China to Lead the Automotive LiDAR Market Amidst Increasing Investments in the Automotive Industry
In its latest report, Fact.MR presents an elaborate analysis of various factors influencing the global automotive LiDAR market including drivers, opportunities, restraints, and trends. It further delves deeper into observations concerning prominent expansion parameters prevailing across key segments, including products and regions.
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NEW YORK, May 17, 2022 /PRNewswire/ — The global automotive LiDAR market expected to reach a valuation of US$ 3 Bn by 2031, with sales growing at a 19.5% CAGR over the assessment period. Increasing sales of self-driving cars are expected to boost sales. These systems are required in advanced driver assistance systems and collision warning systems to fulfil the requirements of a safe and intelligent car to make driving an immersive experience.
Advancements in technology is a mainstay in all industries and automotive LiDAR market is witnessing rapid technological advancements. Hence, modern vehicles are equipped electrical and electronic devices to keep up with the growing preference for advanced driving assistance systems (ADAS). Ongoing transition towards electric vehicles (EVs) is expected to bode well for the market.
LiDAR technology has found convergence in automobiles to track minute deviations in the surroundings. Hence, they are indispensable, with use in lane departure warning systems and collision warning systems in driverless cars.
Autonomous car technology is expected to drive the usage of LiDAR systems. This, coupled with government initiatives to make travelling hazardless with technological advancements such as 4D LiDAR will fuel sales of LiDAR sensors and devices.
This technology has underscored the need for miniaturization in electronic systems, with rise in MEMS LiDAR devices for implementation in various streams. Internet of Things (IoT) and Machine-Machine (M-M) learning steers the car from dead-alleys, blind-spots etc., which is expected to boost their adoption in the forthcoming years.
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Report Attributes |
Details |
|
Base Year Value (2021A) |
US$ 430 Mn |
|
Projected Year Value (2031F) |
US$ 3 Bn |
|
Global Growth Rate (2021-2031) |
CAGR 19.5 % |
Key Takeaways:
- Based on technology, the solid-state LiDAR segment will account for 60% of the total market share.
- China is expected to dominate the East Asia automotive LiDAR market over the forecast period.
- The U.S. will account for a lion’s share of the North America automotive LiDAR market owing to increasing sales of electric vehicles.
Growth Drivers:
- Increasing sales of autonomous vehicles will spur demand for automotive LiDAR systems.
- Surging adoption of solid-state LiDAR due to their cost-effectiveness will augment the growth in the market.
- The implementation of LiDAR will grow on the back of advancements in scanners, advanced hardware and sensors.
Restraints:
- High costs associated with implementation of automatic LiDAR systems proves to be a deterrent to growth of LiDAR market.
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Competitive Landscape:
The global automotive LiDAR market comprises a blend of local, as well as international companies. Majority of these companies are increasingly focusing on strategic collaborations to expand their presence worldwide.
For instance,
- In March 2020, Velodyne LiDAR, a prominent name in LiDAR technology industry announced a merger with NAVYA, a leading driverless cars system provider.
- In April 2021, two luminaries in LiDAR technology industries, Lingdao Intelligence and Innoviz Technologies inked a deal to launch high-res LiDAR to the Chinese Market
- In Jan 2022, Valeo declared to go forward with a new generation of LiDAR for 2024 launch.
Key Companies Profiled by Fact.MR
- Delphi Automotive PLC
- NXP Semiconductors
- TetraVue
- XenomatiX N.V.
- Luminar Technologies Inc.
- LeddarTech Inc.
- Continental AG
- Robert Bosch GmbH
- Innoviz Technologies Ltd.
- Velodyne LIDAR Inc.
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More Valuable Insights on Automotive LiDAR Market
In the latest study, Fact.MR reveals key factors expected to boost the growth in global automatic LiDAR market during the forecast period (2021-2031). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of automotive LiDAR through detailed segmentation as follows:
- By Technology :
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- Solid-state LiDAR
- Mechanical/Scanning LiDAR
- By Location :
-
- Roofs & Upper Pillars
- Headlights & Taillights
- Bumpers & Grills
- By Image Projection :
-
- 2D Automotive LiDAR
- 3D Automotive LiDAR
- By Range Type :
-
- Short & Mid-range Automotive LiDAR
- Long range Automotive LiDAR
- By Vehicle Type :
-
- IC Engine Vehicles
- Hybrid Electric Vehicles (HEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- By Application :
-
- Semi-autonomous
- Autonomous
- By Region :
-
- North America Automotive LiDAR Market
- Latin America Automotive LiDAR Market
- Europe Automotive LiDAR Market
- East Asia Automotive LiDAR Market
- South Asia & Oceania Automotive LiDAR Market
- MEA Automotive LiDAR Market
Key Questions Covered in the Automotive LiDAR Market Report
- What was the total automotive LiDAR market value in 2020?
- What will the automotive LiDAR market size be by the end of the forecast period?
- At what rate will the automotive LiDAR market expand?
- What are the upcoming trends in automotive LiDAR?
- Why is solid-state LiDAR popular?
- Who are the key automotive LiDAR players?
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