LiDAR for Automotive Market Size is estimated to grow by USD 4.60 billion from 2023 to 2029, propelling Growth Due to Rising Research & Development for autonomous vehicles
PUNE, India, March 29, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the LiDAR for Automotive Market.
The use of LiDAR technology in automobiles has given rise to a slew of newer applications and areas that would benefit from LiDAR technology. Aside from ADAS applications in automobiles, LiDAR can be used in robo taxis for ride sharing, shuttle services, on-demand car services, and mobility-on-demand (MOD) fleets
PUNE, India, March 29, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the LiDAR for Automotive Market.
The global LiDAR for Automotive market is expected to grow at a CAGR of 17% from 2022 to 2029, from USD 1.12 billion in 2020 to USD 4.60 billion in 2029.
Autonomous vehicles are in high demand, and technological advances have made this a real-world possibility, with many vehicle manufacturers investing in the development of such vehicles. These vehicles will be entirely driven by sensors and electronics, providing a completely driverless experience. LiDAR sensors are critical components of critical systems such as blind-spot monitoring, lane-keep assistance, lane-departure warning, and collision warning in autonomous vehicles. Because of its growing popularity and low cost, solid-state LiDAR is expected to outperform standard flash LiDAR in these applications.
Increasing the Use of LiDAR Systems in Autonomous Vehicles will Expand Market Potential.
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Growth Drivers
Lasers are used in the sensing technology known as LiDAR (Light Detection and Ranging) to find and gauge the distances between objects in the immediate surroundings. For the automotive sector, especially for self-driving cars, LiDAR has emerged as a crucial technology. Some of the development factors for LiDAR in the automotive sector include the following:
Rising demand for self-driving cars: For self-driving cars to correctly sense their surroundings and make decisions, LiDAR is an essential technology. The demand for LiDAR technology is anticipated to rise along with the popularity of self-driving vehicles.
Increasing safety requirements: To increase road safety, governments and regulatory bodies around the globe are increasingly requiring the use of ADAS. LiDAR technology contributes significantly to ADAS by offering precise and timely information about the environment around the car.
Technological advancements: Recent developments in LiDAR technology have led to smaller, less expensive, and more dependable LiDAR devices. LiDAR is anticipated to become even more accessible and cheap as the technology advances, further accelerating its adoption in the automotive sector.
Growing investment in autonomous driving: The development of automated driving technology is receiving significant investment from leading automakers and tech firms. These investments are anticipated to stimulate innovation in LiDAR technology, leading to LiDAR sensors that work better and are more cost-effective.
Company Profiles
- HEXAGON AB
- VELODYNE LIDAR INC.
- SICK AG
- TOPCON POSITIONING SYSTEMS, INC.
- TRIMBLE INC. (GEOSPATIAL)
- RIEGL LASER MEASUREMENT SYSTEMS GMBH
- TELEDYNE OPTECH
- LEOSPHERE
- WAYMO LLC
- VALEO S.A.
Recent Developments in the LiDAR for Automotive Industry
Velodyne Lidar: In February 2022, Velodyne Lidar announced a new high-resolution LiDAR sensor called Alpha Prime, which is designed for autonomous vehicles and advanced driver-assistance systems (ADAS). The Alpha Prime has a range of up to 500 meters and can detect objects with low reflectivity, such as black vehicles and dark clothing.
Innoviz: In December 2021, Innoviz Technologies announced that it had signed a contract to supply its LiDAR sensors to a leading automotive OEM for use in autonomous vehicles. The contract is worth over $100 million and the sensors will be integrated into the OEM's ADAS platform.
Browse the full "LiDAR for Automotive Market by Location (Bumper and Grill, Headlight and Taillight), by Vehicle Type (ICE, Hybrid), by Technology (Solid State, Mechanical/Scanning) and by Region Global Trends and Forecast from 2023 to 2029" Report and TOC at https://exactitudeconsultancy.com/reports/13896/lidar-for-automotive-market/
Segment Overview
The LiDAR for Automotive Market is segmented By Vehicle Type, and By Location.
LiDAR for Automotive Market By Vehicle Type, 2020-2029, (USD Billion)
- ICE
- HYBRID
- BATTERY ELECTRIC VEHICLE (BEV'S)
LiDAR for Automotive Market By Location, 2020-2029, (USD Billion)
- Bumper And Grill
- Headlight And Taillight
- Roof And Upper Pillars
- Others
LiDAR for Automotive Market By Technology, 2020-2029, (USD Billion)
- Solid State
- Mechanical/Scanning
Regional Insights
North America: Due to the presence of significant automotive and tech companies, the North American region has been a big adopter of LiDAR technology in the automotive sector. With a high demand for sophisticated driver assistance systems, the area is anticipated to maintain its market dominance. (ADAS)
Europe: In the automotive sector, Europe is also a sizable market for LiDAR, with key contributors including Germany, France, and the UK. The demand for LiDAR-based ADAS systems is growing in the region, and it is anticipated that this demand will fuel the development of the LiDAR market.
Asia Pacific: China, Japan, and South Korea are anticipated to make significant contributions to the LiDAR market's growth in the Asia Pacific region. Due to the region's growing urbanisation and the need for safer and more effective transportation, there has been an increase in demand for ADAS systems and autonomous cars.
What`s New for 2023?
- Coverage of the danger of a recession, supply chain disruptions, global trade tensions, the Russia-Ukraine War, global inflation, recovery analysis from COVID-19, and global inflation
- Positions of the main competitors and global competition
- influence in the market across several geographic areas - Strong/Active/Niche/Trivial
Some Important Points Answered in LiDAR for Automotive Market Report Are Given Below:
- Outline of product portfolio including product development, planning and positioning
- Details key operational strategies focusing on R&D strategies, corporate structures, localization strategies, manufacturing capabilities, and financial performance of various companies.
- Detailed analysis of market returns over the forecast period.
- Examine different market prospects using Porter's Five Forces Analysis, PEST and SWOT analysis.
- Study of the segment expected to dominate the market.
- A study on analysis of regions projected to register the highest growth during the forecast period
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/13896/lidar-for-automotive-market/#request-a-sample
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