Worldwide Automotive LiDAR Market 2019-2027
April 12, 2019 | Business WireEstimated reading time: 2 minutes
The global automotive LiDAR market accounted for $415.1 million in 2018 and is expected to grow at a CAGR of 30.4% over the forecast period 2019-2027, to account for $4,348.09 million in 2027.
The factors that are driving the growth of automotive LiDAR market include increased integration of technologies in automobiles and rising advancements in the automotive industry. Further, the increasing number of partnerships between automotive and semiconductor manufacturers is capitalizing the automotive LiDAR market which in turn is expected to supplement the growth of automotive LiDAR market across the world.
However, the high upfront cost of the vehicle owing to the integration of advanced sensors is expected to impede the growth of the automotive LiDAR market. Some of the leading players in the automotive LiDAR market are highly focusing on strategic market initiatives in order to enrich its product capabilities as well as to expand their geographical presence across the globe, which in turn is contributing for the growth of the automotive LiDAR market.
LIDAR technology has proved its reliability and accuracy throughout several thousands of implementations such as consumer electronics, automotive applications. To perform at its fullest, technology is built using unique and advanced components. The automakers globally are observing considerable demand for smart devices in their vehicles. This has led the automobile manufacturers to continuously focus on innovating, designing and developing autonomous cars which have already attracted a fair percentage of customers in major automotive manufacturing countries.
In the current scenario, the global players are setting self-driving vehicles on the road, which is successfully gaining high momentum across wide prospects such as suppliers, OEMs, technology companies, mobility providers, governments, regulatory bodies, and academic institutions. Moreover, more and more numbers of technology companies and automakers are showcasing their self-driving and autonomous vehicles. Also, many global players are working on autonomous driving technology. These continuous advancements in the automotive industry would raise the demand for LiDAR.
The global automotive LiDAR market on the basis of the application is categorized into the autonomous shuttle, robotaxis, and passenger cars. Passenger car segment undergoes substantial technological advancements year on year, owing to the changes in consumer interests, the emergence of new technologies, and governmental rules and regulation related to the reduction in emission and other factors. The trend of procurement of passenger cars is increasing at a decent rate over the years.
The more the procurement of passenger cars, the more is the demand for LiDAR system to have hassle-free driving experience. The rising demand for passenger cars across the globe is majorly attributed to the increasing disposable income among the populations in developed countries as well as developing countries. The trend of procurement of passenger cars is increasing at a rapid rate over the years and the trend is anticipated to continue in the future.
Some of the players present in automotive LiDAR market are Continental AG, Denso Corporation, Innoviz Technologies, Ltd., Luminar Technologies, Inc., Omron Corporation, Panasonic Corporation, Trilumina Corporation, Valeo SA, Velodyne LiDAR, Inc., and Xenomatix N.V. among others.
Suggested Items
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).
Cadence, TSMC Collaborate on Wide-Ranging Innovations to Transform System and Semiconductor Design
04/25/2024 | Cadence Design SystemsCadence Design Systems, Inc. and TSMC have extended their longstanding collaboration by announcing a broad range of innovative technology advancements to accelerate design, including developments ranging from 3D-IC and advanced process nodes to design IP and photonics.
SMC Korea 2024 to Highlight Semiconductor Materials Trends and Innovations on Industry’s Path to $1 Trillion
04/24/2024 | SEMIWith Korea a major consumer of semiconductor materials and advanced materials a key driver of innovation on the industry’s path to $1 trillion, industry leaders and experts will gather at SMC (Strategic Materials Conference) Korea 2024 on May 29 at the Suwon Convention Center in Gyeonggi-do, South Korea to provide insights into the latest materials developments and trends. Registration is open.
Orbex Secures £16.7m Investment for Rocket ‘Ramp Up’ Period
04/24/2024 | OrbexThe UK spaceflight company Orbex has received £16.7m from six backers in an update to its Series C funding round.
Real Time with... IPC APEX EXPO 2024: Going Vertical: SCHMID's Advanced Solutions for Printed Circuit Boards
04/24/2024 | Real Time with...IPC APEX EXPOEditor Marcy LaRont chats with Bob Ferguson, the president of SCHMID, about advanced solutions for PCBs and the equipment they are highlighting at this year's show. He delves into vertical no-touch handling systems and the prospect of achieving sub-10-micron lines. Inspired by SCHMID's technology, Bob expresses excitement about where the industry is today.