The Global Automotive LiDAR Market is expected to grow at a CAGR of around 29% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. The increasing integration of AI-based functionalities in autonomous vehicles, as well as rising government initiatives to implement Advanced Driver Assistance Systems (ADAS) in autonomous vehicles, are driving the market growth. In addition, the rising network of Automotive IoT, expanding consumers’ traction towards advanced features, and extensive usage of LiDARs in high-level automated vehicles, result in escalating the market growth.
Moreover, the increasing demand for autonomous & semi-autonomous vehicles & the growing need for the usage of LiDARs for a higher level of automation has stimulated the market growth during 2017-21. Additionally, several automakers, including Ford, BMW, Kia, Hyundai, Honda, Toyota, Mercedes-Benz, General Motors (GM), and others, have taken steps to integrate advanced safety features, such as emergency braking & smart parking assistance. This would significantly grow the Automotive LiDAR market in the coming years.
Furthermore, the tremendous development in the Research & Development (R&D) for automotive vehicles to enhance the features of the LiDAR system is expected to reduce the prices of LiDARs in the future. Hence, the commencement of mass production of LiDAR is expected to elevate the market growth during 2022-27.
Solid-state Technology Held a Significant Share in the Global Automotive LiDAR Market
Based on the technology, the market is divided into Mechanical & Solid-state. Among them, Solid-state technology captured a notable share in the Global Automotive LiDAR market during the historical period. Solid-state technology is becoming the ideal choice for automotive manufacturers as it has no spinning mechanical components compared to its substitutes. Moreover, due to its affordability, it is used in numerous locations, such as the front & sides of an autonomous vehicle & combines data received from each of the sensors to provide an extended vertical & horizontal Field of View (FOV).
Additionally, the solid-state technology provides several advantages, including advanced software compatibility & wide viewing angles, among others, that have led the automobile manufacturers to adopt the technology due to its greater performance, increased durability, and reliability.
North America to Witness Substantial Growth in the Years to Come
Geographically, the North America Automotive LiDAR market experienced significant growth during 2017-2021. The factors responsible for the market growth are the growing efforts put by the government to bring technological advancements such as the integration of AI & IoT in the automotive industry to propel the market growth. In addition, the rising shift of consumers toward electric vehicles, autonomous shuttles, Robo-taxis, and delivery droids, have boosted the demand for AI-based sensors in autonomous commercial vehicles. Moreover, these vehicles are most commonly used in agriculture, transportation & logistics, and mining, among others & have unlocked considerable demand potential for the application of automotive LiDAR sensors.
Furthermore, the governments of the countries such as Canada, the US, and Mexico have initiated various programs & schemes, tax relaxations, regulations, etc., to stimulate electric vehicles among the end-user. For instance, the Zero Emission Vehicle Infrastructure Program (ZEVIP), Autonomous Vehicle Innovation Network, etc., in Canada, among others, are expected to accelerate the manufacturing of electric vehicles in Canada. Therefore, this has stimulated companies to boost their efforts in enhancing the manufacturing of electrical vehicles & providing efficient services to their customers, which would further result in escalating the market growth, reveals MarkNtel Advisors in their research report, "Global Automotive LiDAR Market Analysis, 2027."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Automotive LiDAR Market are Delphi Automotive, PLC, Continental AG, ZF Friedrichshafen AG, Infineon Technologies AG, Velodyne LiDAR, Inc., Texas Instruments, Inc., Leddartech, Inc., First Sensor AG, Quanergy Systems, Inc., Innoviz Technologies, Ltd., Luminar Technologies, Ouster, Inc., Robert Bosch GmbH, Valeo, Benewake (Beijing) Co., Ltd., Others.
Key Questions Answered in the Study