Automotive LiDAR Market Is Booming Worldwide Due To High Demand For Automation in Automobile Industry At Various Levels of Vehicle Production Till 2024 | Million Insights

August 04 07:14 2021
Automotive LiDAR Market Is Booming Worldwide Due To High Demand For Automation in Automobile Industry At Various Levels of Vehicle Production Till 2024 | Million Insights

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According to new report available with Million Insights, the global automotive LiDAR industry is expected to witness a substantial growth due to rising demand for advanced safety features in both lightweight and heavyweight vehicles, and mandatory administrative regulations for incorporation of safety measures such as AEB braking systems installations, majorly in the developed economies such as U.S. and the UK during 2014 – 2024.

The global Automotive LiDAR Market size is expected to value at USD 223.2 million by 2024. The market is subject to witness a substantial growth due to the increasing demand for advanced safety features in both lightweight and heavyweight vehicles, and mandatory administrative regulations for incorporation of safety measures such as AEB braking systems installations, majorly in the developed economies such as U.S. and the UK. Rise in the integration of safety systems in both autonomous and semi-autonomous vehicles owing to increasing demand from end-user is expected to drive the growth of automotive LiDAR market over the forecast period.

High-end demand for automation in booming automobile industry at various levels of vehicle production is expected to draw huge investment from industry participants, thereby propelling market growth across the globe in the years to come. Globally, the automotive LiDAR industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

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LiDAR or LADAR is widely accepted surveying method that determines target distance by exemplifying the target area with pulsed laser light. LiDAR, which stands for light detection and ranging measures the reflected pulses from target location with a sensor. LiDAR displays digital 3-D representations of the target to the user. LiDAR is also used for laser scanning and 3-D scanning for application such as automotive and mobile applications. These factors are expected to offer high market potential in the Asia Pacific countries.

The stringent government laws & regulation in regards to incorporation of safety systems in a vehicle is critical factor for market growth, in the recent years. Automotive LiDAR along with advanced driver-assistance system offer a full-proof collision avoidance system, which is consists of software and hardware interfaces. With reduction in the cost of hardware and addition of advanced front & rear cameras and radar is anticipated to drive demand for automotive LiDAR. Advent of cost-efficient software solution is estimated to offer an alternative source of revenue for service providers in automotive LiDAR industry.

The automotive LiDAR market is broadly categorized into two major segments based on end-user application such as advanced driver-assistance system (ADAS) and autonomous cars segment. The advanced driver-assistance system (ADAS) is considered as one of the fastest growing segment in the automotive LiDAR industry with substantial revenue generation in the last couple of years. The advanced driver-assistance system (ADAS) is further divided into two sub-segments such as Automatic Emergency Braking (AEB) and Adaptive Cruise Control (ACC). The Adaptive Cruise Control (ACC) sub-segment has witnessed massive growth, in the last few years, owing to the surging incorporation of automation technologies in the car driving and safety technologies.

The advanced driver-assistance system (ADAS) offer short-range and long-range radars for vehicles, which is highly preferred while parking and transferring active cruise controls. LiDAR (light detection and ranging) allows 3D mapping of surrounding area with the help of dead reckoning sensors and perform odometry operations. The ultrasound aspect of advanced driver-assistance system (ADAS) helps in parking, pedestrian detection and other obstacle detection.

The automotive LiDAR market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in automotive industry, higher approval rate on the account of administrative regulations, mandate installation of automobile safety systems in both lightweight and heavyweight vehicles, and existence of well-established automotive industry in the region. Asia-Pacific region is predicted to hold major market share in the automotive LiDAR with massive growth in forecast period.

Countries such as India, China, Japan and Singapore are leading the Asia-Pacific market with increasing adoption of LiDAR sensors in dynamic remote sensing applications and collision avoidance technologies, favorable government laws & regulations and significant investment by the leading industry players considering potential growth opportunities in the region. The key players in the automotive LiDAR industry are Continental AG, Denso Co., LeddarTech, Velodyne LiDAR, Inc., Novariant, Inc., Robert Bosch GmbHand Quanergy Systems, Inc.

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Market Segment:

LiDAR Application Type Outlook (Revenue, USD Million, 2014 – 2024)
    • Advanced Driver Assistance Systems(ADAS)
    • Automatic Emergency Braking (AEB)
    • Adaptive Cruise Control (ACC)
    • Autonomous Cars

LiDAR Regional Outlook (Revenue, USD Million, 2014 – 2024)
    • North America
        • U.S.
        • Canada
    • Europe
        • Germany
        • UK
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • The Middle East & Africa

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