Automotive LiDAR Market will witness gains 40% to 2024 with top companies are Continental, Velodyne LiDAR, Aptiv, Magna International, ZF group, Audi, BMW, Tesla, Volvo

Automotive LiDAR Market to exceed 3 million units with a market value of more than USD 3 billion by 2024; according to a new research report by Global Market Insights, Inc. The autonomous vehicle market is anticipated to grow at a CAGR of more than 65% over the forecast timespan. The growing demand for the LiDAR sensors among the automotive manufacturers for self-driving cars is the primary factor driving the market.  The LiDAR sensors are being widely used in autonomous vehicles to create a 3D model of its surrounding environment using light pulses. It assists vehicles in measuring the accurate distance from any objects within its vicinity. Its superior property and high accuracy as compared to other alternative products such as radar, imaging sensors, and ultrasonic are augmenting its demand.

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Industry Growth drivers:

1.   Increasiong R&D activities for autonomous vehicles
2.   Growing supply demand gap
3.   Supportive governemnt initiatives and policies
4.   Entry of new players in the LiDAR market
5.   Rising investment in AutoTech

The solid-state LiDAR market is projected to grow significantly over the projected time period. This technology is in the development phase and is expected to be commercialized by 2020. However, the technology is gaining a lot of traction from the automakers due to its cost-effective nature and compact size. Its entire assembly is built on a silicon chip. Hence, there are no moving components present, making the system more resilient to vibrations. This allows the manufacturers to produce smaller parts at a lower price.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

Argo
Benewake
Cepton
Continential
Aeye
Hesai
IFM
Innoviz Technologies
LeddarTech
LeiShen Intelligent System
Luminar
Ocular Robotics
Omron
Oryx
Ouster
Panasonic
Quanergy
Robosense
Sense Photonics
Strobe
Sure Star
Tetravue
Valeo
Velodyne
Xenomatix

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The North America is dominating the automotive LiDAR market with a market share of over 70% in 2017. This growth can be attributed to favorable government policies. For instance, in 2016, the Canadian government introduced Ontario Regulation 306/15 that permitted the testing of self-driving vehicles. In addition, the automotive companies in the region have invested heavily in the development of the automotive LiDAR technology.

The Asia Pacific automotive LiDAR market is anticipated to grow at a CAGR of over 60% during the projected timeline. The presence of the major automotive LiDAR technology providers such as Robosense and Benewake in the region has fostered the growth of the market. These companies are investing heavily in the R&D activities to accelerate innovations in the automotive LiDAR technology. For instance, in 2018, RoboSense has partnered with Alibaba to develop solid-state LiDAR technology for autonomous vehicles.

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The prominent players operating in the automotive LiDAR industry are Leddertech, Continental, Luminar Technologies, Aptiv, Magna, Blackmore Sensors & Analytics, Oryx Vision, Audi, Mercedes-Benz, Tesla, BMW, Nissan, Trilumia, Uber, ZF, Innoviz Technologies, Velodyne, Quanergy, and Volvo. The major companies in the automotive LiDAR market are forming alliances with other expert companies in the market to develop new product offerings and conduct strategic acquisitions, to gain a competitive advantage over its competitors.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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