Automotive LiDAR Market: Introduction
LiDAR or light detection and ranging is a remote sensing technology which is becoming hugely popular amongst the automobile manufacturers. It collects 3-dimenional points of earth’s surface and is widely used by the automobile manufacturers to automate the driving of vehicles. It enables safe navigation which would ensure obstacle detection and avoidance. Almost all the OEMs (Original Equipment Manufacturers) are implementing LiDAR to automate the driving experience. With LiDAR possessing huge revenue potential, it is playing an important part in the growth and sales of automobiles. There has been a decrease in manufacturing price of LiDAR due to hike in the numbers of the automated vehicle.
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Automotive LiDAR Market: Dynamics
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. 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. Profound R&D by OEMs and awareness among consumers have played a big part in the market growth. With automakers already integrating AEB (Automatic Emergency Braking) system in their optional or standard variant, the LiDAR market has expected growth.
Automotive LiDAR Market: Segmentation
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Automotive LiDAR Market: Regional Outlook
Geographically, Hybrid loaders market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, Japan, APEJ, Latin America, and the Middle East & Africa. 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.
Automotive LiDAR Market: Key Players
- Continental AG
- Quanergy Systems
- Robert Bosch
- Velodyne LiDAR
- Novariant
- Denso Corporation
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