Press release
Vehicle Lidar Sensor Market Growth Prospects, Competitive Analysis, Trend, Regulatory Landscape & Forecasts 2032
The global vehicle Lidar sensor market size was valued at US$ 7.9 Billion in 2021, and anticipated to grow at a CAGR of 35.2% over the forecast period.The suite of sensors needed for highly automated driving solutions is to be completed by vehicle LiDAR (Light Distance and Ranging) sensors. Various sensors are used to provide environmental (including object identification and tracking) and localization perception inputs for automated driving route planning and vehicle management in advanced driver assistance systems (ADAS).
Due to the enormous advancement made over the past years, autonomous vehicles has been entering a pre-industrialization phase. Sensors first gather information about the environment, which perception algorithms then utilise to construct the immediate environment of the vehicle for autonomous vehicle navigation. An autonomous vehicle navigation perception system would include active and passive sensors, such as cameras, radars, and LiDARs (Light detection and ranging). LiDARs are active sensors that use lasers to illuminate their surroundings. By analysing the received laser returns from the reflecting surfaces, ranges are precisely measured.
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Increasing demand for semi-autonomous and fully autonomous vehicles is one of prime factor that trigger the global vehicle LiDAR sensor market. Increase in adoption of automotive safety features along with stringent government norms for mandatory installation of specific safety systems in vehicles such as Automatic Emergency Braking Systems. For instance, the governments of the UK and the US have made it mandatory for vehicles to be equipped with AEB and Adaptive Cruise Control (ACC) systems.
Additionally, vertical integration in the market offers the producers a number of advantages, including cheap labour costs due to access to a highly competitive global labour market, direct procurement of raw materials, and shortened delivery and production times. By providing a variety of vertical integration services, including component design and customisation, this significantly improves the value of the supply chain.
High cost, reduced performance in heavy rain or snow is anticipated to hamper the market growth during the projected period. Although, advances in technology and production efficiencies will reduced the high costs of LiDAR as automakers have begun to incorporate the technology into its suite of ADAS sensors. The increasing adoption of LiDAR technology within the different levels of automation is expected to create lucrative opportunities for the growth of automobile LiDARs in the forthcoming years.
Type Insights
On the basis of type, Time of Flight (ToF) segment dominated major market share in 2021. Time of Flight is an active form of 3D imaging and scanning technology. Structured light and stereo vision, the other two 3D imaging techniques, are slower, less dependable, and use more energy than ToF. Time of Flight technology is anticipated to experience an increase in demand for 3D imaging and scanning applications because to its accessibility. These factors are primarily contributing to the segment growth over the forecast period.
Technology Insights
Based on the technology, solid state segment accounted for the largest market share and is projected to grow at higher CAGR throughout the forecast period. For the automotive industry, solid-state LiDAR sensors are ideal since they save space, are hardly apparent, and offer a stylish and highly reliable solution. Typically, a single laser beam illuminates a solid state LiDAR sensor, and a ToF sensor array captures the 3D data that is returned. Since these solid-state sensors have few to no moving parts, they are more dependable and more cheap than traditional scanning LiDAR sensors.
Application Insights
In terms of application, advanced driver assistance system (ADAS) segment leads the global vehicle Lidar sensor market. LiDAR technology uses dead reckoning sensors for odometry operations and aids in 3D mapping of the area around the vehicle. The LiDAR feature aids in parking, pedestrian detection, and other obstacle detection. The primary reason for the surge in demand for ADAS systems in cars is the rising frequency of accidents and deaths associated to it. For instance, as per World Health Organization (WHO) report published in February 2020, approximately 1.35 Mn people die each year from road traffic crashes. To prevent this, a 2030 agenda for sustainable development was set by the organization with an ambition to reduce 50% of the injuries and deaths from road traffic crashes by 2030.
Regional Insights
In terms of region, Europe dominated the global market due to the existence of a large number of OEMs and LIDAR manufacturers in the region. The major market participants in Europe are taking steps to geographically expand their footprint by forming alliances and working with both local and global players.
Asia pacific is projected to grow at higher CAGR during the projected period. In the upcoming years, it is anticipated that nations like China, Japan, and South Korea will lead in the implementation of L4 & L5 autonomy. Hyundai, Kia, Nissan, Honda, and Toyota are among the automakers in Japan and South Korea developing highly automated self-driving vehicles. In addition, Asia Pacific is home to several automotive LiDAR market players, such as RoboSense (China), DENSO Corporation (Japan), Hesai (China), and among others.
Key Companies Insights
Some of the major companies studied under the market scope are as follows: Valeo, Denso Corporation, Innoviz, Velodyne, Luminar Technologies, Continental AG, Ouster Inc, Robert Bosch, Trimble Inc, Aptiv, ZF Friedrichshafen AG, Infineon Technologies AG, and Others. Prominent players operating in the market experiences intense competition owing to the presence of large number of players on the global scale. Further, the inorganic strategies adopted by these players such as merger and acquisition, new product launch, geographic expansion, research & development for expanding their product portfolio, and others.
In 2021, Valeo launched its third-generation scanning LiDAR system set for market debut in the year 2024. This technology gives significantly improved performance, enables autonomous mobility, and offers unseen levels of road safety.
In 2021, With the launch of the HFL110 solid-state 3D Flash LiDAR sensor, Continental AG enhanced its Automated Driving (AD) as well as environmental sensor portfolio.
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Segments
By Type
• Time of Flight (ToF)
• Frequency Modulated Continuous Wave (FMCW)
By Technology
• Solid State
• Electro-mechanical
By Application
• Advanced Driver Assistance System (ADAS)
o Adaptive Cruise Control
o Automatic Emergency Braking
• Autonomous vehicle
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
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