Automotive LiDAR Market to Record Sturdy Growth by 2024

LiDAR is considered a surveying technique, which helps to measure the distance to a certain target by brightening the target with some sort of a pulsed laser light and measuring the number of reflected pulses with a sensor. The differences in wavelengths and laser return times is used to create digital 3D representations of the specific target. LiDAR finds four major applications in the automotive sector such as advanced driver assistance system (ADAS), automatic emergency braking (AEB), adaptive cruise control (ACC) and autonomous cars. ADAS is becoming increasingly popular among automobile users.

ADAS are features, which provide necessary information and automates complex or repetitive tasks of the driver and in addition increases the safety of the driver and co-passengers in the vehicle. GPS navigation is the most common type of ADAS, which is of immense use to all automobile users. AEB is a vital braking technology in automobiles. It helps to detect a crash, which might happen considering the distance of one vehicle to another with various sensors. On sensing the crash, AEB alerts the driver. If the response or the action of the driver is not sufficient to stop the crash, then AEB automatically deploy the brakes as per the requirement of stopping or mitigating the crash.

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Increasing production of vehicles and rising demand for passenger vehicles is a major driving factor for the automotive LiDAR market. In addition, strict government guidelines and automobile standards relating to safety and security in vehicles is driving the demand for better applications of LiDAR in automobiles. Moreover, rising popularity of hybrid and electric vehicles is also set to bolster the growth of automotive LiDAR market, globally. Growth in the automotive sector and rising investments in automotive LiDAR component manufacturing companies across the world is set to influence the market significantly during the forecast period.

The automotive LiDAR market can be classified by application, by vehicle type and by geography. The application segment can be classified into advanced driver assistance system (ADAS), automatic emergency braking (AEB), adaptive cruise control (ACC) and autonomous cars. By vehicle type, the market can be segregated as passenger vehicles, light commercial vehicles and heavy commercial vehicles. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

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In the automotive LiDAR market, Asia Pacific holds the largest market share in terms of revenue followed by Europe, North America, Latin America and, Middle East and Africa (MEA).In the Asia Pacific region, countries such as China and India has been witnessing heavy demand and production for passenger vehicles. This in turn is increasing the application of automotive LiDAR in passenger vehicles of above mentioned countries.

The market in North America and Europe tends to be a bit saturated but the market is expected to remain stable during the forecast period. By the end of the forecast period, Middle East and Africa, and Latin America are expected to show significant growth, considering the growth in automotive sector and rising demand for passenger and commercial vehicles in the regions.

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The report also provides company market share analysis of the various industry participants. Acquisition is the main strategy being widely followed by leading market players. In case of an acquisition, the acquirer takes advantage of existing synergies. As a result, both companies are expected to emerge more profitable and stronger than before. Key players in the global automotive LiDAR market have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: Denso Corporation, Continental AG, LeddarTech, Novariant, Inc., Velodyne LiDAR, Inc., Quanergy Systems, Inc. and Robert Bosch GmbH, among others.

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This release was published on openPR.