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Market Size – USD 166.4 Million in 2019, Market Growth – CAGR of 27.8%, Market trends – Increased investment in R&D in developed regions.
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— Emergen Research
VANCOUVER, BC, CANADA, April 17, 2023 /EINPresswire.com/ — The global Automotive LiDAR Market is expected to reach USD 1,092.5 Million by 2027, according to a new report by Emergen Research. An increase in the research and development activities in the autonomous vehicle has propelled the demand for the market. The market for autonomous vehicles is continuously evolving to meet the requirement of the customers by collaborating with tech giants. Advancement in technology and awareness regarding Light Detection and Ranging for vehicle safety will create a demand for the product. Companies such as Uber, General Motors, Apple, and Waymo are involved in the development of autonomous vehicles. LiDAR is one of the key factors in autonomous vehicles, and the mass production of these autonomous vehicles will create a demand for the market product.
This study provides a comprehensive look at the Automotive LiDAR market from both a qualitative and quantitative perspective as well as crucial statistical information about the market. As of 2017, the research study provides historical data and offers forecasts up to 2027. Furthermore, the report describes emerging and established players of the market, providing an overview of their business, their product portfolio, their strategic alliances, and their plans for expansion. In view of the current COVID-19 pandemic, the growth of the Automotive LiDAR industry is expected to be significantly affected, especially due to movement restrictions and lockdowns affecting supply and demand. There has been a significant impact of the COVID-19 pandemic on several sectors of the global market.
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Some Key Highlights from the Report
The high demand for solid-state LiDAR is due to its cost-effective nature. Built on a silicon chip, a solid-state LiDAR is smaller and more irrepressible to vibrations. It can also adjust its directional focus, which is desirable for autonomous vehicle designers.
The autonomous vehicle is witnessing an increased demand as it helps reduce traffic congestion resulting in the efficient delivery of goods and services. It also facilitates better fuel efficiency and reduces carbon monoxide emission.
Most of the manufacturers are testing their autonomous vehicle technologies on battery electric vehicles. A positive customer perception, advancement in technology, and intervention from the government are focusing the attention on Battery Electric Vehicles.
These LiDAR technologies are generally used on bumper and grills location. A need for a better field view without any effect on the appearance of the vehicles is leading the demand for this segment.
Major Players/Manufacturers profiled in the report are:
Delphi Automotive PLC, ZF Friedrichshafen AG, Velodyne LiDAR, Inc., First Sensor AG, Continental AG, Infineon Technologies AG, Texas Instruments Incorporated, Quanergy System Inc., Leddartech Inc., Innoviz Technologies Ltd.
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Global Automotive LiDAR Market Report – Segmental Analysis:
Image Type Outlook (Revenue, USD Billion; 2017-2027)
2D Image Type
3D-Image Type
Technology Outlook (Revenue, USD Billion; 2017-2027)
Solid-State LiDAR
Mechanical/Scanning LiDAR
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
ICE
HEV
PHEV
Battery Electric
Key Geographies Profiled in the Report:
North America(the U.S., Mexico, and Canada)
Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
Europe(the U.K., France, Germany, and Rest of Europe)
Latin America(Brazil and Rest of Latin America)
Middle East & Africa(GCC Countries and Rest of Middle East & Africa)
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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