Portland, OR, July 29, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive LiDAR market generated $221.7 million in 2020, and is anticipated to garner $1.83 billion by 2028, registering a CAGR of 30.3% from 2021 to 2028.
Development of semi-autonomous and autonomous vehicles, surge in investment and funding in LiDAR startups, and growing emphasis from the governments for ADAS incorporated vehicles have boosted the growth of the global automotive LiDAR market. However, high cost of LiDAR system, environmental constraints, and optical vulnerability hinder the market growth. On the contrary, advent of 4D LiDAR and rapid technological advancements in automotive LiDAR is expected to open new opportunities for the market players in the future.
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Covid-19 Scenario:
- Since the Covid-19 outbreak, several manufacturing facilities were closed temporarily. Moreover, the prolonged lockdown and trade restrictions created interruptions in exports of automotive parts, especially from China.
- The declined production of automobiles and disruption of the supply chain hampered the demand for LiDAR sensors.
- However, the semi-autonomous and autonomous vehicle industry would witness growth in the future due to benefit of contactless and driverless delivery. Moreover, several logistics and food delivery companies have started to adopt autonomous vehicles where LiDAR sensors are vital parts.
The report segments the global automotive LiDAR market on the basis of technology, application, range, vehicle type, and region.
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Based on application, the semi-autonomous vehicle segment held the largest share in 2020, accounting for around two-thirds of the market. However, the autonomous vehicle segment is estimated to register the highest CAGR of 32.7% during the forecast period.
On the basis of technology, the solid-state LiDAR segment dominated the market in terms of revenue in 2020, contributing to nearly third-fourths of the market. However, the mechanical LiDAR segment is projected to portray the highest CAGR of 32.6% from 2021 to 2028.
Based on range, the short & mid-range segment held the largest share in 2020, accounting for more than two-thirds of the market. However, the long-range segment is estimated to register the highest CAGR of 35.8% during the forecast period.
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On the basis of vehicle type, the internal combustion engine segment held the largest share in 2020, contributing to more than 88% of the total market revenue. However, the electric & hybrid segment is anticipated to register the highest CAGR of 40.1% during the forecast period.
The global automotive LiDAR market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 34.4% from 2021 to 2028.
The global automotive LiDAR market report includes an in-depth analysis of the prime market players such as First Sensor AG, Continental AG, Innoviz Technologies Ltd, Ibeo Automotive Systems GmbH, Luminar Technologies, LeddarTech, Robert Bosch GmbH, Ouster, Inc., Valeo and Velodyne LiDAR, Inc.
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