At 40% CAGR, Automotive LiDAR Market to reach $3 bn by 2024 | Key players Magna International, AUDI AG, Mercedes-Benz USA, Tesla, BMW Group, Nissan Motor Corporation, ZF Group, Velodyne LiDAR, Volvo Cars

Automotive LiDAR Market is anticipated to grow at a CAGR of over 40% with to exceed 3 million units with a market value of more than USD 3 billion by 2024.

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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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.

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:

1. Argo
2. Continential
3. AEye, Inc.
4. IFM
5. Innoviz Technologies
6. LeddarTech
7. Luminar Technologies
8. Omron
9. Ouster
10. Panasonic
11. Quanergy
12. Valeo
13. Velodyne LiDAR, Inc

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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 automotive LiDAR market is propelled by increasing investments in the development of the autonomous vehicles. The automakers are concentrating on R&D activities for the development of the self-driving technology. BMW has recently announced its plans to invest USD 8.6 billion in 2018 to intensify the R&D efforts for the self-driving technology. Similarly, other automakers such as Ford, General Motors, Toyota, and Honda have also invested approximately USD 1 million to test new autonomous vehicles on public streets and freeways. The technology giants such as Google and Intel are also working for the development of autonomous solutions.

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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.

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