Pune, India., April 27, 2021 (GLOBE NEWSWIRE) -- Automotive LiDAR Market: Key Insights
According to our new research study on “Automotive LiDAR Market to 2027 – Global Analysis and Forecast – by Type, Component, Application, and Geography,” the Automotive LiDAR Market Size was valued at US$ 521.35 million in 2019 and is projected to reach US$ 4,348.09 million by 2027; it is expected to grow at a CAGR of 30.4% during 2019–2027.
Automotive LiDAR Market: Competition Landscape and Key Developments
The key companies operating in the automotive LiDAR market are Continental AG; Denso Corporation; Innoviz Technologies, Ltd.; Luminar Technologies, Inc.; Omron Corporation; Panasonic Corporation; Trilumina Corporation; Valeo SA; Velodyne LiDAR, Inc.; and Xenomatix N.V. These companies are also profiled in the report. Several other players are functioning in the market across the world, contributing significant revenue shares annually.
In January 2019, Velodyne LiDAR Joined Forces with Veoneer Inc. on automotive production contract. As per this agreement, Velodyne is expected to provide core LiDAR technology to Veoneer Inc. through which Veoneer, Inc. further strengthens its development in providing trusted and innovative solutions for the automotive industry.
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In November 2018, Continental and EasyMile inaugurated new autonomous driving R&D team in Singapore. The new joint team’s work focus will be to develop new technology centered on perception and deep learning and to prepare autonomous vehicle (AV) technology for tests toward safe deployments on private grounds and public roads in the Singaporean metro area.
The adoption of automotive LiDAR solutions is growing due to the increasing advancements in the automotive industry, surging demands for advanced security features, and rising number of autonomous vehicles. The automotive LiDAR market has a presence of significant number of players. Geographically, the market is dominated by Asia-Pacific. The market growth in the region is rapidly driven by the rising demand for wireless and connectivity technologies from the automotive industry, especially for autonomous and electric vehicles. This trend has fueled the need for advanced solutions to ensure hassle-free driving experience, which is possible through adopting LiDAR. Asian countries are holding the largest share of the automotive LiDAR market across the world. Further, rise in partnerships with the automobile companies in the US and Europe offers lucrative opportunities for the growth of the market. China is witnessing incremental advancements in the market. The country is considered as an ideal economy to develop ride-hailing robotaxi. For instance, DiDi is getting involved in the development of autonomous driverless cars. For this, CHJ Auto is a technology partner of DiDi. It is an electric car startup. The alliance aims to produce an all-electric robotaxis for the shuttle passengers throughout the highly crowded megacities of China.
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In today’s global automotive industry, the demand for numerous automotive electronics is significantly increasing. This has led the industry to witness the innovation and emergence of technologies such as cameras, thin-film transistors, and clusters. Cameras such as lane departure warning camera, reverse parking camera, and front camera are rapidly growing in all segments of vehicles, which is driving the market. The notable adoption by the automotive OEMs is paving the future path of electronics in the automotive industry. Apart from the above-mentioned electronics, there are other electronics embedded with advanced technologies. Electronic components such as power steering, heat control, tire pressure monitoring systems (TPMS), infotainment, and anti-lock braking system comprise several semiconductor products, such as sensors, actuators, and micro-controllers. The advancements in these systems is extensively driving the market for automotive electronics, which, in turn, is boosting the automotive growth of the LiDAR market.
Automotive LiDAR Market: Segmental Overview
Based on type, the global automotive LiDAR market is bifurcated into flash and solid state. The solid-state segment held a larger market share of 77.0% in 2019, and it is expected to continue its dominance during the forecast period. The solid state LiDAR is gaining high traction as it is considered as a promising technology that is faster and cheaper. The technology also offers higher resolution quality than the traditional LiDAR.
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