Global Automotive LiDAR Market was estimated to be at USD 365.9 million in 2017 and is expected to to grow at a CAGR of more than 35% during the forecast period. The Automotive LiDAR market growth is attributed to the increasing demand of autonomous vehicle for active safety and self-driving. As Advanced Driver Assistance Systems (ADAS) and autonomous vehicles are expected to witness growth at significant rates, it is expected to have a direct positive impact on the growth in Automotive LiDAR market.
North America Automotive LiDAR Market Share, By Type, 2017 - 2026
Note: Inside circle depicts data for 2017 & outside circle depicts data for 2026
Moreover, the increasing penetration of LiDAR-based solution in passenger cars, is another factor expected to drive the market for Automotive LiDAR during the forecast period. Furthermore, rapidly increasing market for autonomous vehicle coupled with significant partnerships of OEMs with Tier 1 IT organization are also providing traction to the automotive LiDAR industry in the automotive segment. Emerging innovations in technology is disrupting the overall automotive industry. The concept of autonomous car providing decisive convenience, not only improves safety, but brings with it other benefits as well. These automated vehicles provide opportunities for a large number of firms to access a range of untapped facts, creating new revenue-generating opportunities, which will boost the market growth and thus, the global Automotive LiDAR market is anticipated to account for USD 4,135.2 million by 2026.
The Automotive LiDAR market is primarily segmented on the basis of type, application, and geographic region. Market by type includes Solid State/Flash LiDAR, and Mechanical Sensor. Applications of Automotive LiDAR includes Advanced Driver Assistance Systems (ADAS) and Autonomous Car. The ADAS application is further sub-segmented into Autonomous Emergency Braking (AEB), and Adaptive Cruise Control (ACC). The Automotive LiDAR market is finding huge opportunities across all levels of vehicle automation, including level 2 (partial automation), level 3 (conditional automation), level 4 (high automation) and level 5 (fully autonomous). However, all these levels are not yet commercialized, for lower levels of automation only one LiDAR is integrated in the vehicle, whereas in high-end automation levels multiple LIDAR’s are integrated in the automated system.
North America Automotive LiDAR Market, By Type, 2017 - 2026
The solid-state/flash LiDAR market is expected to grow at a very high pace during the forecast period. Solid state sensor being low-cost, robust, as well as compact in size makes it ideal for potential large-scale production of level 3 and level 4 cars in coming years. Further, mechanical sensor and other sensor also capture decent market share in Automotive LiDAR and foresee healthy growth during the forecast period.
Presently, North America dominates the Automotive LiDAR market being technology advanced region and early adopter of both Advanced driver assistance systems and autonomous vehicle. The extensive implementation of ADAS technologies in both commercial as well as individual use are supporting the Automotive LiDAR market growth in this region. Also, continuous efforts by the European Union towards increasing vehicle safety is responsible for the growth in adoption for LiDAR-based applications in ADAS. Ongoing trials of autonomous vehicles in multiple countries in the European region including Germany, France is also expected to enhance the LiDAR based ADAS applications ultimately resulting in growth of this market.
Some of the leading industry players in the Automotive LiDAR market include Scans LLC, Velodyne LIDAR, Inc., Quanergy Systems, Inc., LeddarTech, First Sensor AG, Novariant (AgJunction), Delphi Technologies, Continental AG, Robert Bosch GmbH, and Denso Corporation among others.