According to a report by Persistance Market Research, the prime factor boosting the growth in the global automotive LiDAR market is the increasing integration of LiDAR technology in the vehicles by OEMs to automate the driving. Other points raised by the the report are:
- With OEMs integrating LiDAR in ADAS (Advanced Driver Assistant System), the vehicles provide a safe navigation and avoid a collision. ADAS is expected to grow at a higher rate due to forward collision avoidance system with the help of LiDAR. As the automotive market is growing and so is the competition, providing safe and comfortable driving assistance would be the unique selling point for the OEMs.
- Solid-state LiDAR is expected to hold greater dominance in forecasted period as the mechanical LiDAR is fragile and expensive. An increase in the application of solid-state LiDAR in the automotive industry has accelerated its speed of development.
- Mechanical LiDARs have dominated the automotive market for quite a while due to its implementation in the testing of automated vehicle prototype. They are fragile, bulky and expensive in nature which causes various challenges to the manufacturers during its integration into the vehicle.
- The application type segmentation will see increased growth in the forecasted period. With the growth in awareness among the consumers and increased competition, more and more OEMs emphasizing on the integration of LiDAR in their vehicles. This technology is also being implemented in drones, urban planning and meteorology.
Global Automotive LiDAR Market: Regional Outlook
- Europe, being a hub of numerous automotive manufacturers, contributes to the major growth of LiDAR market. German companies like Audi, BMW and Mercedes-Benz are leading in the integration of LiDAR in their ADAS system. Collaborating with both local and international players, they are looking to attain a dominant grip over the market.
- North America on the other hand, is one of the most technically advanced regions are expected to lead the LiDAR market in the coming years. With the emphasis on more Artificial Intelligence based product, LiDAR would be another marketplace they would dominate. In APEJ, China is leading the LiDAR marketplace.
- With more and more Chinese automobile companies venturing further into the global market, there is an increase in demand of LiDAR among their consumer base.
- Japan, well known for their automobile market and technically advanced innovations will also see a significant growth in LiDAR as the integration of Artificial Intelligence among their cars are on all-time high.
- Middle East has seen a significant growth in the sales of vehicles with ADAS. With a strong consumer base for safe and cruise driving, Middle East is turning out to be growing sales market.
Global Automotive LiDAR Market Key Players:
- Continental AG, Quanergy Systems, Robert Bosch, Velodyne LiDAR, Novariant, Denso Corporation.