Wednesday, 16 November 2022 02:33 PM
Company Update
WILMINGTON, DE / ACCESSWIRE / November 16, 2022 / Transparency Market Research Inc. - In 2020, the value of global automotive LiDAR market stood at US$ 430 Mn. The global market is likely to rise at 19.50% CAGR during the forecast period, from 2021 to 2031. It is predicted that the global automotive LiDAR market will cross valuation of US$ 3 Bn by 2031. The LIDAR sensor technology for autonomous driving is rising as some of the major companies in the automotive industry work harder to create autonomous and semi-autonomous vehicles. The top automotive LIDAR companies are concentrating on expanding their market share through merger and acquisition operations.
The global automotive LiDAR market is anticipated to grow throughout the projected period due to the increasing demand for automotive electronics. End customers all around the world are progressively adopting automotive electronics including front cameras, reverse parking cameras, lane departure warning cameras, clusters, and thin-film transistors. Market players are likely to observe significant growth prospects as a result of rising demand for automotive LIDAR.
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Key Findings of Market Report
- LiDAR technology is increasingly utilized in various electronic components such as tire pressure monitoring systems (TPMS), power steering, heat control infotainment, and anti-lock braking system. Besides, actuators, micro-controllers, and sensors also utilize of LiDAR, which is expected to drive the automotive LiDAR market in the forthcoming years.
- LiDAR technology is profitably incorporated into electronic parts including heat control infotainment, anti-lock braking systems, power steering, and tire pressure monitoring systems. LiDAR is used by actuators, sensors, and microcontrollers, which is expected to drive the sales of automotive LIDAR market.
- The solid-state LiDAR technology guarantees higher resolution quality, improved performance, and economic viability. The global automotive LiDAR market is anticipated to grow as a result of growing disposable income, improvements in car technology, and more laws and regulations on reducing emissions by governments in many developing nations.
- The rapid advancement of autonomous shuttles and robo-taxis, among other next-generation self-driving cars, is also anticipated to increase demand for such automobiles. LiDAR sensors are crucial to the operation of these vehicles. Therefore, the global automotive LiDAR market is anticipated to be driven by advancements in autonomous and semi-autonomous vehicle technologies.
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Global Automotive LiDAR Market: Growth Drivers
- Industry participants are anticipated to create growth opportunities in the Asia Pacific market during the forecast period due to the region's increasing use of technology as well as autonomous cars. One of the key factors causing the Asia Pacific automotive LiDAR market to grow so quickly is the increase in sales of autonomous vehicles in emerging nations like China and India. China Automotive Lidar Market Share is likely to play an important role in the growth of the Asia Pacific market.
Global Automotive LiDAR Market: Key Players
Some of the key market players are
- Ibeo Automotive Systems GmbH
- InnoviZ Technologies Ltd
- Delphi Automotive PLC
- HELLA GmbH & Co. KGaA
- Luminar Technologies Inc.
- Robert Bosch GmbH
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Global Automotive LiDAR Market: Segmentation
Technology
- Solid-state LiDAR
- Mechanical / Scanning LiDAR
Location
- Roof & Upper Pillars
- Headlight & Taillights
- Bumper & Grill
- Others
Image Projection
- 2D
- 3D
Range Type
- Short & Mid-range
- Long Range
Vehicle Type
- IC Engine Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Application
- Semi-autonomous
- Autonomous
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