Global automotive LiDAR market to reach to $731 million by 2025: Report

According to the report, the global automotive LiDAR market was $128 million in 2018 and is expected to reach approximately $731 million by 2025, at a CAGR of slightly above 28.2

Global automotive LiDAR market to reach to $731 million by 2025: Report
Global automotive LiDAR market to reach to $731 million by 2025: Report

Global automotive LiDAR market to reach to $731 million by 2025: Report

Zion market research has published a new report on global analysis and forecast of automotive LiDAR market from 2018–2025. According to the report, the global automotive LiDAR market was $128 million in 2018 and is expected to reach approximately $731 million by 2025, at a CAGR of slightly above 28.2% between 2019 and 2025.

Automotive light detection and ranging (LiDAR), also known as laser detection and ranging (LADAR), is a method to sense and detect objects and map the object’s distance. The automotive LiDAR market will grow notably in the years ahead, owing to the increasing R&D activities by various automotive companies to improve vehicle performance, reduce fuel consumption, offer better comfort, and much safer driving experience.

Due to the ever-increasing population, the demand for vehicles is surging globally. Increasing partnerships and collaborations between companies to jointly manufacture vehicle combining their respective expertise along with semiconductor manufacturers is fuelling the automotive sector, which, in turn, is driving the automotive LiDAR market.

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Moreover, some players in the automotive LiDAR market are intensively focusing on strategizing to supplement their product capabilities and expand their geographical presence globally. This technology has proven its accuracy and reliability, by its usage in various automotive applications and consumer electronics. However, the high vehicle cost due to the addition of advanced sensors and low durability of the existing LiDAR technology may curtail the automotive LiDAR market growth.

By technology, the automotive LiDAR market is fragmented into solid-state LiDAR and mechanical/scanning LiDAR. Solid-state LiDAR is faster in comparison to traditional survey methods and static laser scanning. Whether the mobile system is mounted on railroad, high-rail, truck, car, or a backpack, the rate of data captured is astonishing by solid-state LiDAR.

By application, the market for automotive LiDAR includes automatic emergency braking (adaptive cruise control and autonomous cars), semi-autonomous cars, and others. The automatic emergency braking system segment holds a notable share in the automotive LiDAR market, owing to its ability to enable adaptive cruise control and lane-keeping. Additionally, automatic acceleration and braking mechanism without human intervention is anticipated to further fuel this market growth in the future.

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The North American automotive LiDAR market is projected to grow at a substantial rate, owing to the technologically advanced countries like Canada and the U.S. The governments of North American countries are majorly investing in enhancing their automobile sectors to produce safer and securer automobiles. Moreover, the increased R&D spending on automobiles by the regional governments is also supporting the automotive LiDAR market growth.

The European market is expected to witness remarkable growth over the forecast time period, owing to the growing use of technology in the automobile industry. Moreover, the European new car program (Euro NCAP) introduced some modifications that must be followed by the automobile manufacturers.

The European Car Assessment Program (Euro NCAP) introduces a few alterations to be followed by the manufacturers. Additionally, the government initiatives to further develop the region’s automotive sector are anticipated to support the automotive LiDAR market in Europe.

Browse the full “Automotive LiDAR Market By Application (Automatic Emergency Braking, Semi-Autonomous Cars, and Others), By Technology (Solid-State LiDAR and Mechanical/Scanning LiDAR), By Location (Roof, Headlights & Taillights, Bumper & Grill, and Others), By Image Projection (2D and 3D), and By Component (Laser, Inertial Navigation System, Camera & GPS/GNSS Receiver, and Micro Electro Mechanical System): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”Report at https://www.zionmarketresearch.com/report/automotive-lidar-market

The Asia Pacific will hold a significant share in the automotive LiDAR market globally, owing to the various safety measures taken by the government, positive economic growth, rising number of provisions for road safety, increasing production of automobile parts, escalating demand for technologically advanced automobiles, accelerating use of automobile due to the migration of people to different cities for jobs, surging awareness for advanced safety features in automobiles. Moreover, due to the rising population in the region, major manufacturing players are trying to utilize this opportunity and enter the Asia Pacific region, which is anticipated to further drive the automotive LiDAR market.

The automotive LiDAR market in Latin America is developing at a slow rate, owing to the increasing vehicle safety to improve safety on roads and avoid catastrophic incidents. Brazil will be a major contributor to this regional market, as the production of cars increased by 5% from 2017 to 2018.