Automotive LiDAR Market Poised to Surpass $5.11 Billion by 2030

[Redding, California, February 23, 2024] - Meticulous Research®, a globally recognized leader in market research, has unveiled its latest 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."

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According to the insights revealed in this pioneering publication from Meticulous Research®, the automotive LiDAR market is set to surge past $5.11 billion by 2030, boasting an impressive Compound Annual Growth Rate (CAGR) of 29.2% during the forecast period spanning 2023 to 2030. This remarkable growth trajectory is fueled by several factors including the declining prices of sensors, increasing demand for advanced driver assistance systems, and stringent government regulations aimed at ensuring vehicle quality and safety.

Additionally, the proliferation of electric vehicles, advancements in autonomous driving technology, the advent of 4D LiDAR, and substantial investments by Original Equipment Manufacturers (OEMs) in LiDAR startups are poised to unlock significant growth opportunities in this market. However, challenges such as the low adoption of LiDAR in economy-class vehicles and limitations related to visibility in adverse weather conditions are expected to impede market growth.

The automotive LiDAR market is meticulously segmented by vehicle type, imaging, ranging method, application, and autonomy. The report also conducts a comprehensive analysis of industry competitors and evaluates the market at both regional and country levels.

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Key Market Insights:
Based on vehicle type, the automotive LiDAR market is segmented into passenger cars, commercial vehicles, specialty automobiles, and heavy-duty vehicles. The passenger cars are anticipated to dominate the automotive LiDAR market, exhibiting the highest CAGR during the forecast period, driven by increased sensor adoption to prevent collisions.

Based on imaging, the automotive LiDAR market is segmented into mechanical LiDAR and solid-state LiDAR. The mechanical LiDAR is expected to hold a larger market share in 2023, while solid-state LiDAR is projected to register the highest CAGR, reflecting rapid technological advancements.
Based on ranging method, the automotive LiDAR market is segmented into pulse, FMCW, and other ranging methods. The frequency-Modulated Continuous-Wave (FMCW) LiDAR is forecasted to command the largest market share in 2023 and exhibit the highest CAGR during the forecast period, owing to its superior performance under limited visibility conditions.

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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. The advanced Driver Assistance Systems (ADAS) are poised to capture the largest market share in 2023 and record the highest CAGR, driven by the growing need for accurate data across diverse weather conditions to prevent accidents and assist drivers.

Based on autonomy, the automotive LiDAR market is segmented into autonomous, semi-autonomous, and manual-driven vehicles. The semi-autonomous vehicles are expected to lead the market in 2023, with autonomous vehicles projected to register the highest CAGR, reflecting rapid technological advancements in collaboration between vehicle manufacturers and technology firms.

Based on geography, the automotive LiDAR market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North America is forecasted to dominate the market in 2023, propelled by stringent government regulations mandating specific automotive safety technologies and advancements in LiDAR technology. However, Asia-Pacific is projected to witness the highest growth rate during the forecast period.

Quick Buy - Automotive LiDAR Market - Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/70005824

Key Players:
Leading companies operating in the automotive LiDAR market include Ouster, Inc., Luminar Technologies, Inc., VALEO SERVICE, Quanergy Systems, Inc., LeddarTech Inc., Texas Instruments Incorporated, Continental AG, Baraja Pty Ltd., MicroVision, Inc., Aeva Inc., Waymo LLC, Innoviz Technologies Ltd., Cepton, Inc., Robert Bosch GmbH, and DENSO CORPORATION.

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This release was published on openPR.