North America Lidar Market Forecast 2021-2028
The North America LiDAR market is expected to evolve with a CAGR of 22.02%, during the forecast period of 2021 to 2028. The region’s market growth is mainly driven by factors such as, the rising popularity of geospatial mapping applications, the surging LiDAR application across industrial and defense sectors, and the growing autonomous vehicles’ research and development.
The North America LiDAR market growth analysis includes the assessment of Canada and the United States. Canada’s manufacturing division predominantly invests in the research, development, and implementation of innovative technology. Although the United States harbors a significant market share in North America, Canada has also gained considerable traction. However, the country falls short of the United States, in terms of autonomous vehicles and drone capabilities. Nevertheless, with more than five heavy-duty assembly plants, 400 dealerships, over 540 OEM parts manufacturers, and numerous other automotive-associated sectors, Canada is the eighth-largest vehicle manufacturer, worldwide.
On the other hand, Canada encourages the adoption of autonomous vehicles, with Ontario as the first province to permit on-road automated vehicles’ testing. Enterprises like Uber have also been exploring and testing driverless technology, across the nation. Similarly, the Provincial Liberal Government has amended the 10-year Automated Vehicle Pilot Project’s rules, to permit testing for driverless cars. Manga, Uber, the University of Waterloo, and Blackberry’s QNX are also among the participants for testing driverless cars. Hence, such factors are anticipated to bolster Canada’s LiDAR market growth, during the forecast period.
Leading companies operating in the market are, Quanergy Systems Inc, Velodyne Lidar Inc, Leica Geosystems AG, etc.
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