Automotive LiDAR Market Size is Projected To Reach USD 901.5 Million By 2027 At A CAGR Of 22.7% - Valuates Reports

The global Automotive LiDAR market size is projected to reach US$ 901.5 million by 2027, from US$ 211.9 million in 2020, at a CAGR of 22.7% during 2021-2027.

LIDAR technology has taken the automobile world to a whole new level by providing the tools needed for truly safe navigation. Light detection and ranging, also known as "LiDAR" is a remote sensing technology that measures distance by illuminating A target using laser light.

In the case of the automotive industry, this technology is used to enhance a vehicle's navigation capabilities by detection and avoidance of obstacles enroute.

LiDAR does this by providing clear-cut 3D snapshots of every object in the vehicle's vicinity. Along with its surveying feature, the LiDar sensors system features automatic speed control, adaptive cruise control systems, braking systems, etc. There are several variants of LiDAR units available today, such as units with 16, 32, and 64 beams of laser light.

TRENDS INFLUENCING THE AUTOMOTIVE LiDAR MARKET SIZE

Increasing demand for self-driven cars has increased the demand for LiDAR sensors in autonomous vehicles. Increasing research and development activities and government funding for the advancement of automated driving systems is expected to boost the LiDAR automotive market in the forecast period.

LiDAR technology has been widely used in many other end-user industries such as the aerospace, agricultural, and civil engineering industries, resulting in mass production of LiDAR devices leading to declining LiDAR sensor market costs. The declining manufacturing cost is further expected to propel the growth of Automotive LiDAR Market size.

Increasing adoption of safety systems in autonomous and semi-autonomous cars at different levels of automation is expected to attract massive investment from key players, thereby driving the growth of Automotive LiDAR Market size.

Furthermore, due to stringent regulatory scenarios in many countries have forced manufacturers to include safety sensors in vehicles. This is further expected to increase the LiDAR market size during the forecast period.

Over the years, the trend in the procurement of passenger cars is rising at a substantial pace. The more passenger cars are procured, the greater is the demand for the LiDAR system to have trouble-free driving experience.

The lack of understanding of LiDAR systems' advantages and the high cost of using costly components in these systems, such as laser scanners, navigation systems, and high-resolution 3D cameras, might hinder market development.

AUTOMOTIVE LiDAR MARKET SHARE ANALYSIS

Based on Region, North America is expected to hold the largest Automotive LiDAR market share during the forecast period. This dominance of North America is due to the high penetration of vehicles equipped with LiDAR for adaptive cruise control and automatic emergency braking.

In Europe, the automotive industry is a strategic and robust industry that drives the region's economic growth. Europe is working on developing the region's linked and automated driving network by incorporating autonomous LiDAR-based self-driven vehicles. France and Germany are the leading countries in the region that are contributing to the growth of Automotive LiDAR Market size.

The Asia Pacific is expected to witness the fastest growth during the forecast period. This accelerated growth can be attributed to the region's increasing demand for robust technology and autonomous automobiles.

China is a major contributor to the growth of LiDAR automotive market size in the Asia Pacific region. Furthermore, the increasing need for infrastructure growth and increased R & D activities for autonomous vehicles is driving the APAC region's Automotive LiDAR market size.

View Full Report:
https://reports.valuates.com/market-reports/QYRE-Othe-2Y319/automotive-lidar

Segment by Type
-Advanced Driver Assistance Systems(ADAS)
-Automatic Emergency Braking (AEB)
-Adaptive Cruise Control (ACC)
-Autonomous Cars

Segment by Application
-Passenger Cars
-Commercial Vehicles

Get the Sample:
https://reports.valuates.com/request/sample/QYRE-Othe-2Y319/Automotive_LiDAR_Market

Some of the prominent players reviewed in the research report include:
-Continental AG
-Garmin Ltd
-Infineon Technologies
-Innoviz Technologies
-LeddarTech
-Osram Licht AG
-Phantom Intelligence
-Princeton Lightwave Inc.
-Velodyne Lidar
-Quanergy

Inquire For Customization:
https://reports.valuates.com/request/customisation/QYRE-Othe-2Y319/Automotive_LiDAR_Market

Inquire for Chapter Cost:
https://reports.valuates.com/request/chaptercost/QYRE-Othe-2Y319/Automotive_LiDAR_Market

SIMILAR REPORTS:
LiDAR Market - https://reports.valuates.com/market-reports/ALLI-Manu-4A11/lidar

Global 3D-LiDAR Market Outlook 2022 - https://reports.valuates.com/market-reports/QYRE-Auto-11L9236/global-3d-lidar

Global Optical Sensors For Lidar Market Outlook 2022 - https://reports.valuates.com/market-reports/QYRE-Auto-12S8857/global-optical-sensors-for-lidar

Global Solid-State LiDAR Market Outlook 2022 - https://reports.valuates.com/market-reports/QYRE-Auto-13O9011/global-solid-state-lidar

Global Automotive Lidar Sensor Market Outlook 2022 - https://reports.valuates.com/market-reports/QYRE-Auto-21Q8942/global-automotive-lidar-sensor

Global Vehicle LiDAR Market Research Report 2022 - https://reports.valuates.com/market-reports/QYRE-Auto-5C9936/global-vehicle-lidar

Valuates Reports
sales@valuates.com
For U.S. Toll-Free Call +1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp : +91 9945648335
Website: https://reports.valuates.com
Follow on Twitter - https://twitter.com/valuatesreports
Follow on Linkedin - https://in.linkedin.com/company/valuatesreports
Follow on Facebook - https://www.facebook.com/valuatesreports

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

This release was published on openPR.