Automotive LiDAR Market size worth over $3bn by 2024
Published Date: September 25, 2018 Authors: Ankita Bhutani, Preeti Wadhwani
Automotive LiDAR Market size is set to exceed USD 3 billion revenue by 2024; according to a new research report by Global Market Insights, Inc.
Growing concerns toward safety among regulatory bodies and customers to safeguard vehicles and passengers is expected to drive the market demand. The government across the countries are constantly working on enhancing the safety of the vehicles by mandating the use of advanced driving assistance systems in the vehicles and modifying the vehicle safety systems.
Increasing investments in the development of the autonomous vehicles also promoting the automotive LiDAR market. The automakers are concentrating on R&D activities for the development of the self-driving technology. BMW has recently announced its plans to invest USD 8.6 billion in 2018 to intensify the R&D efforts for the self-driving technology. Ford, General Motors, Toyota, and Honda have also invested approximately USD 1 million to test new autonomous vehicles on public streets and freeways. The technology giants such as Google and Intel are also working for the development of autonomous solutions.
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The autonomous vehicle segment is anticipated to grow at 35% CAGR through 2024 driven by growing demand for the LiDAR sensors among the automotive manufacturers for self-driving cars. The LiDAR sensors are being widely used in autonomous vehicles to create a 3D model of its surrounding environment using light pulses. It assists vehicles in measuring the accurate distance from any objects within its vicinity. Its superior property and high accuracy as compared to other alternative products such as radar, imaging sensors, and ultrasonic are augmenting its demand.
Browse key industry insights spread across 150 pages with 216 market data tables & 33 figures & charts from the report, “Automotive LiDAR Market Size, By Type (Mechanical, Solid-State), By Vehicle (Autonomous, Semi-Autonomous), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
The solid-state LiDAR market is projected to grow significantly over the projected time period. This technology is gaining a lot of traction from the automakers due to its cost-effective nature and compact size. Its entire assembly is built on a silicon chip. Hence, there are no moving components present, making the system more resilient to vibrations. This allows the manufacturers to produce smaller parts at a lower price.
The North America dominated the automotive LiDAR market with over 70% market share in 2017 fueled by favorable government policies. Additionally, the automotive companies in the region have invested heavily in the development of the automotive LiDAR technology.
The presence of the major automotive LiDAR technology providers such as Robosense and Benewake will foster the Asia Pacific market growth. These companies are investing heavily in the R&D activities to accelerate innovations in the automotive LiDAR technology.
The prominent players operating in the automotive LiDAR market are Leddertech, Continental, Luminar Technologies, Aptiv, Magna, Blackmore Sensors & Analytics, Oryx Vision, Audi, Mercedes-Benz, Tesla, BMW, Nissan, Trilumia, Uber, ZF, Innoviz Technologies, Velodyne, Quanergy, and Volvo.
The major companies in the market are forming alliances with other expert companies to develop new product offerings and conduct strategic acquisitions, to gain a competitive advantage over its competitors.