC Engine Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Battery Electric Vehicle
By Region
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- Continental AG
- ZF Friedrichshafen AG
- Infineon Technologies AG
- Velodyne LiDAR
- LeddarTech
- First Sensor AG
- Quanergy Systems
- Innoviz Technologies
- Robert Bosch GMBH
- Valeo
For more insights on the market intelligence, refer to below link:-
Global Automotive LiDAR Market
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