Overview and Scope
Automotive LiDAR is a technique for sensing that locates objects and gauges their distances. The method involves illuminating a target with an optical pulse and analyzing the properties of the returned signal that is reflected. The optical pulse’s width can be anything between a few nanoseconds and many microseconds.
Sizing and Forecast
The automotive lidar market size has grown exponentially in recent years. It will grow from $0.61 billion in 2023 to $0.82 billion in 2024 at a compound annual growth rate (CAGR) of 35.2%. The growth in the historic period can be attributed to safety and autonomous driving, regulatory and safety standards, rise in electric and connected vehicles, competition and industry investments, cost reduction and scalability, mapping and infrastructure development..
The automotive lidar market size is expected to see exponential growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 32.5%. The growth in the forecast period can be attributed to autonomous vehicle development, market competition and investments, increasing consumer awareness and demand, electric and connected vehicle growth, infrastructure development and smart cities.. Major trends in the forecast period include advancements in solid-state lidar, integration in adas and autonomous vehicles, multi-sensor fusion, mass production and cost reduction, enhanced perception capabilities..
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Segmentation & Regional Insights
The automotive lidar market covered in this report is segmented –
1) By Product: Aerial, Mobile, Terrestrial/Static, Short-Range
2) By Technology: Solid-State LiDAR, Mechanical/Scanning LiDAR
3) By Vehicle Type: IC Engine Vehicles, Hybrid Electric Vehicles (HEVS), Plug-In Hybrid Electric Vehicles (PHEVS), Battery Electric Vehicles (BEVS)
4) By Components: Laser, GPS/GNSS Receiver, Camera, Inertial Navigation System, Micro Electro Mechanical System
5) By Application: Semi-Autonomous, Autonomous
Asia-Pacific was the largest region in the automotive LiDAR market share in 2023. The regions covered in the automotive lidar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing demand for semi-autonomous and fully autonomous vehicles is significantly contributing to the growth of the automotive LiDAR market going forward. An autonomous or self-driving vehicle refers to a vehicle with environmental sensing capabilities and autonomous operation. An autonomous vehicle can sense its surroundings and operate without human intervention. LiDAR sensors are being used by self-driving cars to create extensive 3D maps for 360-degree vision and accurate data to aid with self-navigation and object detection. For instance, in June 2021, according to a report published by Gerber Injury Law, a US-based law firm, the self-driving vehicle industry is expected to grow by 16% every year and is expected to reach a worth of trillion dollars by 2025. Therefore, the increasing demand for semi-autonomous and fully autonomous vehicles drives the automotive LiDAR market.
Key Industry Players
Major companies operating in the automotive LiDAR market are focusing on innovative product solutions such as 360º LiDAR to provide reliable services to customers. 360º LiDAR technology, also known as full-surround LiDAR, is a type of remote sensing technology that uses lasers to measure distances and create a 3D map of the surrounding environment. For instance, in January 2022, Innoviz Technologies, an Israel-based leader in LiDAR technology, launched Innoviz360, a New HD (high definition) LiDAR Category with 10x the performance and significantly lower cost. It allows multiple scanning software configurations with up to 1280 scanning lines (10x) at a cost-effective and durable solution than traditional 360 LiDARs. It offers a range of features and capabilities that make it suitable for various industries, including autonomous vehicles, trucks, shuttles, heavy machinery, smart cities, logistics, construction, and maritime applications.
The automotive lidar market report table of contents includes:
1. Executive Summary
2. Automotive LiDAR Market Characteristics
3. Automotive LiDAR Market Trends And Strategies
4. Automotive LiDAR Market – Macro Economic Scenario
5. Global Automotive LiDAR Market Size and Growth
..
31. Global Automotive LiDAR Market Competitive Benchmarking
32. Global Automotive LiDAR Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive LiDAR Market
34. Automotive LiDAR Market Future Outlook and Potential Analysis
35. Appendix
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