2nd January 2020 – 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.
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.
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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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