CHICAGO, Nov. 24, 2022 /PRNewswire/ — Automotive LiDAR market is projected to grow from 555 million dollars in 2022 y USD 8.611 million by 2030, at a CAGR of 40.9%, according to a new report from MarketsandMarkets™.
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Factors such as the growing bias towards semi-autonomous vehicles, coupled with the growing demand for high-end vehicles, are expected to boost revenues for the automotive LiDAR market. Rising sales of electric vehicles, coupled with the development of autonomous vehicles, are likely to create favorable opportunities for the automotive LiDAR market during the forecast period.
The solid-state LiDAR segment is estimated to have a larger share during the forecast period.
Solid-state LiDAR is expected to reach a larger segment in the automotive LiDAR market during the forecast period. By technology, the solid-state LiDAR segment is expected to lead the market in terms of value and volume due to its advanced features such as real-time solid-state LiDAR data acquisition, long sensing range, etc. Innoviz Technologies Ltd. (Israel), Quanergy Systems, Inc. (USA), and LeddarTech Inc. (Canada) are some of the players in the solid-state LiDAR market. Furthermore, the growing appetite for advanced technologies in the European region, coupled with the growing focus on autonomous vehicles, is expected to boost the forecasted revenue for the Solid-State LiDAR segment of the Automotive LiDAR market during the forecast period. BMW (Germany) offers solid-state LiDAR technology in its BMW 7 Series model. Similarly, Toyota’s Mirai model uses solid-state LiDAR technology.
The 3D segment is expected to account for a larger share of the Automotive LiDAR market during the forecast period
The 3D Automotive LiDAR market is anticipated to be the largest during the forecast period. 3D LiDAR, which is lightweight, can scan an area of between 100 and 150 meters, depending on the device, with a field of view of 360 degrees horizontally and 360 degrees vertically. OEMs and developers depend more on 3D LiDAR for better visualization and accuracy, resulting in improved output. Considering the downward price trend of 3D LiDAR, OEMs and developers will prefer to implement 3D LiDAR instead of 2D LiDAR, which will also result in more accurate performance. An increased tilt towards advanced technologies in the automotive sector, coupled with the growing focus on L2+, L3, L4 and L5 range, is expected to drive revenue growth of the 3D segment of the Automotive LiDAR market during the forecast period. Audi A8 and Honda Legend are the models offered by Audi (Germany) and Honda (Japan), respectively, which use 3D LiDAR.
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“Europe is expected to have a substantial share in the automotive LiDAR market by 2030.”
Europe It is anticipated to have significant growth in the Automotive LiDAR market during the forecast period. Stringent emissions regulations, which have led to increased sales of EVs, coupled with growing demand for premium vehicles, are expected to drive demand for automotive LiDAR in Europe. Furthermore, the presence of OEMs such as Volkswagen (Germany), Daimler (Germany), Renault (France), and AB Volvo (Sweden) offers growth opportunities for automotive LiDAR in the region. European automakers also dominate the global automotive landscape, accounting for almost 50% of R&D spending, led by BMW, Continental and Daimler. All of these metrics are expected to increase the revenue for Automotive LiDAR market in the Europe region during the forecast period.
Major players in the market
The Automotive LiDAR market is dominated by big players including Valeo (France), DENSO Corporation (Japan), Innoviz Technologies Ltd. (Israel), Velodyne Lidar, Inc. (USA), and Luminar Technologies Inc. (US). These companies offer automotive LiDAR sensors and have strong global distribution networks. These companies have adopted extensive expansion strategies; and has embarked on collaborations, partnerships, and mergers and acquisitions to gain traction in the automotive LiDAR market.
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