Increasing popularity of semi-autonomous vehicles & ADAS and vehicle safety regulations to push global automotive LiDAR market through 2024
According to TechSci Research report, “Global Automotive LiDAR Market By Vehicle Type, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024”, global automotive LiDAR market is projected to grow at a CAGR of over 35% during 2019-2024, owing to increasing adoption of electric vehicles. LiDAR illuminates the target with laser light and measures the reflected pulses with a sensor to spot the target in the way. Increasing popularity of driverless cars and growing safety concerns are some of the other major factors that would have a positive impact on the market during forecast period.
115 market data Figures spread through 110 Pages and an in-depth TOC on” Global Automotive LiDAR
LiDAR is generally mounted on the roof, bumper & grill, etc. Passenger car segment dominated the market and the trend is likely to continue in the coming years. Based on the application, LiDAR is put to use for automatic emergency braking, adaptive cruise control and other applications. Surging popularity of ADAS, such as adaptive cruise control and autonomous emergency braking system, is expected to enable ADAS segment to dominate global automotive LiDAR market through 2024.
Few of the major players operating in global automotive LiDAR market are Innoviz Technologies, Ltd., Velodyne, Continental AG and LeddarTech. Continental AG has introduced high resolution 3D flash LiDAR, thereby enhancing the company’s advanced driver assistance systems portfolio. Innoviz Technologies Ltd. has also developed solid-state LiDAR to enable smart and advanced features of 3D remote sensing. Continued research & development efforts aimed at manufacturing technologically advanced and affordable LiDAR for automobiles are anticipated to intensify the market over the course of next five years. Major companies are experimenting to develop semi-autonomous and autonomous vehicles to enhance safety of vehicles in order to prevent accidents and leverage the opportunity in rapidly growing security enabled driverless vehicle market with the assistance of LiDAR. Increasing investments and continuous product developments by automotive companies in the automotive LiDAR market are also expected to fuel the market.
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“Backed by government regulations pertaining to preventing accidents, regions like North America and Europe are emerging as the most prominent markets for automotive LiDAR. North America is anticipated to be the largest market for automotive LiDAR, followed by Europe. Moreover, Asia-Pacific automotive LiDAR market is anticipated to exhibit robust growth during the forecast period. Application of LiDAR in autonomous vehicles for displaying the exact vehicle information is likely to aid global automotive LiDAR market growth during forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Automotive LiDAR Market By Vehicle Type, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global automotive LiDAR market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global automotive LiDAR market.
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