Automotive LiDAR Market to Grow at a CAGR of 18.5% by 2030 | MarkNtel
The Global Automotive LiDAR Market size was valued at around USD 510 million in 2023 & is estimated to grow at a CAGR of around 18.5% during the forecast period, 2024-30, cites MarkNtel Advisors in the recent research report. LiDAR is “Light Detection and Ranging” or “Laser Imaging, Detection, and Ranging”. LiDAR is “Light Detection and Ranging” or “Laser Imaging, Detection, and Ranging”. The LiDAR tool set up on the automobile emits light waves that strike the objects and get meditated to the receiving end of the device leading to the creation of the in-depth spatial representation of the surrounding environment of the automobile. This can largely enhance the performance of autonomous and semi-autonomous vehicles and improve the safety of the passengers sitting inside the vehicle. Lidar devices have an effective range of 400 meters. Within its range, Lidar devices can effectively differentiate between various objects, even in low light. These features are extremely important for the development of the L3+ autonomy capabilities of an automobile.
The increasing adoption of electric vehicles (EVs) globally, greatly boosts the size & volume of the Global Automotive LiDAR Market. The rationale for this is that electric vehicles stand at the forefront of innovation in the automobile industry, highlighting two important points, one- that there are growing sales of automobile sales across the globe and second, that people are becoming more aware of the developments happening in the world. Hence, as people become more aware of road safety and the necessary regulations that come with it, along with the availability of the technology that can reliably ensure that with a higher probability, can fuel the future growth of the market.
However, the LiDAR technology is currently quite expensive. This can affect the growth of the global automotive LiDAR industry. But as the innovation and scalability of the technology increases, these costs can come down. Further, there is also a possibility that automakers can switch back to cheaper substitutes such as sensors, cameras, and radars, but the various gaps present in them such as lower range and their struggle to differentiate various objects in the path, can limit their operational capabilities and level of autonomy of an automobile, further states the research report, “Global Automotive LiDAR Market Analysis, 2024.”
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Global Automotive LiDAR Market Segmentation Analysis
Passenger Vehicles Hold the Largest Market Share
Based on the vehicle type, the market is further bifurcated into, passenger vehicles and commercial vehicles. Currently, passenger vehicles occupy the largest market share based on the automobile type in the Global Automotive LiDAR Market. The primary cause for this is globally most of the motors bought are passenger motors. Also, it is the passenger vehicles section in which there is a demand for a better consumer experience in comparison to commercial vehicles which might be extra capability-centered. Features such as Advanced Driver Assistance Systems (ADAS) will appreciably enhance the driving experience. Thus, it is predicted that the passenger vehicles segment will continue to lead the automobile LiDAR industry during the forecast period.
North America Leads the Automotive LiDAR Market
In the automobile LIDAR marketplace, North America is the market leader. The principal cause for this is the presence of the United States of America (USA), as it's miles the leading economic system in the region as well as in the whole world. Due to this, the important resources of funds can be discovered here for innovation in LiDAR technology. The leading automobile producers are present in the region because it is one of the largest automobile markets in the world. Such developments indicate a big boom outlook for the Global Automotive LiDAR Market from the North American region.
Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Delphi Automotive PLC, Continental AG, ZF Friedrichshafen AG, Infineon Technologies AG, Velodyne LiDAR Inc., Texas Instruments Inc., LeddarTech Inc., First Sensor AG, Quanergy Systems Inc., Innoviz Technologies, Ltd., Luminar Technologies, Ouster Inc., Robert Bosch GmbH, Valeo, Benewake (Beijing) Co. Ltd., and others are looking forward to strengthening their market positions.
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Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the regions?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping up across various regions?
- How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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