LiDAR is gaining commercialization as the new generation of self-driving detection technology in the automotive industry, with applications rising in private and commercial transportation. The use is prevalent in tire pressure monitoring systems (TPMS), power steering, heat control infotainment, and anti-lock braking system, thus spurring demand in ride-sharing services and shuttle services. The automotive LiDAR market is projected to surpass US$ 3 Bn by the end of the forecast period of 2021–2031.
New approaches for inexpensive architecture are likely to prove helpful in addressing the steep cost curve of production of products in the automotive LiDAR market. A case in point is LiDAR based on continuous wave frequency modulation (CWFM) is gaining popularity in 3D imaging. Advancements in sensors and actuators in LiDAR systems have set the stage for product innovation over the years, notes the TMR study on the automotive LiDAR market.
Ongoing R&D on self-driving technologies is expanding the horizon for revenue generation in the automotive LiDAR market. Growing sales of semi-autonomous and autonomous vehicle cars in developing regions of the world have spurred the expansion of lucrative avenue. Vehicle owners are becoming increasingly aware of advanced driver assistance systems (ADAS).
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Key Findings of Automotive LiDAR Market Study
- Rising Customer Demand for ADAS Incorporated Vehicles Propelling Revenue Streams: Growing incorporation of ADAS in next-gen vehicles has created abundant opportunities for OEMs and automotive manufacturers in the automotive LiDAR market. The LiDAR’s vision is viewed as superior to camera technologies. The proclivity toward connected mobility and increased popularity of self-driving vehicles are bolstering the revenue possibilities for various players in the automotive LiDAR market. The analysts of the TMR study assert that LiDAR is likely to play crucial role in next-gen autonomous vehicles across all levels, from vital to Level 5 autonomy.
- Manufacturers Lean on Addressing Steep Cost Curves: The higher cost of automotive LiDAR is impeding the mainstream adoption, assert the authors of an in-depth study on the automotive LiDAR market. To address these concerns, stakeholders are continuously advancing the technologies used in LiDAR systems. In particular, solid-state LiDAR segment has been a highly lucrative segment, found the TMR study on the automotive LiDAR market. The high scope of commercialization in robo-taxies and autonomous shuttles is fueling the revenue streams.
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Automotive LiDAR Market: Key Drivers
- Focus on safety in vehicles and of passengers has been spurring the adoption of LiDAR in the automotive industry. Advancements in automotive electronics are enriching the revenue potential of the automotive LiDAR market.
- The need for increasing the ranging accuracy or long-range sensing capabilities of depth-mapping technologies will propel the incorporation of LiDAR in semi-autonomous vehicles. This is helping attract R&D in the automotive LiDAR market.
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Automotive LiDAR Market: Regional Growth Dynamics
Opportunities in Asia Pacific LiDAR market are projected to advance at promising CAGR during the forecast period. The growth is fueled by booming sales of vehicles incorporated with ADAS, especially by population of emerging economies. Further, rise in demand for robo-taxies, autonomous shuttles, and mobility-on-demand fleets have fueled the revenue growth.
Automotive LiDAR Market: Key Players
Some of the key players in the automotive LiDAR market are Valeo SA., TetraVue,, Quanergy Systems Inc., Robert Bosch GmbH, HELLA GmbH & Co. KGaA, Denso Corporation, Continental AG, NXP Semiconductors, Delphi Automotive PLC, sLeddarTech Inc., Luminar Technologies Inc., Ibeo Automotive Systems GmbH, and First Sensor AG.
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Global Automotive LiDAR Market: Segmentation
- Automotive LiDAR Market, by Technology
- Solid-state LiDAR
- Mechanical/Scanning LiDAR
- Automotive LiDAR Market, by Location
- Roof & Upper Pillars
- Headlight & Taillights
- Bumper & Grill
- Others (Windscreen, Rear View Camera)
- Automotive LiDAR Market, by Image Projection
- Automotive LiDAR Market, by Range Type
- Short & Mid-range
- Long Range
- Automotive LiDAR Market, by Vehicle Type
- IC Engine Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- Automotive LiDAR Market, by Application
- Automotive LiDAR Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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