Automotive LiDAR Market size is anticipated to cross USD 100 billion by 2032, according to a new research report by Global Market Insights Inc.
The report reveals that the escalating investment in automotive technology is a prominent driver for LiDAR sensor demand. For instance, in February 2022, Germany-based Bosch unveiled plans to invest USD 296 million in advanced auto tech and digital mobility in India by 2026. Such initiatives are likely to augment the deployment of LiDAR-based ADAS systems in vehicles. The technology has also evolved significantly, supporting automakers in achieving automated vehicle safety. The increasing popularity of low-emission autonomous vehicles will therefore boost the requirement for automotive LiDAR technology.
Get more details on this report - Request Free Sample PDF
Hybrid mechanical LiDAR sensor systems to gain traction for scanning & navigation in real-time
The mechanical LiDAR segment held over 90% share of the automotive LiDAR market in 2022, due to the rising use of hybrid automotive LiDAR systems for real-time navigation and scanning applications. These mechanical systems can simplify the complexities associated with earlier counterparts, enabling them to become a breakthrough in the auto industry. Hybrid mechanical LiDAR sensors also enable the system to accommodate several laser beams in a single structure, thereby contributing to vehicle innovations.
High traffic congestion level to fuel LiDAR tech deployment in semi-autonomous vehicles
Automotive LiDAR market from the semi-autonomous vehicle segment is slated to register more than 70% growth rate between 2023 and 2032, on account of growing efforts from automakers to roll out vehicles with in-built semi-autonomous solutions. In developed nations, traffic congestion is rising at a rapid pace. Semi-autonomous cars utilize ADAS systems to perform driving functions and allow drivers to take manual control if required. The steady increase in traffic is thus likely to proliferate the integration of auto technologies such as LiDAR in these vehicles.
Browse key industry insights spread across 281 pages with 433 market data tables & 39 figures & charts from the report, “Automotive LiDAR Market Size By Type (Mechanical, Solid-State), By Vehicle (Autonomous, Semi-Autonomous), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Increase in EV sales & favorable policies promote automotive LiDAR use in North America
North America automotive LiDAR market size recorded nearly USD 300 million in 2022. The sales of plug-in hybrid electric vehicles have increased exponentially across the region. Based on data from the U.S. Department of Energy, in 2021, EV sales accounted for 73% of the overall plug-in vehicle sales. This will foster the need for technologies such as automotive LiDAR, which is critical for enabling ADAS and other systems to help navigate vehicles in various lighting and environmental conditions.
Additionally, foreign companies have been testing autonomous vehicles on public roads, owing to the growing potential of the technology across the region. In 2020, the U.S. Department of Transportation and the National Highway Traffic Safety Administration issued AV Policy 4.0 to incentivize AV development by offering companies a federal income tax credit of over 20% of eligible R&D spending. Such incentives for automakers, along with the increasing traffic burden in the region, will promote the consumption of LiDAR tech across the region.
Innovative product development strategies to strengthen the industry outlook
Key players operating in the automotive LiDAR market are Valeo SE, Tetravue, Inc., SICK AG, Quanergy Systems, Inc., Ouster, Inc., OMRON Corporation, LeiShen Intelligent Systems Co., Ltd., LeddarTech, Inc., Innoviz Technologies Ltd., Cepton Technologies, Inc., Benewake (Beijing) Co., Ltd., AEye, Inc., Argo AI, LLC, and Aurora Innovation, Inc. These leaders are focusing on product range expansions and tech innovations, among other strategies, to accelerate their presence in the industry.