According to a new market report published by Credence Research, Inc., “Global Automotive LiDAR Sensors Market (By Product Type (Mechanical LiDAR and Solid-state LiDAR), By Application (Semi-autonomous and Autonomous Vehicles) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global automotive LiDAR sensors market is projected to witness a substantial growth by reaching US$ 919.6 Mn in 2027, expanding at a CAGR of 19.87% during the forecast period from 2019 to 2027.
The global automotive industry is witnessing continuous advancements in the field of autonomous and semi-autonomous vehicle technology. To make autonomous vehicle a commercial possibility, automakers are equipping cars with sensing technology which can be helpful in planning the route of autonomous vehicle through a virtual map of the surrounding. LiDAR is one such sensor technology which provides high resolution three dimensional map of the surrounding. Due to the growing penetration of self-driving vehicles, the market for automotive LiDAR sensors is expected to reach US$ 919.6 Mn in 2027, growing at a CAGR of 19.87% during the forecast period from 2019 to 2027.
Road safety is one of the major concerns across the world. According to World Health Organization Global Status Report on Road Safety 2018, road traffic injuries is the 8th major cause of death. In 2016, 1.35 million deaths were recorded across the world which were due to road accidents. Making vehicle autonomous can erase the possibility of human errors and save the loss of life.
The global automotive LiDAR sensors market, based on product type, was dominated by the solid-state LiDAR sensor in 2018. The growth of this segment is mainly accredited to the superior features it provides in comparison with its counterparts. Being cheap, robust and compact in size, it can fit anywhere on the vehicle. It is preferred as a primary sensor because it is critical for the safety of the vehicle, failure of this LiDAR may lead to a vehicle mishap or an accident. Mechanical LiDAR sensors are relatively more prone to failures. As a result, solid-state LiDAR sensors are preferred more than mechanical LiDAR sensors.
Further, based on geography, North America led the automotive LiDAR sensors market in 2018. Well-established automotive industry and the presence of number of driver-less car manufacturing companies is aiding the growth of the market in the region. Moreover, strong backing provided by the governments of countries in the region for promoting autonomous vehicle technology further drives the growth of the automotive LiDAR sensors market in North American region.
Some of the major players profiled in the global automotive LiDAR sensors market includes LeddarTech, Velodyne Lidar, Quanergy Systems, Inc., Luminar Technologies, Inc., Innoviz Technologies, Ltd., Waymo LLC, Ibeo Automotive Systems GmbH, Mobileye, Valeo S.A., Continental AG, Oryx Vision, Ouster, Inc., and TriLumina among others. These companies are heavily investing in R&D for developing advanced LiDAR technology and to reduce its cost. Also, companies are collaborating with other players of the industry to gain bigger share of the market.
For instance, in March 2019, Innoviz Technologies, Ltd. raised a capital of US$ 132 million from Chinese investors for research and development of an end to end LiDAR platform for automotive industry. In June 2018, Juniper Research had selected Quanergy Systems, Inc.’s LiDAR as the best consumer product in automotive and telematics.
Moreover, in December 2018, LeddarTech partnered with French deep-tech company Cailabs. Together, both the companies will explore the chances of combining LeddarTech LiDAR technology with Cailabs’ laser beam shaping solutions for the automotive industry.
Browse the full report at https://www.credenceresearch.com/report/automotive-lidar-sensors-market
The Global Automotive LiDAR Sensors Market is Segmented into:
|Segmentation||By Channel (2019–2027; US$ Mn)|
|By Vehicle (2019–2027; US$ Mn)|
|By Geography Segment (2019–2027; US$ Mn)|
*Complete segmentation list is on report page