Press release
Automotive LiDAR Market Revenue, Business Growth, Demand, and Applications by 2031
According to the report published by Allied Market Research, the global automotive LiDAR sensors market garnered $793.2 million in 2021, and is estimated to generate $11.7 billion by 2031, manifesting a CAGR of 31.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.Download Report (PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/2870
COVID-19 Scenario:
The outbreak of the COVID-19 pandemic had negatively impacted various industries, such as automotive, which has led to a drastic decline in automotive sales. As LiDAR is widely used in automotive manufacturing, there was a significant reduction in the automotive LiDAR sensors market.
China is the leading producer and exporter of raw materials required for LiDAR production. However, with China being the epicenter of the coronavirus pandemic, its exports were affected, leading to a decline in LiDAR production.
Sales of LiDAR are directly proportional to the demand from end-use industries, namely automotive. However, the demand for LiDAR in the automotive industry was greatly affected, owing to import-export restrictions, closed borders, and supply chain disruptions due to the outbreak of the COVID-19 pandemic.
The economic slowdown has affected the setup of new LiDAR projects across the world as the majority of government funding has been diverted toward the healthcare sector, owing to the rapid spread of the COVID-19 virus, impacting the market to a great extent.
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Based on image type, the 2 dimensional segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global automotive LiDAR sensors market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the 3 dimensional segment is expected to manifest the highest CAGR of 32.1% from 2022 to 2031.
Leading market players of the global automotive LiDAR sensors market analyzed in the research include Continental AG, Robert Bosch GmbH, First Sensor AG, Denso Corp, Hella KGaA Hueck & Co., Novariant, Inc., Laddartech, Quanergy Systems, Inc., Phantom Intelligence, and Velodyne LiDAR Inc.
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