Global Automotive LiDAR Sensors Market to grow at 28% CAGR by 2026

June 05, 2020

According to the research report titled ‘Global Automotive LiDAR sensors Market Size study, by Application (Semi-autonomous vehicles, Autonomous vehicles), by Image Type (2 Dimensional, 3 Dimensional), by Technology ( Solid state, Mechanical/scanning), By Location (Bumper and grill, Headlight and taillight, Roof and upper pillars, Others ), by Vehicle Type (ICE, Hybrid, Battery electric) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global automotive LiDAR sensors market generated revenues worth USD 167 million in the year 2019 and is expected to register a y-o-y growth rate of 28% between 2020 and 2026.

For the record, LiDAR (light detection and ranging sensors) are survey and detection techniques which measure the proximity of an object. These systems comprise of a GPS receiver, a laser, and a scanner. An optical pulse is developed by the laser, which contains transmits radiated energy towards the target. These systems help in analyzing, detecting as well as mapping objects efficiently as compared to traditional methods.

Growing inclination towards semi-autonomous vehicles coupled with strict regulatory scenario pertaining to vehicle safety are major factors driving the automotive LiDAR sensors industry growth. The automotive LiDAR sensor enhances operations of navigation systems in a vehicle by detecting and helping in avoiding obstacles in route.

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The key industry players are concentrating on business centric activities such as funding, investments, partnerships & agreements, mergers & acquisitions as well as innovative product launches, which in turn is creating numerous opportunities for industry growth. In 2017 for instance, Continental AG introduced a high-resolution 3D flash LiDAR solution particularly for automobiles. Similarly, Innoviz Technologies Ltd. developed its first high quality solid-state LiDAR (HD-SSL) called InnovizOne. This product offers high quality 3D remote sensing solutions with advanced precision and develops real-time 3D pictures of the automobile surrounding. However, high costs associated with LiDAR sensors may act as a restraining factor to the overall market growth.

From the regional point of view, Europe automotive LiDAR sensors industry is expected to grow significantly during the estimated timeframe, primarily due to favorable government regulations. Apparently, the European Union is promoting the use of LiDAR-powered ADAS systems in order to improve vehicle safety. On the other hand, the Asia-Pacific market is slated to register robust growth in the forthcoming years. Rising adoption of ADAS systems along with high occurrence of road fatalities are augmenting the regional demand for automotive LiDAR sensors.

The prominent companies operating in automotive LiDAR sensors market are Innoviz Technologies Ltd., Quanergy Systems Inc., First Sensor AG, LeddarTech Inc., Texas Instruments, Velodyne LiDAR Inc., Infineon Technologies AG, ZF Friedrichshafen AG, Continental AG and Delphi Automotive PLC among others.

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