New York, USA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global automotive LiDAR sensor market is likely to register a revenue of $2,436.3 million by 2026, at a CAGR of 39.0% during the forecast period from 2019 to 2026. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the rapid growth in the autonomous vehicles and the growing preference of original equipment manufacturers for LiDAR sensors over RADAR owing to its enhanced features, such as the making a 3D picture of any object with LiDAR sensors are the major factors anticipated to accelerate the growth of the global market over the forecast period. Besides, the extensive usage of sensor fusion technology to detect the obstacles in LiDAR point clouds through clustering and segmentation are likely to generate lucrative growth opportunities for the global industry in the analysis period. However, the usage limitation of LiDAR sensors in bad weather conditions may restrict the market growth in the coming years.
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Segments of the Market
The report has divided the market into different segments based on type, vehicle type, and region.
Solid-sate Sub-segment to Witness Fastest Growth
By type, the solid-state sub-segment is predicted to hold the highest growth rate of more than 40.0% over the forecast period. This is mainly due to the growing preference for solid-state LiDAR sensors from the Original Equipment Manufacturers (OEMs), due to the product’s enhanced abilities and precision to assist the vehicle to differentiate between stand still and moving objects.
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Autonomous Sub-segment to be Most Lucrative
By vehicle type, the autonomous sub-segment is predicted to account for $1,246.8 million by 2026 and witness lucrative growth during the forecast period. This growth is majorly due to the safety features delivered by the LiDAR sensors to the vehicles.
Europe Region to be Most Profitable
This growth can be attributed to the increasing adoption of electric vehicles across the region. On the other hand, the North America region is anticipated to grow at a CAGR of 38.8% in the estimated timeframe.
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Prominent Market Players
1. Robert Bosch GmbH
2. Continental AG
3. First Sensor AG
4. Hella KGaA Hueck & Co.
5. Denso Corp
6. Novariant, Inc.
7. Quanergy Systems, Inc.
8. Laddartech
9. Phantom Intelligence
10. Velodyne LiDAR, Inc.
For instance, in March 2021, Innoviz Technologies, an Israel-based leading provider of high-performance, solid-state LiDAR sensors & perception software, announced the launch of ‘Automotive Perception Platform’ for the automotive industry.
These players are currently focusing on R&D activities, mergers, acquisitions, partnerships and collaborations to sustain the growth of the market. The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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