Global Automotive LIDAR Market
Description
Global Automotive LIDAR Market (by Technology, Range, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2023-2028)
Market Insight:
The automotive LIDAR system illuminates the chosen target and utilizes a sensor to measure the reflected pulses to estimate the distance between two cars. When traffic conditions change quickly, LIDAR is employed in automotive systems to automatically modify vehicle speed and braking systems. It is largely utilised in fully autonomous or semi-autonomous cars to give assistance features such as adaptive cruise control, lane-keeping assistance, lane-departure warning, and collision warning and avoidance systems.
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. 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.
Segment Covered:
- By Technology: In terms of technology, the report offers insights of the global automotive LIDAR market into two segments: Solid-State LIDAR and Mechanical LIDAR. 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: On the basis of range, the report provides the segmentation of the global automotive LIDAR market as follows: Short & mid-range and Long 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: The report further provides the categorization of the market into two key segments, according to the application Autonomous and Semi-autonomous. 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.
According to this report, the global automotive LIDAR market can be divided into four regions: North America, Europe, Asia Pacific, and Rest of the World. The countries covered in North America region are the US, Canada, and Mexico, while Europe includes the UK, Germany, France, Italy and the Rest of Europe. Moreover, China, Japan, India, South Korea and the Rest of Asia Pacific are included in the Asia Pacific region.
North America automotive LIDAR market enjoyed the dominant market share, primarily owing to because this region is typically dominated by automotive OEMs such as General Motors, and Ford Motor Company, paired with some established Asian as well as European automotive OEMs. The growing demand for Electric vehicles is influencing the growth of the US automotive LIDAR market.
Top Impacting Factors:
Growth Drivers
- Rising Disposable Income
- Increasing Sales of Electric Vehicles
- Rising Demand for Autonomous Vehicles
- Rapid Urbanization
- High Cost of LIDAR
- Availability Of Alternatives
- Integration of Artificial Intelligence
- Growing Automotive Semiconductor Market
- OEMs Integrating LIDAR in Vehicles in North America & Europe
- Scope of Multiple LIDAR Fitment Across All Levels of Automation
- Driver: Increasing Sales of Electric Vehicles
- Challenge: Availability Of Alternatives
- Trend: Integration of Artificial Intelligence
The COVID-19 Analysis:
The COVID-19 pandemic has had a major influence on the automotive LIDAR market, as governments in several nations imposed lockout and trade restrictions, disrupting automotive part exports. As a result, lower automobile production owing to temporary plant shutdowns is projected to have a negative impact on demand for LIDAR sensors in the automotive sector. The industry of semi-autonomous and autonomous vehicles is projected to resurrect in the near future. Recognizing the benefits of contactless and driverless transportation in a world of physical distance, several logistics, delivery, and food delivery companies have begun to use autonomous cars, including LIDAR as a vital component.
Analysis of Key Players:
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 players of global automotive LIDAR market are:
- Aeva Technologies, Inc,
- Luminar Technologies, Inc.,
- Ouster, Inc.,
- Continental AG,
- Velodyne LIDAR, Inc.,
- Innoviz Technologies Ltd.,
- Valeo S.A.,
- DENSO Corporation,
- Livox Technology Company Limited,
- Innovusion,
- RoboSense (Suteng Innovation Technology Co., Ltd.)
- Cepton, Inc.,
- Hesai Technology Co Ltd.
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