Redding, California, March 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Automotive LiDAR Market by Type (Passenger Cars, Commercial Vehicles), Ranging, Imaging (Mechanical, Solid-state), Application (ADAS, Robotic Cars, Collision Avoidance), Autonomy (Autonomous, Semi-autonomous), and Geography - Global Forecast to 2030,’ the automotive LiDAR market is projected to reach $5.11 billion by 2030, at a CAGR of 29.2% during the forecast period.
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The growth of this market is attributed to the declining prices of sensors, the rising demand for advanced driver assistance systems, and the increasing government regulations to ensure the quality and safety of vehicles. In addition, the rising demand for electric vehicles, the development of autonomous vehicles, the emergence of 4D LiDAR, and increasing investments by OEMs in LiDAR start-ups are expected to offer significant opportunities for the growth of this market.
However, the low adoption of LiDAR in economy-class vehicles hampers the growth of this market. In addition, the limitations of LiDAR, such as lack of visibility in bad weather conditions, are a major challenge to the growth of this market.
Rising Demand for Advanced Driver Assistance Systems
Advanced driver-assistance systems (ADAS) have become integral in self-driving cars. These systems use LiDAR sensors, the most innovative and efficient technologies for autonomous vehicles, as they provide high accuracy and precision in object detection and recognition to improve safety and better driving.
According to the National Highway Traffic Safety Administration (NHTSA) (U.S.), more than 36,000 people in the U.S. were killed in automobile accidents in 2019 due to manual errors. Many automotive manufacturers are taking the initiative to launch ADAS to prevent accidents. For instance, in April 2022, the Japan-based automotive giant Nissan Motor Co., Ltd. announced the development of a LiDAR-based advanced driver-assistance system that utilizes highly accurate, real-time information about the vehicle’s surrounding environment and fuses data from high-performance LIDAR sensors, radar, and cameras on the vehicle to prevent accidents.
LiDAR detects the shape and distance of objects and the structure of the vehicle's surrounding area in real time with high accuracy. The increasing demand for ADAS is expected to drive the growth of the automotive LiDAR market in the coming years.
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The automotive LiDAR market is segmented by vehicle type (passenger cars, commercial vehicles, specialty automobiles, and heavy-duty vehicles), imaging (mechanical LiDAR, solid-state LiDAR), ranging methods (pulse, FMCW, and other ranging methods), application (ADAS, robotic cars, blind spot monitoring, collision avoidance, parking assistance, lane departure warning, adaptive cruise control, pedestrian detection, and other applications), autonomy (autonomous, semi-autonomous, and manual-driven vehicles), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on vehicle type, the automotive LiDAR market is segmented into passenger cars, commercial vehicles, specialty automobiles, and heavy-duty vehicles. In 2023, the passenger cars segment is expected to account for the largest share and is also projected to register the highest CAGR during the forecast period. This segment's large market share and rapid growth are attributed to the increased adoption of LiDAR sensors in passenger cars to prevent collisions.
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Based on imaging, the automotive LiDAR market is segmented into mechanical LiDAR and solid-state LiDAR. In 2023, the mechanical LiDAR segment is expected to account for the larger share of the market. A mechanical LiDAR can collect data over a wide area of up to 360 degrees to provide a detailed mapping of the environment, increasing its applications in mapping, surveying, and robotics. These benefits contribute to the large market share of this segment. However, the solid-state LiDAR segment is projected to register the highest CAGR during the forecast period.
Based on ranging method, the automotive LiDAR market is segmented into pulse, FMCW, and other ranging methods. In 2023, the FMCW segment is expected to account for the largest share of the automotive LiDAR market. This segment is also projected to register the highest CAGR during the forecast period. This segment’s large market share and rapid growth are attributed to the advantages of frequency-modulated continuous-wave (FMCW) LiDAR over other methods in providing high-resolution distance & velocity measurements under limited visibility conditions.
Based on application, the automotive LiDAR market is segmented into ADAS, robotic cars, blind spot monitoring, collision avoidance, parking assistance, lane departure warning, adaptive cruise control, pedestrian detection, and other applications. In 2023, the ADAS segment is expected to account for the largest share of the automotive LiDAR market. This segment is also projected to register the highest CAGR during the forecast period. This segment’s large market share and rapid growth are attributed to the growing need for efficient systems that offer data accuracy across all weather and lighting conditions to prevent accidents and provide additional support to drivers in areas where detailed map information is unavailable.
Based on autonomy, the automotive LiDAR market is segmented into autonomous, semi-autonomous, and manual-driven vehicles. In 2023, the semi-autonomous segment is expected to account for the largest share of the automotive LiDAR market. The large market share of this segment is attributed to rapid technological advancements due to rising collaborations between vehicle manufacturers and tech firms. However, the autonomous segment is projected to register the highest CAGR during the forecast period.
Based on geography, the automotive LiDAR market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the market. North America’s major market share is attributed to stringent government regulations in the region mandating the installation of specific automotive safety technologies in vehicles and the rising advancements in LiDAR technologies, increasing their applications in core 3D imaging and ranging. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.
Some of the major players in this market are Ouster, Inc. (U.S.), Luminar Technologies, Inc. (U.S.), VALEO SERVICE (France), Quanergy Systems, Inc. (U.S.), LeddarTech Inc. (Canada), Texas Instruments Incorporated. (U.S.), Continental AG (Germany), Baraja Pty Ltd. (Australia), MicroVision, Inc. (U.S.), Aeva Inc. (U.S.), Waymo LLC (U.S.), Innoviz Technologies Ltd. (Israel), Cepton, Inc. (U.S.), Robert Bosch GmbH (Germany), and DENSO CORPORATION (Japan).
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Scope of the Report:
Automotive LiDAR Market, by Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Commercial Trucks
- Semi-trucks
- Box Trucks
- Pick-up Trucks
- Commercial Vans
- Cargo Vans
- Passenger Vans
- Buses
- Passenger Buses
- Motor coaches and RVs
- Commercial Trucks
- Specialty Automobiles
- Heavy-duty Vehicles
- Agriculture Vehicles
- Mining Vehicles
- Construction Vehicles
Automotive LiDAR Market, by Imaging
- Mechanical LiDAR
- Solid-state LiDAR
- Microelectromechanical Systems (MEMS)
- Optical-phased Array (OPA)
- Flash
- Other Solid-state LiDAR
Automotive LiDAR Market, by Ranging Method
- Pulse
- Frequency-modulated Continuous Wave (FMCW)
- Other Ranging Methods
Automotive LiDAR Market, by Ranging Method
- Pulse
- Frequency-modulated Continuous Wave (FMCW)
- Other Ranging Methods
Automotive LiDAR Market, by Application
- ADAS
- Robotic Cars
- Blind Spot Monitoring
- Collision Avoidance
- Parking Assistance
- Lane Departure Warning
- Adaptive Cruise Control
- Pedestrian Detection
- Other Applications
Automotive LiDAR Market, by Autonomy
- Autonomous
- Semi-autonomous
- Manual-driven Vehicles
Automotive LiDAR Market, by Geography
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Sweden
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Saudi Arabia
- Rest of Middle East & Africa
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