New York City, 21 Feb 2020: The global automotive LiDAR market size
is expected to reach $4.14 billion by 2026, growing at a CAGR of over 35%
during the forecast period, according to report published by Polaris Market
Research. The report “Automotive
LiDAR Market Size By Type (Solid-State LiDAR, Mechanical LiDAR); By Application
(Advanced Driver Assistance Systems – (AEB and ACC), Autonomous Vehicle); By
Region & Segments Forecast, 2018 – 2026″ provides
a holistic analysis of current and predicted market trends.
Light detection and
ranging (LiDAR) is a technology based on remote sensing and it is significantly
popular among the automobile manufacturers. It is used by these manufacturers
in automation systems of vehicles enabling safety. Moreover, the decrease in
manufacturing costs of LiDAR due to surge in automation of vehicles is a major
factor contributing towards market growth.
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Although ADAS has been
available since long in the market, OEMs were reluctant to incorporate these
systems due to high costs of sensors. However, adoption of LiDAR in the automotive
sector is growing due to rising focus towards safety by regulatory bodies, and
customers aimed at safeguarding vehicles and passengers. Due to continued focus
of governments across multiple countries on enhancing vehicular safety, many
regions have witnessed policies enforcing mandatory deployment of Advanced
Driving Assistance Systems (ADAS) in vehicles. For instance, EuroNCAP (New Car
Assessment Program) crash testing program has been modified to include
assessment of ADAS types which will have an impact on the safety rating of
vehicles. Eventually, the penetration and adoption of radars and cameras is
expected to increase during the forecast period as OEMs increasingly adopt ADAS
with the aim of qualifying for the best ratings in terms of vehicle safety.
Within automotive LiDAR there are two main applications – ADAS and
Autonomous Vehicle. ADAS application accounts for the majority share in
automotive Light detection and ranging market; this is majorly attributed to
autonomous/self-driving vehicle not available commercially. This trend is
expected to continue during the forecast period with the autonomous vehicle
application segment gaining progressively as manufacturers work on that
technology.
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Geographically, the
American regional market accounted for the largest share during 2017. While,
the Asia Pacific regional market for automotive LiDAR is expected to witness
highest growth during the forecast period. Increasing competition is observed
among automotive OEMs for developing fully autonomous vehicles in the market.
With these rapid advancements in autonomous vehicle technology, the global
automotive light detection and ranging market is expected to register
considerable growth by 2026. Other important factors such as development of
solid-state LiDAR sensors, and significance of the LiDAR sensors in ADAS are
also responsible for the market growth.
The
major companies operating in the automotive LiDAR sector include established players such as Continental AG, Delphi
Technologies, Denso Corporation, First Sensor AG, LeddarTech, Novariant
(AgJunction), Quanergy Systems, Inc., Robert Bosch GmbH, Scans LLC, Velodyne
LIDAR, Inc.
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