BANGALORE, India | 6th August 2020: Light Detection and Ranging( LiDAR) is a remote sensing system used to monitor an area using light. Automotive LiDAR devices use pulsed laser light to measure the distance between two vehicles using a sensor to illuminate the desired target and to measure the reflected pulses. This system is used to enhance the navigational capability by identifying and avoiding obstacles in the route. LiDAR does so by offering simple, 3D snapshots of each object in the vicinity of the vehicle.
The global Automotive LiDAR market size is projected to reach USD 772 Million by 2026, from USD 184 Million in 2019, at a CAGR of 22.7% during 2020-2026.
The study provides a detailed overview of current & emerging industry patterns and dynamics in the global automotive LiDAR market. The Automotive LiDAR Market report provides the industry’s quantitative analysis, along with current trends and future estimates to identify the market opportunities.
TRENDS INFLUENCING THE AUTOMOTIVE LiDAR MARKET SIZE
Increasing demand for self-driven cars has increased the demand for LiDAR sensors in autonomous vehicles. Increasing research and development activities and government funding for the advancement of automated driving systems is expected to boost the LiDAR automotive market in the forecast period.
LiDAR technology has been widely used in many other end-user industries such as the aerospace, agricultural, and civil engineering industries, resulting in mass production of LiDAR devices leading to declining LiDAR sensor market costs. The declining manufacturing cost is further expected to propel the growth of Automotive LiDAR Market size.
Increasing adoption of safety systems in autonomous and semi-autonomous cars at different levels of automation is expected to attract massive investment from key players, thereby driving the growth of Automotive LiDAR Market size.
Furthermore, due to stringent regulatory scenarios in many countries have forced manufacturers to include safety sensors in vehicles. This is further expected to increase the LiDAR market size during the forecast period.
Over the years, the trend in the procurement of passenger cars is rising at a substantial pace. The more passenger cars are procured, the greater is the demand for the LiDAR system to have trouble-free driving experience.
The lack of understanding of LiDAR systems’ advantages and the high cost of using costly components in these systems, such as laser scanners, navigation systems, and high-resolution 3D cameras, might hinder market development.
AUTOMOTIVE LiDAR MARKET SHARE ANALYSIS
Based on Region, North America is expected to hold the largest Automotive LiDAR market share during the forecast period. This dominance of North America is due to the high penetration of vehicles equipped with LiDAR for adaptive cruise control and automatic emergency braking.
In Europe, the automotive industry is a strategic and robust industry that drives the region’s economic growth. Europe is working on developing the region’s linked and automated driving network by incorporating autonomous LiDAR-based self-driven vehicles. France and Germany are the leading countries in the region that are contributing to the growth of Automotive LiDAR Market size.
The Asia Pacific is expected to witness the fastest growth during the forecast period. This accelerated growth can be attributed to the region’s increasing demand for robust technology and autonomous automobiles. China is a major contributor to the growth of LiDAR automotive market size in the Asia Pacific region. Furthermore, the increasing need for infrastructure growth and increased R & D activities for autonomous vehicles is driving the APAC region’s Automotive LiDAR market size.
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AUTOMOTIVE LiDAR MARKET SEGMENTATION
Breakdown Data by Type
- Advanced Driver Assistance Systems(ADAS)
- Automatic Emergency Braking (AEB)
- Adaptive Cruise Control (ACC)
- Autonomous Cars.
Breakdown Data by Application
- Passenger Cars
- Commercial Vehicles.
The following companies are covered in this report:
- Continental AG
- Garmin Ltd
- Infineon Technologies
- Innoviz Technologies
- Osram Licht AG
- Phantom Intelligence
- Princeton Lightwave Inc.
- Velodyne Lidar
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- Automotive Lidar Sensor Market Report
In 2019, the global Automotive Lidar Sensor market size was USD 63 Million and it is expected to reach USD 348.4 Million by the end of 2026, with a CAGR of 27.5% during 2021-2026.
North America is the largest supplier of Automotive Lidar Sensor, with a production market share nearly 84% in 2016. Europe is the second-largest supplier of Automotive Lidar Sensor, enjoying the production market share by nearly 11% in 2016.
North America is the largest consumption place, with a consumption market share nearly 28% in 2016. Following China, Europe is the second-largest consumption place with the consumption market share of 22%.
- Covid-19 Impact on the LiDAR Market Report
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The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt, and will affect the LIDAR market significantly in 2020
The improvement of LiDAR systems’ automated processing capability in terms of image resolution and data processing capabilities over other technologies is the major factor driving the growth of LiDAR market size. Furthermore, the rise in demand for 3D imaging technology across various application areas and an increase in the adoption of aerial LiDAR systems to explore and detect places and historical details are expected to fuel the LiDAR market growth.
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