The global automotive LiDAR market size is expected to reach USD 1,734.8 Million by 2030, according to a new study by Polaris Market Research. The report, “Automotive LiDAR Market Share, Size, Trends, Industry Analysis Report, By Application (Advanced Driver Assistance Systems (ADAS), Autonomous Emergency Braking (AEB), Adaptive Cruise Control (ACC), Autonomous Vehicle); By Type; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Light detection and ranging are a technology-based on remote sensing, and it is significantly popular among automobile manufacturers. These manufacturers use it in automation systems of vehicles enabling safety. Moreover, the decrease in manufacturing costs of LiDAR due to the surge in automation of vehicles is a significant factor contributing to industry growth.
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The adoption of light detection and ranging in the automotive sector is growing due to the rising focus on safety by regulatory bodies and customers to safeguard vehicles and passengers.
Due to the continued focus of governments across multiple countries on enhancing vehicular safety, many regions have witnessed policies enforcing the mandatory deployment of Advanced Driving Assistance Systems (ADAS) in vehicles. For instance, EuroNCAP (New Car Assessment Program) crash testing program has been modified to include an assessment of ADAS types which will have an impact on the safety rating of vehicles which in turn will forecast the growth of the market.
By application, autonomous vehicles are observing a spike in demand, and growing progression in technology has made real-world possibilities. Several vehicle manufacturers are investing in the development of such vehicles. Sensors and electronics drive these vehicles to authorize a complete driverless experience. Light detection and ranging sensors are crucial for autonomous vehicles as they are prominent elements of vital systems such as lane-keep assistance, blind-spot monitoring, and collision or lane departure warning.
Within automotive LiDAR, there are two main applications – ADAS and Autonomous vehicles. ADAS application accounts for the majority share in the automotive Light detection and ranging market; this is majorly attributed to autonomous/self-driving vehicles not available commercially. This trend is expected to continue during the forecast period, with the independent vehicle application segment gaining progressively as manufacturers work on that technology.
Geographically, the American regional market accounted for the largest share during 2017. While the Asia Pacific regional market for automotive, LiDAR is expected to witness the highest growth during the forecast period. Increasing competition is observed among automotive OEMs for developing fully autonomous vehicles.
With these rapid advancements in autonomous vehicle technology, the global Automotive light detection and ranging market is expected to register considerable growth by 2026. Other important factors such as the development of solid-state LiDAR sensors and the significance of the LiDAR sensors in ADAS are also responsible for the market growth.
Some major players are Continental AG, Delphi Automotive, First Sensor AG, Infineon Technologies AG, Innoviz Technologies, Ltd, LeddarTech, Inc., Quanergy Systems, Inc, Texas Instruments, Inc., Velodyne LiDAR, Inc., ZF Friedrichshafen AG.
For instance, in January 2017, Innoviz Technologies Ltd. developed its premiere high-definition solid-state LiDAR InnovizOne and initiated it in CES2017, held in Las Vegas. InnovizOne sanctions smart and advanced features of 3D remote sensing. This gadget is highly accurate in processing real-time 3D images of vehicle surroundings.
Polaris Market Research has segmented the automotive LiDAR market report on the basis of type, application, and region.
Automotive LiDAR, Type Outlook (Revenue - USD Million, 2018 - 2030)
Automotive LiDAR, Application Outlook (Revenue - USD Million, 2018 - 2030)
Automotive LiDAR, Regional Outlook (Revenue - USD Million, 2018 - 2030)