Portland, OR, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive LiDAR sensors market garnered $793.2 million in 2021, and is estimated to generate $11.7 billion by 2031, manifesting a CAGR of 31.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $793.2 million |
| Market Size in 2031 | $11.7 billion |
| CAGR | 31.7% |
| No. of Pages in Report | 310 |
| Segments Covered | Type, Technology, Image Type, Vehicle Type, Application and Region |
| Drivers | Rise in popularity of autonomous vehicles |
| Investment by key market players on research and development activities | |
| Opportunities | Increase in innovations by market players, such as the incorporation of sensor technology in LiDAR point clouds through feature extraction and clustering to sense the hurdles more effectively |
| Restraints | Poor performance of automotive LiDAR sensors in adverse weather conditions, such as wet and foggy weather |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had negatively impacted various industries, such as automotive, which has led to a drastic decline in automotive sales. As LiDAR is widely used in automotive manufacturing, there was a significant reduction in the automotive LiDAR sensors market.
- China is the leading producer and exporter of raw materials required for LiDAR production. However, with China being the epicenter of the coronavirus pandemic, its exports were affected, leading to a decline in LiDAR production.
- Sales of LiDAR are directly proportional to the demand from end-use industries, namely automotive. However, the demand for LiDAR in the automotive industry was greatly affected, owing to import-export restrictions, closed borders, and supply chain disruptions due to the outbreak of the COVID-19 pandemic.
- The economic slowdown has affected the setup of new LiDAR projects across the world as the majority of government funding has been diverted toward the healthcare sector, owing to the rapid spread of the COVID-19 virus, impacting the market to a great extent.
The research provides detailed segmentation of the global automotive LiDAR sensors market based on type, technology, image type, vehicle type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the time of flight (ToF) segment held the highest share in 2021, accounting for more than three-fifths of the global automotive LiDAR sensors market, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 32.0% from 2022 to 2031. The research also analyzes the frequency-modulated-continuous-wave (FMCW) segment.
Based on image type, the 2 dimensional segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global automotive LiDAR sensors market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the 3 dimensional segment is expected to manifest the highest CAGR of 32.1% from 2022 to 2031.
Based on application, the semi-autonomous segment accounted for the highest share in 2021, holding more than half of the global automotive LiDAR sensors market, and is expected to continue its leadership status during the forecast period. However, the autonomous segment is estimated to grow at the highest CAGR of 32.1% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to more than one-third of the total automotive LiDAR sensors market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 32.7% during the forecast period. The research also analyzes regions including Europe and LAMEA.
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Leading market players of the global automotive LiDAR sensors market analyzed in the research include Continental AG, Robert Bosch GmbH, First Sensor AG, Denso Corp, Hella KGaA Hueck & Co., Novariant, Inc., Laddartech, Quanergy Systems, Inc., Phantom Intelligence, and Velodyne LiDAR Inc.
The report provides a detailed analysis of these key players of the global automotive LiDAR sensors market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefit For Stakeholders:
- The report provides an exclusive and comprehensive analysis of the global automotive LiDAR sensors market trends along with the automotive LiDAR sensors market forecast.
- The report elucidates the automotive LiDAR sensors market opportunity along with key drivers, and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the market for strategy building.
- The report entailing the automotive LiDAR sensors market analysis maps the qualitative sway of various industry factors on market segments as well as geographies. The complete analysis of lidar for automotive market is provided in this study.
- The data in this report aims on market dynamics, trends, and developments affecting the automotive LiDAR sensors market growth.
Automotive LiDAR Sensors Market Key Segments:
By Type:
- Time of Flight (ToF)
- Frequency-Modulated-Continuous-Wave (FMCW)
By Technology:
- Solid-State
- Electro-Mechanical
By Image Type:
- 2 Dimensional
- 3 Dimensional
By Vehicle Type:
- Internal Combustion Engine (ICE)
- Hybrid
- Battery Electric
By Application:
- Semi-Autonomous Vehicles
- Autonomous Vehicles
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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