Dublin, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive LIDAR Market (by Technology, Range, Application, & Region): Insights and Forecast (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
LIDAR sensor use is advancing as a result of rising demand for smarter cars at decreasing costs. Furthermore, the worldwide market's exponential growth may be ascribed to the increase in the integration of AI-enabled functions, the developing ecosystem of Automotive IOT, and increased customer traction for complex features in automobiles.
The global automotive LIDAR market is expected to reach US$0.74 billion by 2023, growing at a CAGR of 33.18% during the forecast period. Also, global automotive LIDAR market volume is likely to rise to 0.69 million units in 2023.
Segments Covered
By Technology: Solid-State LIDAR segment held the largest share in the market, owing to its affordability, it is used in multiple locations, including the front, rear, and sides of a vehicle & combines data received from each of the sensors to provide an extended Field of View (FOV). Whereas, Mechanical LIDAR segment is expected to grow at a significant CAGR in the future as a large field of view (FOV) that is typically 360 degrees can be achieved with mechanical LIDAR by utilizing high-grade optics and a rotating assembly. The mechanical component results in a bulky implementation, but it offers a high signal-to-noise ratio (SNR) over a large field of view (FOV).
By Range: Short & mid-range segment occupied the maximum share in the market, as it detects objects within 25 meters and is well-suited for slow-moving vehicles. Whereas, the Long range segment is expected to have the highest CAGR in the future as long-range LIDARs are suitable for faster-moving navigating vehicles and detecting objects within mid to long ranges.
By Application: Autonomous segment acquired majority of share in the market, owing to the adoption of level 4 and level 5 autonomous cars for sharing services, across the world. Whereas, Semi-autonomous segment is expected to have the highest CAGR in the future as LIDAR sensors are extensively used in Level 1, 2, and 3 vehicles that require moderate to low assistance from drivers in channelizing vehicle's direction & braking.
Top Impacting Factors
Driver: Increasing Sales of Electric Vehicles
Electric vehicles plays a very important part in reducing the amount of carbon emissions and air pollution. Governments of all countries are promoting them heavily. Because of rising environmental concerns, rapid urbanization, and the low cost of electric vehicles, demand for electric vehicles has skyrocketed. These factors are driving the global automotive LIDAR market forward. LIDAR has become an important component in the development of electric vehicles since it enables these vehicles to navigate and understand their environment in real time. The use of LIDAR in electric vehicles has the advantage of providing highly accurate and detailed 3D mapping of the surrounding environment. LIDAR sensors detect objects and features with millimeter precision, allowing these vehicles to maneuver safely and effectively. LIDAR can also function in a variety of illumination and weather conditions, giving it a dependable and resilient technology for autonomous navigation.
Challenge: Availability Of Alternatives
The availability of alternatives, such as cameras, radar sensors, ultrasonic sensors, etc., is expected to restrain potential opportunities in the automotive LIDAR market to a certain extent. This is owing to the cost associated with the radar sensors. For instance, radar sensors are less costly as compared to LIDAR sensors. The average cost for radar sensors for L1 autonomy is between US$70-80. Most automotive manufacturers, such as Tesla, Inc. (US), Audi AG (Germany), Nissan Corporation (Japan), Ford Corporation (US), etc., use automotive radar sensors for L1, L2, and L3 autonomy.
Trend: Integration of Artificial Intelligence
The integration of AI in LIDAR technology is a trend in the automotive LIDAR market because it can significantly enhance the capabilities and performance of LIDAR systems used in autonomous vehicles. LIDAR (Light Detection and Ranging) is a key technology for self-driving cars, as it allows them to "see" their surroundings and navigate safely. LIDAR sensors use laser light to create a 3D map of the environment around the vehicle, and this information is then used by the vehicle's AI to make decisions about steering, braking, and acceleration. However, traditional LIDAR systems generate large amounts of data that can be difficult to process in real-time, which can limit their effectiveness in certain situations. This is where AI comes in: by using machine learning algorithms to analyze and interpret LIDAR data, AI can help vehicles make more informed and accurate decisions in real-time. For example, AI can be used to improve object recognition and tracking, allowing vehicles to better identify and avoid obstacles in their path. AI can also help LIDAR systems better differentiate between different types of objects, such as pedestrians, bicycles, and other vehicles, which can improve safety and performance.
Analysis of Key Players
The global automotive LIDAR market is fragmented, with more than 60 private and public LIDAR companies at varying stages of development. These players must compete to build solid supply chains and form strategic partnerships to ultimately land a partnership with an OEM. Key market players profiled in the report include:
- Aeva Technologies
- Cepton
- Continental
- DENSO
- Hesai Technology
- Innoviz Technologies
- Innovusion
- Livox Technology
- Luminar Technologies
- Ouster
- RoboSense (Suteng Innovation Technology Co., Ltd.)
- Valeo S.A.
- Velodyne Lidar, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/uqxyw7
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
