Automotive Suspension Parts Market To Partake Significant Development During 2021-2031

According to the report, the global automotive LiDAR market is projected to surpass US$ 3 Bn by 2031, expanding at a CAGR of 19.50% during the forecast period. In the automotive industry, the demand for numerous automotive electronics is significantly increasing. This has led the industry to witness the innovation and emergence of technologies such as cameras, thin-film transistors, and clusters. The integration of cameras, such as lane departure warning camera, reverse parking camera, and front camera is rapidly increasing in all segments of vehicles, which, in turn, is driving the market.

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The considerable adoption by automotive OEMs is paving the future of electronics in the automotive industry. Apart from the abovementioned electronics, there are other electronics embedded with advanced technologies. Electronic components such as power steering, heat control, tire pressure monitoring systems (TPMS), infotainment, and anti-lock braking system comprise several semiconductor products, such as sensors, actuators, and micro-controllers. Advancements in these systems are extensively driving the market for automotive electronics, which, in turn, is boosting the automotive LiDAR market.

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The adoption of the LiDAR technology in automobiles is giving rise to many newer applications and areas that would adopt the LiDAR technology. Apart from the use in automobiles for ADAS, LiDAR can be used in robo-taxies for ride-sharing services, shuttle services, on-demand car services, and mobility-on-demand (MOD) fleets. Thus, the superior performance of LiDAR sensors has been attracting heavy investments from automotive OEMs across the world, aimed at enabling their development and adoption in next-generation autonomous vehicles.

For instance, In July 2019, automotive LiDAR company, Luminar Technologies Inc. received an investment of $100 Mn, led by G2VP LLC, Moore Strategic Ventures LLC, and The Westly Group, bringing its total raised to more than $250 Mn. With this investment, the company has developed a new LiDAR platform, named Iris, with the intention to generate compact low-cost LiDAR solutions for commercial trucks. Thus, increasing investments and funding in LiDAR startups is fueling the growth of market.

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In terms of technology, the global automotive LiDAR market has been bifurcated into solid-state LiDAR and mechanical/ scanning LiDAR. The solid state LiDAR is gaining high traction, as it is considered as a promising technology that is faster and cheaper. The technology also offers higher resolution quality than the traditional LiDAR such as mechanical/ scanning LiDAR. All these factors are anticipated to propel the solid-state LiDAR segment during the forecast period.

In terms of application, the autonomous vehicle segment dominated the global automotive LiDAR market, in terms of value, in 2020. Autonomous vehicles have undergone substantial technological advancements, year-on-year, owing to the changes in consumer interests, emergence of new technologies, and governmental rules and regulation related to reduction in emission and other factors. The demand for autonomous vehicle is projected to rise at a decent pace during the forecast period. Higher the demand for autonomous vehicles, more is the demand for LiDAR system to have hassle-free driving experience.

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Leading vendors and startups in the automotive LiDAR industry are primarily focusing on the enhancement of durability, performance, and range of LiDAR. Additionally, market vendors are focusing on the development of next-generation LiDAR sensors with continuous wave frequency modulation (CWFM) technologies, which help determine both velocity and the distance of the target. Unlike conventional LiDAR, CWFM LiDAR sensors are immune to background light and do not get affected by the presence of other light sources transmitting at the same frequency.

For instance, in January 2021, a leading mobility supplier, DENSO collaborated with U.S. LiDAR and perception systems company, Aeva, to introduce next-generation Frequency Modulated Continuous Wave (FMCW) LiDAR and perception system to market. Moreover, advancement in gallium-based LiDAR, has reduced the cost of sensors in the last few years, encouraging more manufacturers to make use of technology. Therefore, such technological advancements in automotive LiDAR are expected to propel the automotive LiDAR market during the forecast period.

Rise in need of infrastructural development and increase in R&D activities for autonomous vehicles are driving the automotive LiDAR market in Asia Pacific

Prominent players operating in the global automotive LiDAR market include Delphi Automotive PLC, NXP Semiconductors, First Sensor AG, Ibeo Automotive Systems GmbH, Luminar Technologies Inc., LeddarTech Inc., Continental AG, Denso Corporation, HELLA GmbH & Co. KGaA, Robert Bosch GmbH, Quanergy Systems Inc., Velodyne LiDAR Inc., TetraVue, XenomatiX N. V., InnoviZ Technologies Ltd., and Valeo SA.

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