Worldwide automotive LiDAR market is projected to reach US $4,135.2 million by the end of 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, the factors primarily influencing automotive LiDAR market growth include the rising adoption of ADAS and high investments by leading companies like Google, Apple, and Uber in the development of self-driving vehicles. There are numerous benefits of integrating LiDAR technology in ADAS systems including compatibility to various environmental conditions, the ability to work better range up from 10 cm to 100 m, and records 30 times faster than ordinary camera video, such factors are poised to have a positive impact on the worldwide automotive LiDAR market.
On the contrary, high cost and alternative technology are some factors that can hinder market growth over the coming years. However, these obstacles are predicted to have a nominal impact on the automotive LiDAR market accredited to the falling prices in the future with increasing volume.
According to the study, LiDAR has become a crucial feature of autonomous cars, and therefore automotive LiDAR market is witnessing numerous advancements to offer better product and service to customers in the ensuing years. Several market majors are coming up with modern technologies to enhance their status in the market for example in the year 2016, LeddarTech introduced a modular Vu8 LiDAR sensor priced at US $475. In addition, in February 2016, ZF bought 40% share in Ibeo, this helped ZF to take the subsequent technological leap and a momentous step forward in the field of autonomous vehicles. Such trends would further strengthen automotive LiDAR market growth over the foreseeable years.
Presently, North America leads the global automotive LiDAR market owing to the early adoption of ADAS, technological advancements, presence of well-known automotive LiDAR companies in the region, and strong technical adoption base. Moreover, the developing application of self-driving vehicle technology in commercial cars services in developed economies, like the U.S. and Canada, is likely to make considerable contributions to the North America market. Whereas, the Asia Pacific, and European markets are anticipated to observe high growth over the coming years. Development in the Asia Pacific region can be accredited to the burgeoning demand for autonomous cars within its developing economies, cites the report.
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The significant industry players operating in the competitive landscape of global automotive LiDAR market includes Velodyne LIDAR, Inc., Scans LLC, LeddarTech, Quanergy Systems, Inc., Novariant (AgJunction), First Sensor AG, Continental AG, Delphi Technologies, Denso Corporation, and Robert Bosch GmbH among others. These companies launch innovative solutions and often join forces with other market leaders to innovate new products that meet the rising end-user demands, thereby augmenting the automotive LiDAR market size.
The report also delivers a comprehensive analysis of the automotive LiDAR market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of type, application spectrum, and regional landscape is also included in the report. In addition to this, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments.