Global Automotive LiDAR Market By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle & Heavy Commercial Vehicle), By Application (Adaptive Cruise Control, Automatic Emergency Braking & Others), By Region, Competition, Forecast & Opportunities, 2024
Global Automotive LiDAR Market Overview
Global automotive LiDAR market is projected to grow from $ 409.7 million in 2018 to $ 2.4 billion by 2024, exhibiting a CAGR of over 35% during the forecast period, on account of increasing popularity of semi-autonomous vehicles and technological advancements. Light Detection and Ranging (LiDAR) is an instrument used to determine the distance between the obstacle and itself, assisting in the advancements taking place in the autonomous automotive industry. LiDAR illuminates the target with the laser and measures the reflected pulses with sensor in order to spot the target in the path. Surging traction of Advanced Driver Assistance System (ADAS) is further escalating the demand for automotive LiDAR across the globe. Moreover, government regulations aimed at enhancing vehicle security are anticipated to positively impact the market.
Global Automotive LiDAR Market Segments
In terms of photodetector used in LiDAR, solid state LiDAR is the preferred choice, as it is lightweight, possesses smaller size and is cost-effective when compared with mechanical LiDAR. Automotive LiDAR is generally mounted on the roof, headlights & taillight, bumper & grill and others. Bumper & grill is the preferred choice of major players, as LiDAR provides better field of view without affecting the appearance of the vehicle. In terms of application, LiDAR is put to use for applications such as adaptive cruise control, automatic emergency braking, and others. ADAS segment is likely to be the largest segment of global automotive LiDAR market until 2024, as it enables vehicles to enable traffic adaptive cruise control and lane keeping. Moreover, automatic acceleration and braking functionality without any human intervention is further prompting the growth of the market.
Global Automotive LiDAR Market Regional Insights
Regionally, global automotive LiDAR market is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe & CIS, South America and Middle East & Africa. North America automotive LiDAR market dominated the global market in 2018 and is anticipated to maintain its leading position during the forecast period. The penetration of vehicles equipped with LiDAR for adaptive cruise control and automatic emergency braking is high in the region. Moreover, North America is witnessing increased testing of autonomous vehicles by major automotive suppliers and startups.
Global Automotive LiDAR Market Competitive Landscape
Some of the main players operating in global automotive LiDAR market are Quanergy Systems, Inc., Innoviz Technologies, Ltd., Velodyne, Continental AG and LeddarTech, Inc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Innoviz Technologies launched first high definition solid-state LiDAR in 2017. In the same year, Continental AG introduced high resolution 3D flash LiDAR for automobiles.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
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