Increasing popularity of semi-autonomous vehicles & ADAS and vehicle safety regulations to push global automotive LiDAR market through 2024
According to TechSci Research report, “Global Automotive LiDAR Market By Vehicle Type, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024”, global automotive LiDAR market is projected to grow at a CAGR of over 35% during 2019-2024, owing to increasing adoption of electric vehicles. LiDAR illuminates the target with laser light and measures the reflected pulses with a sensor to spot the target in the way. Increasing popularity of driverless cars and growing safety concerns are some of the other major factors that would have a positive impact on the market during forecast period.
Global Automotive LiDAR Market Overview
Global automotive LiDAR market was valued USD 531 Million in 2019 and is expected to exhibit a CAGR of over 35% during the forecast period, on account of increasing popularity of semi-autonomous vehicles and technological advancements. Light Detection and Ranging (LiDAR) is an instrument used to determine the distance between the obstacle and itself, assisting in the advancements taking place in the autonomous automotive industry. LiDAR illuminates the target with the laser and measures the reflected pulses with sensor in order to spot the target in the path. Surging traction of Advanced Driver Assistance System (ADAS) is further escalating the demand for automotive LiDAR across the globe. Moreover, government regulations aimed at enhancing vehicle security are anticipated to positively impact the market.
Global Automotive LiDAR Market Segments
In terms of photodetector used in LiDAR, solid state LiDAR is the preferred choice, as it is lightweight, possesses smaller size and is cost-effective when compared with mechanical LiDAR. Automotive LiDAR is generally mounted on the roof, headlights & taillight, bumper & grill and others. Bumper & grill is the preferred choice of major players, as LiDAR provides better field of view without affecting the appearance of the vehicle. In terms of application, LiDAR is put to use for applications such as adaptive cruise control, automatic emergency braking, and others. ADAS segment is likely to be the largest segment of global automotive LiDAR market until 2026, as it enables vehicles to enable traffic adaptive cruise control and lane keeping. Moreover, automatic acceleration and braking functionality without any human intervention is further prompting the growth of the market.
Global Automotive LiDAR Market Regional Insights
Regionally, global automotive LiDAR market is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe & CIS, South America and Middle East & Africa. North America automotive LiDAR market dominated the global market in 2020 and is anticipated to maintain its leading position during the forecast period. The penetration of vehicles equipped with LiDAR for adaptive cruise control and automatic emergency braking is high in the region. Moreover, North America is witnessing increased testing of autonomous vehicles by major automotive suppliers and startups.
Global Automotive LiDAR Market Competitive Landscape
Some of the main players operating in global automotive LiDAR market are Quanergy Systems, Inc., Innoviz Technologies, Ltd., Velodyne, Continental AG and LeddarTech, Inc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Innoviz Technologies launched first high definition solid-state LiDAR in 2019. In the same year, Continental AG introduced high resolution 3D flash LiDAR for automobiles.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
- To analyze and forecast global automotive LiDAR market size.
- To classify and forecast global automotive LiDAR market based on vehicle type, application and regional distribution.
- To identify drivers and challenges for global automotive LiDAR market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global automotive LiDAR market.
- To conduct the pricing analysis for global automotive LiDAR market.
- To identify and analyze the profile of leading players operating in global automotive LiDAR market.
Browse 115 market data Figures spread through 110 Pages and an in-depth TOC on " Global Automotive LiDAR Market"
LiDAR is generally mounted on the roof, bumper & grill, etc. Passenger car segment dominated the market and the trend is likely to continue in the coming years. Based on the application, LiDAR is put to use for automatic emergency braking, adaptive cruise control and other applications. Surging popularity of ADAS, such as adaptive cruise control and autonomous emergency braking system, is expected to enable ADAS segment to dominate global automotive LiDAR market through 2024.
Few of the major players operating in global automotive LiDAR market are Innoviz Technologies, Ltd., Velodyne, Continental AG and LeddarTech. Continental AG has introduced high resolution 3D flash LiDAR, thereby enhancing the company’s advanced driver assistance systems portfolio. Innoviz Technologies Ltd. has also developed solid-state LiDAR to enable smart and advanced features of 3D remote sensing. Continued research & development efforts aimed at manufacturing technologically advanced and affordable LiDAR for automobiles are anticipated to intensify the market over the course of next five years. Major companies are experimenting to develop semi-autonomous and autonomous vehicles to enhance safety of vehicles in order to prevent accidents and leverage the opportunity in rapidly growing security enabled driverless vehicle market with the assistance of LiDAR. Increasing investments and continuous product developments by automotive companies in the automotive LiDAR market are also expected to fuel the market.
“Backed by government regulations pertaining to preventing accidents, regions like North America and Europe are emerging as the most prominent markets for automotive LiDAR. North America is anticipated to be the largest market for automotive LiDAR, followed by Europe. Moreover, Asia-Pacific automotive LiDAR market is anticipated to exhibit robust growth during the forecast period. Application of LiDAR in autonomous vehicles for displaying the exact vehicle information is likely to aid global automotive LiDAR market growth during forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated global automotive LiDAR market size using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.