Automotive LiDAR Market is Anticipated to Grow at a CAGR of 19.5% to Reach US$ 3 Billion by 2031

Automotive LiDAR Market

The automotive LiDAR market in Europe is poised to benefit from the robust presence of major automakers in the region, positioning it to maintain a substantial share in the global industry landscape for the foreseeable future. Among the European countries, Germany is expected to emerge as a key market for Light Detection and Ranging (LiDAR) sensors.

The global automotive LiDAR market, valued at US$ 430 million in 2020, is anticipated to experience a significant upturn. Industry experts project the market’s value to surge to US$ 3 billion by the end of 2031. This remarkable growth is attributed to the escalating demand for automotive Light Detection and Ranging (LiDAR), expected to showcase an impressive Compound Annual Growth Rate (CAGR) of 19.5% over the next decade.

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In the ever-evolving landscape of the automotive industry, a significant revolution is taking place, one that promises to change the way we drive, commute, and even think about transportation. This transformation is being driven by the relentless pursuit of autonomous vehicles, and at the heart of this shift lies a technology that is becoming increasingly indispensable: LiDAR.

LiDAR’s Crucial Role in Autonomous Driving

LiDAR, an acronym for Light Detection and Ranging, is a sensing technology that utilizes laser beams to measure distances and create high-resolution, three-dimensional maps of a vehicle’s surroundings. This technology serves as the linchpin of autonomous driving systems, offering vehicles a real-time, 360-degree view of their environment.

Automakers have recognized that LiDAR is not merely a key component but a critical enabler of self-driving cars. Consequently, they are eagerly adopting this technology to introduce safer and more efficient autonomous vehicles to the market.

The Surge in the Automotive LiDAR Market

The automotive LiDAR market is undergoing an unprecedented surge, and the reasons behind it are evident. Here’s why automakers are enthusiastic about integrating LiDAR into their autonomous vehicles:

  1. Enhanced Safety: LiDAR sensors exhibit remarkable precision in detecting objects, pedestrians, and other vehicles, even in challenging conditions like low light or adverse weather. This heightened ability to “see” surpasses that of human drivers, making autonomous vehicles equipped with LiDAR inherently safer.
  2. Accurate Mapping: LiDAR generates highly detailed maps of the surroundings, facilitating vehicles’ navigation through complex urban environments, highways, and rural roads. These maps are continuously updated in real-time, ensuring the car always possesses the most current information.
  3. Obstacle Avoidance: LiDAR empowers autonomous vehicles to make split-second decisions for avoiding obstacles or navigating through traffic, thereby reducing the likelihood of accidents.
  4. Improved Reliability: With advancing LiDAR technology, it is becoming more reliable and cost-effective, making it a viable option for mass-market autonomous vehicles.
  5. Regulatory Compliance: Some regions and countries are moving towards mandating the use of LiDAR in autonomous vehicles, further propelling its adoption.

Competitive Landscape

Companies in the automotive Light Detection and Ranging (LiDAR) system sector are prioritizing the establishment of new agreements and collaborations to expand their global market presence and optimize revenue generation.

In March 2020, Velodyne LiDAR, a prominent player in the LiDAR technology sector, disclosed a sales agreement with NAVYA, a renowned provider of autonomous driving systems. This strategic move underscores the industry’s commitment to fostering partnerships for mutual benefit.

Key Segments Covered in Automotive LiDAR Industry Research

  • By Technology:
    • Solid-state LiDAR
    • Mechanical/Scanning LiDAR
  • By Location:
    • Roofs & Upper Pillars
    • Headlights & Taillights
    • Bumpers & Grills
  • By Image Projection:
    • 2D
    • 3D
  • By Range Type:
    • Short & Mid-range
    • Long range
  • By Vehicle Type:
    • IC Engine Vehicles
    • Hybrid Electric Vehicles (HEVs)
    • Plug-in Hybrid Electric Vehicles (PHEVs)
    • Battery Electric Vehicles (BEVs)
  • By Application:
    • Semi-autonomous
    • Autonomous
  • By Region:
    • North America
    • Latin America
    • Europe
    • East
    • South Asia & Oceania
    • MEA

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Looking Ahead

As automakers continue to invest heavily in the development of autonomous vehicles, the automotive LiDAR market is poised for exponential growth. The synergy between LiDAR technology and self-driving cars is reshaping the future of transportation, with the promise of reducing accidents, alleviating traffic congestion, and providing mobility solutions for individuals with disabilities.

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