Increasing popularity of semi-autonomous vehicles & ADAS
and vehicle safety regulations to push global automotive LiDAR market through
2024
Automotive --> Auto
Components
According
to TechSci Research report, “Global Automotive LiDAR
Market By Vehicle
Type, By Application, By Region, By Company, Competition, Forecast &
Opportunities, 2024”, global automotive LiDAR
market is projected to grow at a double-digit CAGR through 2024, owing to increasing
adoption of electric vehicles. LiDAR illuminates the target with laser light and
measures the reflected pulses with a sensor to spot the target in the way. Increasing
popularity of driverless cars and growing safety concerns are some of the other
major factors that would have a positive impact on the market during forecast
period.
LiDAR is generally mounted on the roof, bumper &
grill, etc. Passenger car segment dominated the market and the trend is likely
to continue in the coming years. Based on the application, LiDAR is put to use
for automatic emergency braking, ADAS, adaptive cruise control and other
applications. Surging popularity of ADAS, such as adaptive cruise control and
autonomous emergency braking system, is expected to enable ADAS segment to
dominate global automotive LiDAR market through 2024.
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Few of the major players operating in global automotive
LiDAR market are Innoviz Technologies, Ltd., ZF Friedrichshafen AG, Continental
AG and LeddarTech. Continental AG has introduced high resolution 3D flash LiDAR,
thereby enhancing the company’s advanced driver assistance systems portfolio.
Innoviz Technologies Ltd. has also developed solid-state LiDAR to enable smart
and advanced features of 3D remote sensing. Continued research & development efforts aimed
at manufacturing technologically advanced and affordable LiDAR for automobiles are
anticipated to intensify the market over the course of next five years. Major
companies are experimenting to develop semi-autonomous and autonomous vehicles
to enhance safety of vehicles in order to prevent accidents and leverage the
opportunity in rapidly growing security enabled driverless vehicle market with
the assistance of LiDAR. Increasing investments and continuous product
developments by automotive companies in the automotive LiDAR market are also
expected to fuel the market.
“Backed by government regulations pertaining
to preventing accidents, regions like North America and Europe are emerging as
the most prominent markets for automotive LiDAR. Europe is anticipated to be
the largest market for automotive LiDAR, followed by North America. Moreover,
Asia-Pacific automotive LiDAR market is anticipated to exhibit robust growth during
the forecast period. Application of LiDAR in autonomous vehicles for displaying
the exact vehicle information is likely to aid global automotive LiDAR market
growth during forecast period.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Automotive LiDAR Market By Vehicle Type, By Application, By Region, By
Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global automotive
LiDAR market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global automotive LiDAR market.
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