Automotive LiDAR Market Set to Surge, Projected Worth $5.11 Billion by 2030-Comprehensive Analysis by Meticulous Research®

[Redding, California, March 14, 2024] - Meticulous Research®, a leading global market research company, unveils its latest report titled "Automotive LiDAR Market by Type, Ranging, Imaging, Application, Autonomy, and Geography-Global Forecast to 2030." The report projects the automotive LiDAR market to reach an impressive $5.11 billion by 2030, with a remarkable Compound Annual Growth Rate (CAGR) of 29.2% during the forecast period.

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Driving Forces and Market Trends:
The surge in the automotive LiDAR market is fueled by several key factors. Declining sensor prices, escalating demand for advanced driver assistance systems (ADAS), and stringent government regulations mandating vehicle safety contribute significantly to this growth trajectory. Additionally, the burgeoning demand for electric vehicles, the evolution of autonomous driving technology, the advent of 4D LiDAR, and substantial investments by Original Equipment Manufacturers (OEMs) in LiDAR startups are poised to unlock promising opportunities within the market.

Challenges and Opportunities:
Despite the promising growth prospects, challenges persist. The low adoption of LiDAR in economy-class vehicles and limitations such as compromised visibility in adverse weather conditions pose hurdles. Nonetheless, the market presents immense potential for innovation and advancement.

Elevating Safety Standards with ADAS:
Advanced Driver Assistance Systems (ADAS) play a pivotal role in enhancing road safety, particularly in autonomous vehicles. Leveraging LiDAR sensors, these systems offer unparalleled accuracy and precision in object detection and recognition, thereby mitigating potential risks. With statistics from the National Highway Traffic Safety Administration (NHTSA) underscoring the alarming toll of manual errors on road safety, the imperative for ADAS adoption becomes increasingly apparent. Major automotive players like Nissan Motor Co., Ltd. are pioneering LiDAR-based ADAS solutions, marking a significant stride towards accident prevention and driver safety.

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Market Segmentation and Analysis:
The automotive LiDAR market is meticulously segmented based on vehicle type, imaging technology, ranging methods, application areas, autonomy levels, and geographical regions. These segments offer comprehensive insights into market dynamics, facilitating informed decision-making and strategic planning.

Based on vehicle type, 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 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 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 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 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, 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.

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Market Leaders and Key Players: Prominent players driving innovation and shaping the automotive LiDAR landscape include Ouster, Inc., Luminar Technologies, Inc., VALEO SERVICE, Quanergy Systems, Inc., LeddarTech Inc., and others.

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This release was published on openPR.