Demand For Automotive Light Detection And Ranging (Lidar) Is Projected To Increase At A Stellar CAGR Of 19.5%
SEOUL, SOUTH KOREA, May 24, 2022 /EINPresswire.com/ — The 2D Automotive LiDAR Market, which held a net worth of US$ 430 million in 2020, is slated to surge to an estimated valuation of US$ 3 billion by the end of 2031.
Technology has become a crucial aspect of all industry verticals, and this trend is highly prevalent in the automotive industry. Increasing demand for autonomous vehicles is a major trend that is driving Mid-range Automotive LiDAR (light detection and ranging) Market growth.
Rising use of advanced driver assistance systems, collision warning systems, lane-departure warning systems, etc., will also favour automotive LiDAR demand growth potential. However, the high costs of automotive LiDAR are anticipated to slow down market growth to some extent over the forecast period.
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Solid-state LiDAR companies are expanding their business scope by investing in the research and development of new technologies to create better product offerings.
In April 2022, Efficient Power Consumption, a semiconductor company, announced the launch of a new GaN IC that can be used in LiDAR systems for multiple applications, in which autonomous vehicles are also present.
“Increasing technological proliferation and rising demand for autonomous vehicles will propel demand for automotive LiDAR through 2031,” says a Fact.MR analyst
Key Takeaways from Market Study
In 2020, the automotive LiDAR market stood at a valuation of US$ 430 million.
Demand for automotive LiDAR is projected to surge at a phenomenal CAGR of 19.5% from 2021 to 2031.
Sales revenue for automotive light detection and ranging is anticipated to reach US$ 3 billion by 2031.
Increasing demand for autonomous vehicles, rapid technological advancements, and rising demand for safety in automotive will majorly propel automotive LiDAR market potential.
High costs of LiDAR systems could potentially slow down market growth to some extent.
In 2020, solid-state LiDAR accounted for a major market share of 60%.
China, India, Germany, and Japan are anticipated to be the most notable markets for automotive LiDAR over the forecast period.
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Competitive Landscape
Automotive light detection and ranging system providers are focusing on the acquisition of new agreements and partnerships to boost their business scope on a global level and maximize profits.
In March 2020, Velodyne LiDAR, a leading name in the LiDAR technology industry, announced a sales agreement with NAVYA, a leading autonomous driving system provider.
Key Segments Covered in Automotive LiDAR Industry Research
Automotive LiDAR Market by Technology :
Solid-state LiDAR
Mechanical/Scanning LiDAR
Automotive LiDAR Market by Location :
Roofs & Upper Pillars
Headlights & Taillights
Bumpers & Grills
Automotive LiDAR Market by Image Projection :
2D Automotive LiDAR
3D Automotive LiDAR
Automotive LiDAR Market by Range Type :
Short & Mid-range Automotive LiDAR
Long range Automotive LiDAR
Automotive LiDAR Market by Vehicle Type :
IC Engine Vehicles
Hybrid Electric Vehicles (HEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Battery Electric Vehicles (BEVs)
Automotive LiDAR Market by Application :
Semi-autonomous
Autonomous
Automotive LiDAR Market by Region :
North America Automotive LiDAR Market
Latin America Automotive LiDAR Market
Europe Automotive LiDAR Market
East Asia Automotive LiDAR Market
South Asia & Oceania Automotive LiDAR Market
MEA Automotive LiDAR Market
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive LiDAR market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of technology (solid-state LiDAR, mechanical/scanning LiDAR), location (roofs & upper pillars, headlights & taillights, bumpers & grills), image projection (2D, 3D), range type (short & mid-range, long range), vehicle type (IC engine vehicles, hybrid electric vehicles [HEVs], plug-in hybrid electric vehicles (PHEVs], battery electric vehicles [BEVs]), and application (semi-autonomous, autonomous), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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