According to a recent report published by Allied Market Research, titled, “Automotive LiDAR Market by Application, Technology, Range, Vehicle Type and Region: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global automotive LiDAR market was valued at $221.7 million in 2020, and is projected to reach $1,831.9 million by 2028, registering a CAGR of 30.3%.
North America is the highest revenue contributor, followed by Europe, Asia-Pacific, and LAMEA. On the basis of forecast analysis, Asia-Pacific is expected to lead the market during the forecast period, owing to the increasing demand for semi-autonomous vehicles and expansion of global automotive LiDAR market players coupled with the introduction of advanced LiDAR. Lidar promises to improve on those features with more accurate environment mapping and quicker processing from the rapid-fire nature of the systems.
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Lidar systems map out their environments by sending laser pulses outward. When the pulse contacts an object or obstacle, it reflects or bounces back to the lidar unit. The system then receives the pulse and calculates the distance between it and the object, based on the elapsed time between emitting the pulse and receiving the return beam. Lidar does this rapidly, with some emitting millions of pulses per second. As the beams return to the system, it begins forming a picture of what’s going on in the world around the vehicle and can use computer algorithms to piece together shapes for cars, people, and other obstacles.
Factors such as increase in developments of semi-autonomous & autonomous vehicle, rise in emphasis from the governments for ADAS incorporated vehicles, and surge in investments & funding in LiDAR startups are expected to drive the market growth. However, high cost of LiDAR system and environmental constraints & optical vulnerability pose a challenge for use of LiDAR hinder the market growth.
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Key Findings Of The Study
- On the basis of application, the autonomous vehicles segment is anticipated to exhibit a remarkable growth during the forecast period.
- On the basis of technology, the solid-state LiDAR segment is the highest contributor to the Automotive LiDAR market in terms of revenue.
- On the basis of range, the long-range segment is anticipated to exhibit a remarkable growth during the forecast period.
- By vehicle type, the internal combustion engine (ICE) segment is the highest contributor to the Automotive LiDAR market in terms of revenue.
Continental AG, First Sensor AG, Ibeo Automotive Systems GmbH, Innoviz Technologies Ltd, LeddarTech, Luminar Technologies, Ouster, Inc., Robert Bosch GmbH, Valeo and Velodyne LiDAR, Inc are some of the leading key players operating in the automotive LiDAR market.
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