Dublin, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The "Global ADAS LiDAR Market (2024 Edition): Analysis By Vehicle Propulsion (Electric and ICE), By Technology, By Wavelength, By Region, By Country: Market Insights and Forecast (2020-2030)" report has been added to ResearchAndMarkets.com's offering.
The Global ADAS LiDAR market showcased growth at a CAGR of 90.74% during 2020-2023. The market was valued at USD 638.41 Million in 2023 which is expected to reach USD 7.97 billion in 2030.
The research report provides a complete analysis for the historical period of 2020-2023, the estimates of 2024 and the forecast period of 2025-2030.
One of the primary drivers of the demand for ADAS LiDAR is the heightened focus on vehicle safety. Governments and regulatory bodies worldwide are implementing stricter safety regulations, mandating the inclusion of advanced safety features in vehicles. For instance, the European Union's General Safety Regulation requires the inclusion of advanced safety technologies, such as automated emergency braking (AEB) and lane-keeping assist, which rely heavily on accurate environmental sensing provided by LiDAR. Similarly, the National Highway Traffic Safety Administration (NHTSA) in the United States is pushing for advanced safety standards that include the adoption of ADAS technologies.
LiDAR's ability to provide high-resolution 3D maps of the vehicle's surroundings makes it indispensable for these safety features. Unlike traditional cameras and radar, LiDAR offers superior accuracy in distance measurement and object detection, ensuring that ADAS can perform reliably under diverse environmental conditions, including low light and adverse weather. This reliability is critical for functions like collision avoidance, pedestrian detection, and traffic sign recognition, which are integral to vehicle safety and regulatory compliance.
Advancements in LiDAR technology itself are also contributing to the rising demand. Recent innovations have led to significant improvements in LiDAR sensors, including reductions in size, cost, and power consumption, as well as enhancements in performance. Solid-state LiDAR, for example, is gaining popularity due to its compact design, durability, and lower production costs compared to traditional mechanical LiDAR systems. Companies like Luminar Technologies and Innoviz Technologies are leading the charge in developing cutting-edge solid-state LiDAR solutions that are both affordable and highly efficient.
Moreover, the integration of LiDAR with other sensing technologies, such as radar and cameras, has resulted in more robust and reliable ADAS solutions. This sensor fusion approach leverages the strengths of each technology, providing a comprehensive understanding of the vehicle's environment. The development of AI and machine learning algorithms that can process and interpret LiDAR data in real time has further enhanced the capabilities of ADAS, making these systems smarter and more adaptive to complex driving scenarios.
Many EV manufacturers, such as Tesla, are at the forefront of developing Electric vehicle driving technologies. LiDAR is crucial for these systems, providing high-resolution, 360-degree environmental mapping necessary for navigating complex driving conditions. The emphasis on autonomous driving in EVs drives higher demand for sophisticated LiDAR systems that can support advanced features like automatic lane changing, collision avoidance, and adaptive cruise control.
Traditional mechanical LiDAR systems are often expensive due to their complexity and moving parts. However, the development of solid-state LiDAR technology has led to more affordable and compact solutions. This is particularly advantageous for EV manufacturers who need to balance cost with the integration of advanced technologies. Solid-state LiDAR offers several advantages, including higher durability, lower power consumption, and better performance in various environmental conditions. These attributes make solid-state LiDAR an attractive choice for EV manufacturers seeking to enhance the performance and reliability of their ADAS features.
Furthermore, strategic partnerships and investments are playing a crucial role in the growth of the ADAS LiDAR market. Automotive manufacturers are forming alliances with technology companies and LiDAR manufacturers to accelerate the development and deployment of ADAS solutions. Leading companies are increasing investments in research and development (R&D) are also driving advancements in LiDAR technology. Companies are investing billions of dollars to enhance the performance and affordability of LiDAR sensors. This influx of capital is fostering innovation and leading to the development of next-generation LiDAR systems that offer better resolution, longer range, and improved reliability.
Autonomous vehicle industry is estimated to be around USD 87.56 Billion in 2021 and is expected to grow to USD 614.87 Billion by 2030. LiDAR technology provides high-resolution, real-time 3D mapping, essential for the safe navigation of autonomous vehicles. This technology allows vehicles to detect and classify objects accurately, measure distances precisely, and identify road features, which are crucial for autonomous driving systems to operate safely and effectively. Organizations such as Euro NCAP and NHTSA have incorporated ADAS technologies into their safety assessment programs. Vehicles equipped with advanced safety features, including LiDAR, often receive higher safety ratings, encouraging manufacturers to adopt these technologies to achieve better market positioning and consumer trust.
There is a growing consumer interest in autonomous vehicles due to the promise of increased safety, convenience, and efficiency. Consumers are increasingly looking for vehicles with advanced driving assistance and autonomous capabilities, driving demand for LiDAR technology as a core component of these systems.
Furthermore, the demand for autonomous vehicles is expanding beyond luxury and high-end models to include mid-range and economy vehicles. As the technology becomes more affordable, a broader segment of the market is adopting autonomous driving features, further driving demand for ADAS LiDAR systems. Significant investments from venture capitalists, automotive giants, and technology companies are fuelling the development of autonomous vehicle technologies, including LiDAR. These investments are driving innovation and scaling production, making LiDAR more accessible and accelerating its adoption in the market.
Scope of the Report
- The report analyses the ADAS LiDAR Market by Value ( USD Billion).
- The report analyses the ADAS LiDAR Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, Germany, France, Italy, United Kingdom, China, Japan, South Korea and India).
- The report presents the analysis of ADAS LiDAR Market for the historical period of 2020-2023, the estimated year 2024 and the forecast period of 2025-2030.
- The report analyses the ADAS LiDAR Market By Vehicle Propulsion (Electric and ICE).
- The report analyses the ADAS LiDAR Market By Technology (Mechanical, MEMS, Flash, and Other Technology).
- The report analyses the ADAS LiDAR Market By Wavelength (905 Nano Meter, 1550 Nano Meter, 1064 Nano Meter, 885 Nano Meter and Other Wavelength).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Products, by mode of operation & by end users.
- Also, the major opportunities, trends, drivers, and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
- Development of High Resolution and Long Range LiDAR.
- Focus on Miniaturization and Cost Reduction ADAS LiDAR
Competitive Positioning
- Companies' Product Positioning
- Market Position Matrix
- Market Share Analysis of ADAS LiDAR Market
Company Profiles
- Ouster Inc.
- Luminar Technologies Inc.
- Innoviz Technologies Ltd.
- Valeo S.A.
- HESAI Group
- RoboSense Technology Co. Ltd.
- Cepton Technologies Inc.
- Aeye Inc.
- LeddarTech Holdings Inc.
- Aeva Technologies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/f61t50
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