October 11, 2024

Automotive LiDAR Market is Amped up and on the Rise

The global automotive LiDAR market growth is expanding at a CAGR  of 24.97% over the forecast period and is predicted to reach around USD 7.43 billion by 2032 from 0.83 USD 2022.

Automotive LiDAR Market Size 2023 to 2032

 

Automotive Light Detection and Ranging (LiDAR) is a surveying system that employs pulsed laser light to ascertain the distance between two vehicles. The measurement of this distance is accomplished by illuminating the target vehicle or object and then capturing the reflected pulse using a sensor. The application of LiDAR in automobiles aids in regulating vehicle speed and braking in response to sudden changes in traffic conditions. Before the advent of LiDAR, radar and sonar were utilized for range detection in advanced vehicles. The advantages offered by LiDAR, including real-time data acquisition and enhanced precision, have driven its market growth ahead of radars and sonar.

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Automotive LiDAR Market Growth

A significant driving force behind the automotive LiDAR market is the growing awareness among vehicle users about safety, coupled with safety regulations mandated by global regulatory bodies. Additionally, the increasing adoption of autonomous and electric vehicles is expected to lead to substantial growth in the utilization of advanced vehicle safety components, such as automotive LiDAR. The heightened focus from governments on vehicles equipped with Advanced Driver Assistance Systems (ADAS) in recent years, due to safety concerns, is anticipated to fuel the demand for automotive LiDAR in the forecast period. Automotive LiDAR has proven to be a pivotal technology for autonomous vehicles, owing to its high precision and accurate real-time detection capabilities using emitted laser beams.

However, the high cost of the technology presents a hindrance to market growth. Some manufacturers are actively working on reducing the cost of automotive LiDAR sensors by minimizing the number of laser emitters in the solution. Despite these efforts, the cost of automotive LiDAR remains relatively high, thereby limiting its widespread adoption by numerous manufacturers.

Read More: Vehicle Electrification Market is Amped up and on the Rise

Report Highlights

  • North America dominated the global automotive LiDAR market with significant revenue contribution in 2019. Government regulations along with surge in sales of electric and hybrid vehicles are the key factors that drive the growth of the region. Furthermore, integration of LiDAR solution in collision avoidance and remote sensing applications expected to surge the demand for automotive LiDAR in the region.
  • Europe projected to grow at the fastest growth rate during the forecast period. UK and Germany are the major countries integrating IoT and real-time image processing technology to LiDAR solution. However, China, India, and other ASEAN countries seek opportunistic growth for the LiDAR solution in the coming years due to rising trend of green and hybrid vehicles on road.
  • By application, Advanced Driver Assistance System (ADAS) emerged as the leading segment capturing more than 70% of the global market revenue. Furthermore, the segment expected to offer attractive growth rate during the forecast period owing to increasing application of ADAS in smart vehicle parking and adaptive cruise control solutions.

Regional Overview

North America currently leads the global automotive LiDAR market, capturing more than 50% of the revenue share. This impressive growth can be attributed to increased research and development activities aimed at enhancing autonomous vehicles. Government policies that support investments in autonomous vehicles have driven research and development efforts in this direction. For example, in 2018, the U.S. government allocated a significant amount for research in self-driving technology, with the research taking place in both government and private agencies focused on improving autonomous driving solutions.

Europe stands out as a particularly attractive region in the global automotive LiDAR market. The region’s projected growth is largely driven by supportive government policies, such as the European New Car Assessment Program and Vehicle and Driver Safety Policy. These policies mandate the implementation of vehicle safety solutions, thereby substantially boosting the automotive LiDAR market in the region. Additionally, the reliance of autonomous vehicles on sensors has led to a notable increase in sensor implementation, further propelling the overall growth of automotive LiDAR solutions.

Key Players and Strategies

The global automotive LiDAR market is characterized by high competition due to continuous product and solution advancements pursued by industry players. Given the nascent stage of the market, there are significant opportunities for players to advance and enhance product offerings. The demand for cost-effective solutions also drives the market’s sales value. Consequently, industry players are heavily invested in product development to maintain and strengthen their market positions. For example, in January 2017, Innoviz Technologies Ltd. introduced InnovizOne, a high-definition solid-state LiDAR (HD-SSL). This solution enables advanced 3D remote sensing features, accurately processing real-time 3D images of a vehicle’s surroundings.

Some of the key players operating in the market are LeosphereSaS, Airborne Hydrography AB, Faro Technologies Inc., Aerometric Inc., 3D Laser Mapping Inc., Mira Solutions Inc., Quanergy Systems, Inc., Optech Inc. (Teledyne Technologies), IBEO automotive systems GmbH, Velodyne, and LeicGeosystems Inc. among others.

Automotive LiDAR Market Segments Covered in the Report

By Product Type

  • Aerial
  • Mobile
  • Terrestrial/Static
  • Short-range

By Components

  • Laser
  • GPS/GNSS Receiver
  • Camera
  • Inertial Navigation System
  • Micro Electro Mechanical System

By Application

  • Advanced Driver Assistance System (ADAS)
    • Adaptive Cruise Control
    • Automatic Emergency Braking
  • Autonomous Cars

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

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