Acumen Research and Consulting, Recently Published Report On “Automotive LiDAR Market Size, Share, Trends, Scope, Growth Opportunity and Forecast 2019-2026”.
LOS ANGELES, Sept. 03, 2019 (GLOBE NEWSWIRE) -- The global automotive LiDAR market value is expected to reach around USD 2.9 billion by 2026, at a CAGR of 27.1% during the forecasted period 2019 to 2026.
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Light Detection and Ranging (LiDAR) is a remote sensing technology that uses light to map an environment. Light reflected from the various objects is detected at the sensor, which in turn helps in measuring the distance between the objects. In today’s world, the LiDAR technology is used in many applications such as self-driving cars, archaeology, agriculture, forestry, pollution modeling, etc. The global automotive LiDAR market is primarily driven by increase in demand for speed and accuracy and rise in research and development (R&D) activities for enhancing LiDAR technology in autonomous vehicles. In addition to this, the LiDAR technology has been extensively used by many other end-user industries such as aerospace, agricultural and civil engineering industries due to which there have been a mass production of LiDAR devices that has resulted in declining manufacturing prices of LiDAR sensors.
Thus, decrease in manufacturing prices has boosted the demand for LiDARs in automotive industry. However, consumer trust is the biggest challenge faced by the global automotive LiDAR market due to increase in number of incidents by self-driven cars which may negatively impact the growth of the market in the forecast period. The LiDAR manufacturing industries are backed by many major automobile market players such as Velodyne LiDAR Inc. is financially supported by Ford Motor Co., Luminar technologies Inc. is funded by AB Volvo, and with the announcement of BMW AG to launch its self-driving cars in 2021, Innoviz Technologies Ltd. has signed an agreement with the company to supply LiDAR sensors for its level 3-5 autonomous vehicles.
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The global automotive LiDAR market is segmented by LiDAR Type, application, and region.
Based on LiDAR Type, the market is segmented into mechanical automotive LiDAR and solid-state automotive LiDAR. Solid state LiDARs are expected to have a significant growth for the market owing to its high-resolution and cheaper solutions. In addition to this, unlike mechanical automotive LiDARs, the solid-state automotive LiDAR does not rely on movement of the objects to have precise measurements.
Based on application, the market is segmented into LiDARs for robo-taxis and LiDARs for Advanced driver-assistance systems (ADAS) and autonomous vehicles. LiDARs for ADAS and autonomous vehicles is expected to dominate the global automotive LiDAR market. Increase in R&D activities across the ADAS and autonomous vehicles have boosted the growth of the global automotive LiDAR market.
Geographically, global automotive LiDAR market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America dominates the global automotive LiDAR market owing to the growing technological advancements, increase in research and development activities and mass production of LiDAR sensors in the region. In addition, the region has evolving market due to existence of established Automotive LiDAR providers in the key countries such as the US and Canada. The progression towards autonomous vehicle technology in commercial cars, robust technology and early adoption of ADASare expected to drive the market in the region in forecast period.
Automotive industry in Europe is a strategic and robust industry that is powering the economic growth of the region. Europe is efficiently working on building connected and automated driving system in the region by introducing self-driven LiDAR-based autonomous vehicles. France and Germany are the key leading countries that are owing to the growth of automotive LiDAR market in the region. Increase in research and development activities and support from the government for developing automated driving systems is expected to boost the automotive LiDAR market in the forecast period.
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Asia Pacific is the fastest growing region for the automotive LiDAR market owing to the increase in demand for robust technology and autonomous cars in the developing economies. Increase in technological advancements and growing economic developments are the key factors contributing to the growth of automotive LiDAR market. China is the major contributor of the automotive LiDAR market in the region owing to the rising demand for mobility services such as robo-taxis.
Latin American and the Middle Eastern countries are projected to drive the LAMEA market as a result of increasing demand for self-driven cars and growing automotive sector. However, Africa holds the least but have an optimistic future for the automotive LiDAR market in the forecast period.
Velodyne has signed a licensing deal with Veoneer, an automotive supply-chain company in January 2019 to cut down costs on LiDAR systems. In March, 2019, Lumotive announced a beam-steering technology that is expected to considerably advance the reliability and pricing of LiDAR units in the evolving automated car market.
Some of the key players in the global automotive LiDAR market include, Luminar technologies Inc., Innoviz Technologies Ltd., Velodyne LiDAR Inc., Continental AG, Infineon Technologies, LeddarTech, Ibeo Automotive Systems GmbH, Garmin Ltd., and Phantom Intelligence.
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