Passenger Car Segment to Dominate Global Automotive LiDAR Market till 2024
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.
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Automotive LiDAR Market"
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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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