New York, United States , May 16, 2024 (GLOBE NEWSWIRE) -- The Global Automotive LiDAR Market Size is to Grow from USD 0.56 Billion in 2023 to USD 16.96 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 40.45% during the projected period.
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Automotive light detection and ranging (LiDAR) is a sensor system that detects and maps distances between objects. The method involves illuminating a target with an optical pulse and then detecting the properties of the reflected signal. The width of an optical pulse can range from a few nanoseconds to many microseconds. For example, in January 2022, Innoviz Technologies Ltd. introduced its next-generation sensor "Innoviz360" to its product line. Innoviz360 is expected to generate revenue beginning in 2023. Growing sales of high-end vehicles, along with growing ADAS technology penetration in vehicles, will drive up demand for automotive LiDAR sensors. Quanergy, a California-based business, developed the world's first optical phased array (OPA) 3D lidar for the auto sector. Furthermore, LeddarTech has introduced the LeddarTM Pixell 3D flash lidar module, which is intended for proximity sensing and blind spot coverage in urban environments. As a result, technological improvements in automotive LiDAR are projected to have a positive impact on market growth over the forecast period. However, the current cost of a vehicle LiDAR system is high, and this is projected to impede industry expansion.
Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the report on the "Global Automotive LiDAR Market Size, Share, and COVID-19 Impact Analysis, By Type (Mechanical, Solid-State), By Image Type (2D Image, 3D Image), By Application (Semi-Autonomous Vehicles, Autonomous Vehicles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The solid-state segment is expected to hold the largest share of the global automotive LiDAR market during the anticipation timeframe.
Based on the type, the global automotive LiDAR market is categorized into mechanical, and solid-state. Among these, the solid-state segment is expected to hold the largest share of the global automotive LiDAR market during the anticipation timeframe. Solid-state LiDAR is a promising option for the automotive industry, particularly in the development of self-driving vehicles that require dependability, precision, and long-term performance. Solid-state LiDAR technology is gaining traction in the automotive industry because of its low cost and enhanced performance.
The 3D image segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the image type, the global automotive LiDAR market is categorized into 2D image and 3D image. Among these, the 3D image segment is expected to grow at the fastest CAGR during the anticipation timeframe. LiDAR 3D data generates very precise, accurate spatial measurements and can function in a number of environments, including at night and in bright sunlight.
The autonomous vehicles segment is expected to hold a significant share of the global automotive LiDAR market during the anticipation timeframe.
Based on the application, the global automotive LiDAR market is categorized into semi-autonomous vehicles and autonomous vehicles. Among these, the autonomous vehicles segment is expected to hold a significant share of the global automotive LiDAR market during the anticipation timeframe. A fully driverless car would need approximately 5 LiDAR solid-state sensors to function correctly at level 5. The three aforementioned causes are likely to increase revenue for the autonomous segment of the automotive LiDAR market throughout the forecast period.
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Asia Pacific is projected to hold the largest share of the global automotive LiDAR market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global automotive LiDAR market over the anticipation timeframe. China has seen a rise in investment in autonomous driving technology, and the government has set ambitious targets for self-driving vehicle development and deployment. The sheer size of China's automotive sector, combined with the government's commitment to innovation, positions the country as a prominent growth region for the Automotive LiDAR market.
North America is expected to grow at the fastest CAGR growth of the global automotive LiDAR market during the anticipation timeframe. The US government's support for autonomous vehicle testing and deployment has driven up demand for LiDAR technology. North America's dominant market position is the result of stringent government regulations requiring the installation of certain automotive safety systems in vehicles, as well as advancements in LiDAR technologies, which are increasing their applications in core 3D imaging and ranging.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global automotive LiDAR market are LeddarTech Inc, XenomatiX N.V, Velodyne Lidar Inc, SICK AG, Quanergy Systems Inc, Ouster, Inc, OMRON Corporation, Luminar Technologies Inc, Innoviz Technologies Ltd, Hesai Technology, Continental AG, Cepton Technologies Inc, Beijing SureStar Technology Co., Ltd, AEye Inc, Argo AI LL, Aurora Innovation, and others.
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Recent Developments
- On February 2023, Chenghe Acquisition Co., a special purpose acquisition firm, announced that its previously announced business combination with Taiwan Color Optics, Inc., a Taiwan-based provider of LiDAR and ADB components and solutions, and their newly formed holding company, Semilux International Ltd., a Cayman Islands exempted company with limited liability, has been completed.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global automotive LiDAR market based on the below-mentioned segments:
Global Automotive LiDAR Market, By Type
- Mechanical
- Solid-State
Global Automotive LiDAR Market, By Image Type
- 2D Image
- 3D Image
Global Automotive LiDAR Market, By Application
- Semi-Autonomous Vehicles
- Autonomous Vehicles
Global Automotive LiDAR Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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