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Automotive LiDAR Market Size - Industry Analysis, Share, Growth, Trends, and Forecast 2019-2027

09-06-2019 05:05 AM CET | Media & Telecommunications

Press release from: The Insight Partners

Automotive LiDAR Market

Automotive LiDAR Market

The global automotive LiDAR market accounted to US$ 415.1 Mn in 2018 and is expected to grow at a CAGR of 30.4% during the forecast period 2019 - 2027, to account to US$ 4,348.09 Mn by 2027.

APAC is considered to be the fastest growing economic region, with China and India as the world’s first and third fastest growing economies. Also, Japan is the most technologically advanced country in the region giving an opportunity for the development of automobile market. Also, emerging economies of Southeast Asia such as Vietnam, Malaysia, Indonesia and others are experiencing a growth in their infrastructural sector thus, the demand for vehicles in the region is expected to increase. Also, the government of the emerging economies of Asian countries are committed to focus on attracting FDI for the development of their economy. For this, the governments are taking various initiatives. This would result in increased investment in automotive components manufacturing sector as well. Thus, the automotive LiDAR market is anticipated to witness growth in the APAC region.

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The major companies offering automotive LiDAR market include Continental AG, Denso Corporation, Innoviz Technologies, Ltd., Luminar Technologies, Inc., Omron Corporation, Panasonic Corporation, Trilumina Corporation, Valeo SA, Velodyne LiDAR, Inc., and Xenomatix N.V. among others. Several other companies are also offering these LiDAR products and solutions to automotive industry which is facilitating the market to propel over the years.

In the current automotive market, major manufacturers are integrating their vehicles with technologically enhanced sensors, in order to improve the safety of the vehicles. Apart from sensors, several other types of semiconductors are also being integrated on the newer vehicles, which is paving the path for semiconductor industry players to generate substantial revenue. The demand share of technologically robust semiconductor components in the automotive industry is majorly among the passenger car segment. Cost and fuel efficiency no longer stay as the primary criterion for purchasing, instead the purchase more depend on the comfort and security provided in the car. Attributing to this fact that, the global automobile manufacturers are witnessing substantial demand for high-end cars, which is pressurizing the automobile manufacturers to add increased numbers of electronic components, thereby driving the market for automotive LiDAR. Additionally, surging adoption of advanced ADAS systems is impacting positively on the automotive LiDAR market. Thus, the rising automotive manufacturing is playing a major role in driving the automotive LiDAR market in the current scenario. A similar trend is also foreseen to drive the market in the coming years.

The companies in the market are expanding substantially. For instance, in 2018, Innoviz Established Presence in Four New Regions and enhanced manufacturing abilities, aligning with the company's mission to provide LiDAR solutions that are available and affordable at a massive scale. Innoviz has expanded globally with the opening of offices in four new countries including the U.S., Germany, China and Japan. Further, in the same year, Continental and EasyMile inaugurated new autonomous driving R&D team in Singapore. The new joint team’s work focus was to develop new technology centered on perception and deep learning and to prepare autonomous vehicle (AV) technology for tests towards safe deployments on private grounds and public roads in the Singaporean metro area.

Strategic Insights

Market Initiatives was observed as the most adopted strategy in global automotive LiDAR market. Few of the recent market initiatives are listed below:

2019: Velodyne LiDAR Joined Forces with Veoneer Inc. on Automotive Production Contract. In this agreement, Velodyne is expected to provide core LiDAR technology to Veoneer Inc. through which Veoneer, Inc. further strengthens its development in providing trusted, innovative solutions for the auto industry.

2018: Innoviz Established Presence in Four New Regions and enhanced manufacturing abilities, aligning with the company's mission to provide LiDAR solutions that are available and affordable at a massive scale. Innoviz has expanded globally with the opening of offices in four new countries including the U.S., Germany, China and Japan.

2017: TriLumina Collaborated with Analog Devices for a new integrated, solid-state illuminator module for automotive FLASH LiDAR systems. The integration of TriLumina’s innovative VCSEL array laser emitters with ADI’s patent pending high-speed pulse laser driver enables a best-in-class illuminator achieving high optical power output in a single, small surface mount IC package. This combination marks a milestone towards cost effective, high performance LiDAR systems. TriLumina’s collaboration with ADI signals its position as an integral player in next generation automotive LiDAR systems.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Semiconductors, Healthcare, Manufacturing, Automotive and Defense.

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