New York, USA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global automotive LiDAR sensor market. As per the report, the global market is projected to surpass $2,436.3 million and grow with a CAGR of 39.0% in the estimated period, 2019-2026. This all-inclusive report delivers a comprehensive overview of the current and future situation of the automotive LiDAR sensor market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the Automotive LiDAR sensor Market Growth:
The global automotive LiDAR sensor market growth is driving owing to growing adoption of autonomous vehicles that require automotive LiDAR sensors for safety and to prevent any kind of collisions. Additionally, increasing developments by market players, such as the integration of sensor fusion in LiDAR point clouds through segmentation and clustering to sense the obstacles more efficiently, is projected to divulge profitable opportunities for the growth of the market in the estimated period. However, poor performances of automotive LiDAR sensors in bad climate situations, such as rainy and foggy weather, is expected to obstruct the growth of the market in the coming years.
The report segments the global automotive LiDAR sensor market based on type, vehicle type, and region.
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Mechanical Sub-Segment to Observe Noteworthy Growth
The mechanical sub-segment of the type segment held leading share of the market in 2018 in the estimated period. This growth is mainly owing to the widespread demand for mechanical type automotive LiDAR sensors in the automotive industry.
Autonomous Sub-Segment to Hold Leading Market Share
The autonomous sub-segment of the vehicle type segment is predicted to surpass $1,246.8 million, rising at a CAGR of 38.7% in the estimated period. This growth is mainly because of the rising demand for automotive LiDAR sensors in autonomous vehicles as they offers various benefits such as safety features to the vehicle.
North America Region to Witness Outstanding Growth
The report examines the global automotive LiDAR sensor market across numerous regions including North America, Asia Pacific, Europe, and LAMEA. Among these, the North America market is anticipated to grow extensively at a CAGR of 38.8% during forecast period. The growth of this region market is mostly owing to the rising adoption of autonomous as well as semi-autonomous automobiles in this region.
Region: North America has the highest growth rate in the market
Key Players of the Market
The report states some of the foremost players operating in the global automotive LiDAR sensor market including
- Continental AG
- Robert Bosch GmbH
- Laddartech
- Quanergy Systems, Inc.
- First Sensor AG
- Hella KGaA Hueck & Co
- Denso Corp, Novariant, Inc.
- Phantom Intelligence
- Velodyne LiDAR, Inc.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading-edge in the global market.
For instance, in January 2022, Innoviz Technologies, a foremost supplier of reliable, high-performance, and reasonably priced LiDAR sensors & perception software, launched Innoviz360, a novel HD LiDAR Category with 10x the performance and considerably lower cost as compared to prevailing solutions.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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More about Automotive LiDAR Sensor Market:
- Automotive LiDAR Sensor: A 360-Degree Vision Eye for Autonomous Cars
- LiDAR’s Enhanced Processing Ability to Uplift the Growth of Global Automotive LiDAR Sensor Market
