Automotive LiDAR Market Poised To Expand At USD 223.2 Million By 2024: Grand View Research Inc.

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The global automotive LiDAR market is expected to reach USD 223.2 million by 2024, according to report by Grand View Research, Inc. The surging acceptance of automobile safety application arenas and sophisticated technology incorporations in automobile driving automation are expected to boost the market growth.

According to a report published by Grand View Research, Inc.; the global automotive LiDAR market is estimated to reach at USD 223.2 million by 2024. High demand for advanced safety features in automobiles is expected to be the key factor driving the global market over the forecast period (from 2018 to 2024). The LiDAR technology helps in 3D mapping of the surrounding. Increasing demand for autonomous and semi-autonomous cars is also expected to have a positive impact on the automobile LiDAR market. In addition, extensive R&D by major companies can bode well for the market.

Strict regulatory policies mandating the implementation of safety features, such as Automatic Emergency Braking (AEB) system, in vehicles will also augment the demand for LiDAR technology over the coming years. Thus, increasing incorporation of specific systems, such as AEB, in vehicles is anticipated to boost the market growth. Moreover, as a result of these regulations, some automakers have begun to include the basic AEB systems as a standard or optional choice into their popular models, which is likely to support the market development.

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U.S. automotive LiDAR market by application, 2014 – 2024 (USD Million)

U.S. automotive LiDAR market by application, 2014 - 2024 (USD Million)

Furthermore, focus of prominent automobile manufacturers on the development of fully autonomous cars to improve efficiency while reducing human efforts will boost the market growth. Moreover, declining costs of hardware, such as radar and cameras, and the development of cost-effective software are estimated to dive the market further. Implementation of LiDAR sensors in collision avoidance technologies and dynamic remote sensing applications are the key trends in this market. The global automotive LiDAR market has been segmented on the basis of application and region.

Based on application, the market can be classified into autonomous cars and Advanced Driver Assistance Systems (ADAS). The ADAS segment is likely to grow significantly over the forecast period. It can be further categorized into Adaptive Cruise Control (ACC) and Automatic Emergency Braking (AEB). The ACC segment is likely to witness high growth over the forecast years due to increasing implementation of automation technologies for road safety. Incorporation of these systems in autonomous and non-autonomous vehicles is also projected to fuel the segment growth in the coming years. Based on regions, the global market can be divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.

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Automotive LiDAR market by application, 2015

Automotive LiDAR market by application, 2015

In terms of revenue, North America led the market in 2015 and is expected to maintain its dominance over the next few years. This growth can be attributed to the increasing adoption of LiDAR technology owing to strict regulatory policies by the regional government. For instance, implementation of certain automotive safety features in heavyweight and lightweight vehicles is mandatory in the region. This has increased the demand for automotive LiDAR in North America. U.S. and Canada are identified as the major contributors to the regional development. Europe is also expected to witness a significant growth in the coming years due to the presence of strict regulatory policies regarding automotive safety.

The ADAS application-based LiDAR systems have contributed significantly to the region’s growth. Asia Pacific is estimated to expand at a healthy CAGR during the forecast years. Emerging countries, such as India and China, have witnessed a constant development, which is anticipated to provide numerous growth opportunities for the APAC regional market. Some of the prominent companies in the global automotive LiDAR market include Quanergy Systems, Inc.; Novariant, Inc.; Velodyne LiDAR, Inc.; Robert Bosch GmbH; and LeddarTech. Companies that are not vertically integrated depend on third-party dealers for components and sensors. Some of these firms outsource their manufacturing activities to subcontractors.

Most of these companies are also adopting strategies, such as new product launch and mergers and acquisitions to maintain their industry position. For instance, recently, Infineon Technologies AG acquired Innoluce BV, a fabless semiconductor company. With this acquisition, the former company will be developing chip components for high-performance LiDAR systems with the help of Innoluce BV’s patented technology. This development is also estimated to help Infineon in establishing a strong foothold in the market as one of the automobile safety technologies suppliers.

Grand View Research has segmented the global automotive LiDAR market based on application type and regions:

LiDAR Application Type Outlook (Revenue, USD Million, 2014 – 2024)

  • Advanced Driver Assistance Systems(ADAS)

    • Automatic Emergency Braking (AEB)

    • Adaptive Cruise Control (ACC)

  • Autonomous Cars

LiDAR Regional Outlook (Revenue, USD Million, 2014 – 2024)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • The Middle East & Africa

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com

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