Global Automotive LiDAR Market Size Set to Grow at Robust CAGR of 39.10%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive LiDAR market size at USD 489.63 million in 2022. During the forecast period between 2023 and 2029, global automotive LiDAR market size is to grow at a robust CAGR of 39.10% reaching a value of USD 4918.59 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive LiDAR market size at USD 489.63 million in 2022. During the forecast period between 2023 and 2029, global automotive LiDAR market size is to grow at a robust CAGR of 39.10% reaching a value of USD 4918.59 million by 2029. Major factors driving the growth of the market are the increased need for autonomous vehicles driving the demand for enhanced sensing technologies such as LiDAR. LiDAR allows vehicles to correctly assess their surroundings, improving their navigation capabilities. Also, there is a noticeable shift towards solid-state LiDAR technology, which is more compact, durable, and cost-effective than classic mechanical scanning systems. This change is being accelerated by advances in semiconductor technology. Manufacturers of LiDAR solutions are concentrating on enhancing performance and lowering costs to make them more accessible to a wider range of vehicles, including passenger automobiles and commercial trucks.
Global Automotive LiDAR Market – Overview
Automotive LiDAR (Light Detection and Ranging) is a term used to describe a technology that allows cars to see and understand their environment. It makes accurate three-dimensional maps of the surroundings using lasers to measure distances. Automotive LiDAR systems use laser pulses to calculate distances and build precise point cloud representations of their surroundings. They then time how long it takes for the light to reflect. Automotive LiDAR plays a critical role in advanced driver assistance systems (ADAS) and autonomous driving applications by delivering precise and real-time data on the vehicle's surroundings, improving safety, and enabling better navigation and decision-making by the vehicle.
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Impact of COVID-19 on Global Automotive LiDAR Market
The COVID-19 pandemic significantly impacted the global automotive LiDAR market. As the automotive industry faced disruptions in production and supply chains, the demand for LiDAR technology was affected. The market experienced a slowdown due to temporary factory closures, reduced consumer spending, and supply chain constraints. The pandemic also led to a shift in consumer preferences, with a greater focus on essential needs rather than luxury items like advanced driver-assistance systems (ADAS) that rely on LiDAR. However, as the industry recovers and economies reopen, the automotive LiDAR market is expected to regain momentum, driven by the increasing adoption of autonomous vehicles and the growing emphasis on road safety.
Global Automotive LiDAR Market – By Location
On the basis of location, global automotive LiDAR market is divided into Roofs & Upper Pillars, Headlights & Taillights, and Bumpers & Grills segments. Roofs & Upper Pillars segment is the largest contributor to the global automotive LiDAR market. This segment encompasses the integration of LiDAR technology into the roofs and upper pillars of vehicles. By incorporating LiDAR sensors in these areas, automotive manufacturers can enhance the capabilities of advanced driver assistance systems (ADAS) and autonomous driving features. The integration of LiDAR in roofs and upper pillars enables a wider field of view and improved detection of surrounding objects, ensuring safer and more efficient driving experiences. This segment represents a significant portion of the global automotive LiDAR market due to the increasing demand for advanced safety and autonomous driving solutions in the automotive industry.
Competitive Landscape
Global automotive LiDAR market is fiercely competitive. Major companies in the market include Delphi Automotive PLC, NXP Semiconductors, TetraVue, XenomatiX N.V., Luminar Technologies Inc., LeddarTech Inc., Continental AG, Robert Bosch GmbH, Quanergy Systems Inc., Velodyne LIDAR Inc., Valeo SA, HELLA GmbH & Co. KGaA, First Sensor AG, Ibeo Automotive Systems GmbH, and DENSO Corporation. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global automotive LiDAR market.
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