The global AutomotiveLiDAR Market value is projected to reach US Dollar 3.21 billion by 2027 and is projected to expand at a CAGR of ~28.4%% from 2020 to 2027.
Precedence Research, Recently Published Report on “Automotive LiDAR Market Size, Share, Growth, Trends, Segment Forecasts, Regional Outlook 2020 - 2027”. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Automotive Light Detection and Ranging (LiDAR) is a surveying system that uses pulsed laser lights for determining the distance between two vehicles. The distance is measured by illuminating the target vehicle or object and measuring the reflected pulse by using a sensor. The LiDAR solution in automobile application helps to control the speed and braking system of the vehicle in response to sudden variations in traffic conditions. Prior to LiDAR, radars and sonar were used for range detection in the advanced vehicles. Benefits offered by LiDAR such as determining real-time data and higher accuracy have propelled its market growth over radars and sonar.
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Growth Factors
Increasing awareness among vehicle users for safety along with safety norms issued by the global regulatory bodies is a prime factor that drives the automotive LiDAR market. Furthermore, rising adoption of autonomous and electric vehicles projected to mark a stupendous growth in the application of advanced vehicle safety components such as automotive LiDAR. Growing emphasis from the governments for ADAS incorporated vehicles in the past few years due to safety concern is likely to propel the demand for automotive LiDAR during the forecast period. Automotive LiDAR is proved as the decisive technology for the autonomous vehicles owing to high precision and accurate real-time detection from the lasers emitted from the device.
However, high cost of the technology hinders the market growth. Some of the manufacturers are working towards cutting the price of the LiDAR sensor in automotive sector by reducing the laser emitters in the solution, though the automotive LiDAR is quite expensive these days thus facing restriction in frequent adoption from many manufacturers.
Regional Snapshots
North America led the global automotive LiDAR market with magnificent revenue share accounting to more than 50%. The significant growth of the region is attributed to the rising research and development activities for enhancement of autonomous vehicles. The government policies supporting the investment in autonomous vehicles drive the research & development for the same. For instance, in 2018, U.S. government invested US$ Mn for the research in self-driving technology. The research activity would be conducted in government and private agencies working on the enhancement of autonomous driving solutions.
Europe is the most attractive region in the global automotive LiDAR market. The anticipated growth of the region is mainly due to supportive policies of the government such as European New Car Assessment Program and Vehicle and Driver Safety Policy. Under these policies, the government has mandated the implementation of vehicle safety solutions that significantly drives the market for automotive LiDAR in the region. In addition, the autonomous vehicles are prominently dependent on the sensor that has significantly elevated the sensor implementation, thus propels the overall growth of automotive LiDAR solutions.
Key Players & Strategies
The global automotive LiDAR market is highly competitive due to industry players involved in continuous advancement of the product and solution. In addition, the market is in its nascent stage and thus offers significant opportunity to the market players for advancing and enhancing the product experience. Cost-effective solution demand is also boosting the global market sales value. Thus, industry players invest prominently in the product development to retain and upgrade their market position. For instance, in January 2017, Innoviz Technologies Ltd. introduced InnovizOne, a high definition solid-state LiDAR (HD-SSL). The solution enables advance and smart features of 3D remote sensing. The device accurately process the 3D image of vehicle surrounding in real-time.
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Some of the key players operating in the market are LeosphereSaS, Airborne Hydrography AB, Faro Technologies Inc., Aerometric Inc., 3D Laser Mapping Inc., Mira Solutions Inc., Quanergy Systems, Inc., Optech Inc. (Teledyne Technologies), IBEO automotive systems GmbH, Velodyne, and LeicGeosystems Inc. among others.
Report Highlights
- North America dominated the global automotive LiDAR market with significant revenue contribution in 2019. Government regulations along with surge in sales of electric and hybrid vehicles are the key factors that drive the growth of the region. Furthermore, integration of LiDAR solution in collision avoidance and remote sensing applications expected to surge the demand for automotive LiDAR in the region.
- Europe projected to grow at the fastest growth rate during the forecast period. UK and Germany are the major countries integrating IoT and real-time image processing technology to LiDAR solution. However, China, India, and other ASEAN countries seek opportunistic growth for the LiDAR solution in the coming years due to rising trend of green and hybrid vehicles on road.
- By application, Advanced Driver Assistance System (ADAS) emerged as the leading segment capturing more than 70% of the global market revenue. Furthermore, the segment expected to offer attractive growth rate during the forecast period owing to increasing application of ADAS in smart vehicle parking and adaptive cruise control solutions.
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