Wilmington, Delaware, United States, July 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive LiDAR market was estimated to be worth US $430 million in 2020. It is expected to grow at a CAGR of 19.50% between 2021 and 2031. The worldwide automotive LiDAR industry is estimated to hit US$ 3 billion by the end of 2031.
The worldwide automotive LiDAR market is anticipated to benefit from rising requirements for automotive electronics during the projected period. Automobile electronics including thin-film transistors, clusters, lane departure signal cameras, reverse parking cameras, and front cameras are becoming more popular among end customers worldwide. This feature is projected to generate new growth prospects for automotive LiDAR market participants.
Moreover, the increasing adoption of vehicle electronics as the outcome of the development of new technologies is likely to drive the worldwide automotive LiDAR market in future decades.
LiDAR technology is being employed profitably in electronic parts including tire pressure monitoring systems (TPMS), power steering, temperature control infotainment, and anti-lock brake devices. LiDAR is used by sensors, actuators, and microcontrollers, which propels the automotive LiDAR industry.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 430 Mn | |
| Estimated Value | US$ 3 Bn | |
| Growth Rate - CAGR | 19.50% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 210 Pages | |
| Market Segmentation | By Technology, Location, Image Projection, Range Type, Vehicle Type, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Delphi Automotive PLC, NXP Semiconductors, Valeo SA, HELLA GmbH & Co. KGaA, First Sensor AG, Ibeo Automotive Systems GmbH, Luminar Technologies Inc., LeddarTech Inc., Continental AG, Robert Bosch GmbH, Quanergy Systems Inc., Velodyne LIDAR Inc., DENSO Corporation, TetraVue, XenomatiX N.V., Innoviz Technologies Ltd., Other Key Players | |
Key Takeaways from the Market Report
- In 2022, Asia Pacific held a 50% share.
- The market is expected to grow at a CAGR of 18.5% in Asia Pacific over the forecast period.
- The solid-state LiDAR segment held more than 60% of the overall market in 2020.
- The China market is estimated to grow at a CAGR of 20% over the forecast period.In 2022, Europe held a 21% share of the global market.
Automotive LiDAR Market: Prominent Drivers and Trends
- The solid-state LiDAR technology guarantees enhanced efficiency, greater resolution, and cost-effectiveness. The growing popularity of self-driving cars is also fueling the swift development of the automotive LiDAR market. Growing disposable income, technical improvements in automobiles, and increased laws and regulations on emission reduction by governments in various emerging nations are all projected to boost the worldwide automotive LiDAR market.
- The increased need for self-driving vehicles is projected to boost the demand for LiDAR systems to improve the driving experience. Substantial expenditures in LiDAR technology by major car OEMs are driving the automotive LiDAR industry.
- The automotive LiDAR market has a promising future since LiDAR technology is extensively utilized in next-generation autonomous automobiles.
- The rising development of technologies utilized in automobiles is considerably driving the worldwide automotive LiDAR market. LiDAR technology is increasingly being used in vehicle electronics parts. Key industry participants in the automotive LiDAR market are concentrating on improving LiDAR efficiency, reliability, and range.
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Automotive LiDAR Market: Regional Analysis
- Market participants are projected to gain value-grab possibilities in the Asia Pacific automotive LiDAR market throughout the forecast period owing to the increasing utilization of technological advancements and autonomous vehicles in the Asia Pacific.
- One of the primary factors driving the swift growth of the Asia Pacific automotive LiDAR market is the increase in sales of self-driving cars in developing nations such as India and China. Furthermore, the increasing need for transportation solutions such as robo-taxis in China is expected to propel the region's automotive LiDAR industry.
- North America, dominated by the United States and Canada, is the world's advanced technological industry. The region's market is expanding considering the rising use of LiDAR in sectors such as atmosphere, corridor visualization, meteorology, and urban planning. The market is also expanding as a result of the rising usage of LiDAR in driverless automobiles and ADAS, which is likely to expand dramatically in the future years.
Competitive Landscape
Transparency Market Research has profiled the following players in its global Automotive LiDAR market report:
- Delphi Automotive PLC
- NXP Semiconductors
- First Sensor AG
- Ibeo Automotive Systems GmbH
- Luminar Technologies Inc.
- LeddarTech Inc.
- Continental AG
- Denso Corporation
- HELLA GmbH & Co. KGaA
- Robert Bosch GmbH
- Quanergy Systems Inc.
- Velodyne LiDAR Inc.
- TetraVue
- XenomatiX N. V.
- InnoviZ Technologies Ltd.
- Valeo SA
The worldwide automotive LiDAR market participants are growing their presence through mergers and acquisitions and the establishment of new facilities.
- Waymo declared that it would begin releasing fully autonomous cars to the public in October 2020. It is launching an autonomous ride-hailing system in the Phoenix metropolitan area. Travelers will be able to install its app and book a ride without a driver.
- Velodyne LiDAR Inc. collaborated with Veoneer Inc. on an automotive manufacturing contract. Velodyne is planned to deliver key LiDAR technology to Veoneer Inc. under this arrangement, allowing Veoneer Inc. to further boost its progress in providing trusted, cutting-edge products for the automotive sector in 2019.
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Automotive LiDAR Market: Key Segments
Technology
- Solid-state LiDAR
- Mechanical / Scanning LiDAR
Location
- Roof & Upper Pillars
- Headlight & Taillights
- Bumper & Grill
- Others (Windscreen, Rear View Camera)
Image Projection
- 2D
- 3D
Range Type
- Short & Mid-range
- Long Range
Vehicle Type
- IC Engine Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Application
- Semi-autonomous
- Autonomous
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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