Automotive LiDAR Market worth $8,611 million by 2030 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 24, 2022 /PRNewswire/ -- Automotive LiDAR Market is projected to grow from USD 555 million in 2022 to USD 8,611 million by 2030, at a CAGR of 40.9%, according to a new report by MarketsandMarkets™.
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Factors such as increasing inclination towards semi-autonomous vehicles, paired with increasing demand for high-end vehicles are expected to augment revenues for the automotive LiDAR market. Rising sales of EVs, in conjunction with development in autonomous vehicles are likely to create favorable opportunities for the Automotive LiDAR Market during the forecast period.
Solid-state LiDAR segment is estimated to have larger share during the forecast period.
The solid-state LiDAR is expected to larger segment in the Automotive LiDAR Market during the forecast period. By technology, the solid-state LiDAR segment is expected to lead the market in terms of value as well as volume due to its advanced features such as real-time solid-state LiDAR data acquisition, long detection range, etc. Innoviz Technologies Ltd. (Israel), Quanergy Systems, Inc. (US), and LeddarTech Inc. (Canada) are some of the players in the solid-state LiDAR market. In addition, increasing inclination toward advanced technologies in the European region, in conjunction with the rising focus on autonomous vehicles, is anticipated to augment the projected revenue for the solid-state LiDAR segment of the Automotive LiDAR Market during the forecast period. BMW (Germany) offers solid-state LiDAR technology in its BMW 7 Series model. Similarly, Toyota's Mirai model uses solid-state LiDAR technology.
3D segment is expected to account for larger share in the Automotive LiDAR Market during the forecast period
The 3D Automotive LiDAR Market is projected to be the larger during the forecast period. 3D LiDAR, which is light in weight, can scan an area range of 100 to 150 meters, depending upon the device, with an FoV of 360 degrees horizontally and 360 degrees vertically. OEMs and developers depend more on 3D LiDAR for a better view and accuracy, resulting in improved output. Considering the declining price trend of 3D LiDAR, OEMs and developers will prefer to deploy 3D LiDAR instead of 2D LiDAR, which will also result in a more accurate performance. An increased inclination toward advanced technologies in the automotive sector, in conjunction with the rising focus on L2+, L3, L4 & L5 autonomy, is expected to boost the revenue growth of the 3D segment of the Automotive LiDAR Market during the forecast period. Audi A8 and Hoda Legend are the models offered by Audi (Germany) and Honda (Japan), respectively, which use 3D LiDAR.
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"Europe is expected to have noticeable share in the Automotive LiDAR Market by 2030."
Europe is expected to have significant growth in the Automotive LiDAR Market during the forecast period. Stringent emission regulations, which led to an increase in sales of electric vehicles, paired with growing demand for premium vehicles are expected to drive the demand for automotive LiDAR in Europe. Additionally, the presence of OEMs such as Volkswagen (Germany), Daimler (Germany), Renault (France), and AB Volvo (Sweden) offers growth opportunities for automotive LiDAR in the region. European automotive enterprises also dominate the global automotive landscape, accounting for almost 50% of the R&D spending, led by BMW, Continental, and Daimler. All these parameters are expected to augment revenues for the Automotive LiDAR Market in the European region during the forecast period.
Key Market Players
The Automotive LiDAR Market is dominated by major players including Valeo (France), DENSO Corporation (Japan), Innoviz Technologies Ltd. (Israel), Velodyne Lidar, Inc. (US), and Luminar Technologies Inc. (US). These companies offer automotive LiDAR sensors and have strong distribution networks at the global level. These companies have adopted extensive expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the automotive LiDAR market.
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