Automotive LiDAR Market to be Worth $5.11 Billion by 2030

Meticulous Research®-a leading global market research company, published a report titled, 'Automotive LiDAR Market by Type (Passenger Cars, Commercial Vehicles), Ranging, Imaging (Mechanical, Solid-state), Application (ADAS, Robotic Cars, Collision Avoidance), Autonomy (Autonomous, Semi-autonomous), and Geography-Global Forecast to 2030.'

According to the latest publication from Meticulous Research®, the automotive LiDAR market is projected to reach $5.11 billion by 2030, at a CAGR of 29.2% during the forecast period of 2023 to 2030. The growth of this market is attributed to the declining prices of sensors, the rising demand for advanced driver assistance systems, and the increasing government regulations to ensure the quality and safety of vehicles. In addition, the rising demand for electric vehicles, the development of autonomous vehicles, the emergence of 4D LiDAR, and increasing investments by OEMs in LiDAR start-ups are expected to offer significant opportunities for the growth of this market.

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However, the low adoption of LiDAR in economy-class vehicles hampers the growth of this market. In addition, the limitations of LiDAR, such as lack of visibility in bad weather conditions, are a major challenge to the growth of this market.

The automotive LiDAR market is segmented by vehicle type, imaging, ranging, application, and autonomy. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on vehicle type, the automotive LiDAR market is segmented into passenger cars, commercial vehicles, specialty automobiles, and heavy-duty vehicles. In 2023, the passenger cars segment is expected to account for the largest share and is projected to register the highest CAGR during the forecast period. This segment's large market share and rapid growth are attributed to the increased adoption of LiDAR sensors in passenger cars to prevent collisions.

Based on imaging, the automotive LiDAR market is segmented into mechanical LiDAR and solid-state LiDAR. In 2023, the mechanical LiDAR segment is expected to account for the larger share of the market. A mechanical LiDAR can collect data over a wide area of up to 360 degrees to provide a detailed mapping of the environment, increasing its applications in mapping, surveying, and robotics. These benefits contribute to the large market share of this segment. However, the solid-state LiDAR segment is projected to register the highest CAGR during the forecast period.

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Based on ranging method, the automotive LiDAR market is segmented into pulse, FMCW, and other ranging methods. In 2023, the FMCW segment is expected to account for the largest share of the automotive LiDAR market. This segment is also projected to register the highest CAGR during the forecast period. This segment's large market share and rapid growth are attributed to the advantages of frequency-modulated continuous-wave (FMCW) LiDAR over other methods in providing high-resolution distance & velocity measurements under limited visibility conditions.

Based on application, the automotive LiDAR market is segmented into ADAS, robotic cars, blind spot monitoring, collision avoidance, parking assistance, lane departure warning, adaptive cruise control, pedestrian detection, and other applications. In 2023, the ADAS segment is expected to account for the largest share of the automotive LiDAR market. This segment is also projected to register the highest CAGR during the forecast period. This segment's large market share and rapid growth are attributed to the growing need for efficient systems that offer data accuracy across all weather and lighting conditions to prevent accidents and provide additional support to drivers in areas where detailed map information is unavailable.

Based on autonomy, the automotive LiDAR market is segmented into autonomous, semi-autonomous, and manual-driven vehicles. In 2023, the semi-autonomous segment is expected to account for the largest share of the automotive LiDAR market. The large market share of this segment is attributed to rapid technological advancements due to rising collaborations between vehicle manufacturers and tech firms. However, the autonomous segment is projected to register the highest CAGR during the forecast period.

Based on geography, the automotive LiDAR market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the market. North America's major market share is attributed to stringent government regulations in the region mandating the installation of specific automotive safety technologies in vehicles and the rising advancements in LiDAR technologies, increasing their applications in core 3D imaging and ranging. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.

Key Players

The key players operating in the automotive LiDAR market are Ouster, Inc. (U.S.), Luminar Technologies, Inc. (U.S.), VALEO SERVICE (France), Quanergy Systems, Inc. (U.S.), LeddarTech Inc. (Canada), Texas Instruments Incorporated. (U.S.), Continental AG (Germany), Baraja Pty Ltd. (Australia), MicroVision, Inc. (U.S.), Aeva Inc. (U.S.), Waymo LLC (U.S.), Innoviz Technologies Ltd. (Israel), Cepton, Inc. (U.S.), Robert Bosch GmbH (Germany), and DENSO CORPORATION (Japan).

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Key questions answered in the report-

Which are the high-growth market segments based on vehicle type, imaging, ranging method, application, and autonomy?
What was the historical market size for automotive LiDAR?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the automotive LiDAR market?
Who are the major players, and what shares do they hold in the automotive LiDAR market?
How is the competitive landscape in the automotive LiDAR market?
What are the recent developments in the automotive LiDAR market?
What are the different strategies adopted by the major players in the automotive LiDAR market?
What are the key geographic trends, and which are the high-growth countries?

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