Lidar Market Growth Analysis Forecast Up To 2032

The LiDAR Global Market Report 2023 by The Business Research Company, provides LiDAR market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s LiDAR Global Market Report 2023, the market size grew from $1.8 billion in 2022 to $2.19 billion in 2023 at a compound annual growth rate (CAGR) of 21.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global LiDAR is expected to grow to $4.78 billion in 2027 at a CAGR of 21.6%.

The rising demand for 3D imaging is expected to propel the growth of the LiDAR market. 3D imaging is a technique that develops or creates the impression of depth within an image by deploying 2D data into the 3-dimensional format.

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The LiDAR market is segmented:

1) By Component: Laser Scanner, Navigation and Positioning Systems, Other Components

2) By Type: Terrestrial, Aerial, Mobile

3) By Technology: 2D, 3D, 4D

4) By Applications: Mapping and Cartography, ADAS (Advanced Driver-Assistance System), Environment, Exploration and Detection, Other Applications

5) By End User: Defense and Aerospace, Civil Engineering, Archaeology, Forestry and Agriculture, Mining, Transportation

The increasing investments in LiDAR startups by automotive giants is a key trend gaining popularity in the LiDAR market. Certain vehicle operations demand robust radars which are fulfilled by LiDAR, making automakers realize the full potential of LiDAR in the self-driving cars market. The cost of LiDAR as compared to the outrageous cost of other sensors is attracting most automakers to implement LiDAR in vehicles, resulting in increasing investments into LiDAR startups. An autonomous vehicle requires a detailed understanding, which is best achieved by 4D LiDAR. For instance, in May 2021, Pony.ai self-driving car backed by Toyota based in the United States collaborated with Lumiar Corporation. Under this partnership, Pony.ai will use LiDAR offered by Luminar in its robo taxi production. The multi-purpose utilization of LiDAR in next-gen (specifically autonomous) vehicles is compelling the automakers to invest in LiDAR startups.

The LiDAR market report table of contents includes: