Automotive LiDAR Market to Expand at 19.5% CAGR through 2032 as Sales of Autonomous Vehicles Bolster
China to Lead the Automotive LiDAR Market Amidst Increasing Investments in the Automotive Industry
In its latest report, Fact.MR presents an elaborate analysis of various factors influencing the global automotive LiDAR market including drivers, opportunities, restraints, and trends. It further delves deeper into observations concerning prominent expansion parameters prevailing across key segments, including products and regions.
NEW YORK, May 17, 2022 /PRNewswire/ -- The global automotive LiDAR market expected to reach a valuation of US$ 3 Bn by 2031, with sales growing at a 19.5% CAGR over the assessment period. Increasing sales of self-driving cars are expected to boost sales. These systems are required in advanced driver assistance systems and collision warning systems to fulfil the requirements of a safe and intelligent car to make driving an immersive experience.
Advancements in technology is a mainstay in all industries and automotive LiDAR market is witnessing rapid technological advancements. Hence, modern vehicles are equipped electrical and electronic devices to keep up with the growing preference for advanced driving assistance systems (ADAS). Ongoing transition towards electric vehicles (EVs) is expected to bode well for the market.
LiDAR technology has found convergence in automobiles to track minute deviations in the surroundings. Hence, they are indispensable, with use in lane departure warning systems and collision warning systems in driverless cars.
Autonomous car technology is expected to drive the usage of LiDAR systems. This, coupled with government initiatives to make travelling hazardless with technological advancements such as 4D LiDAR will fuel sales of LiDAR sensors and devices.
This technology has underscored the need for miniaturization in electronic systems, with rise in MEMS LiDAR devices for implementation in various streams. Internet of Things (IoT) and Machine-Machine (M-M) learning steers the car from dead-alleys, blind-spots etc., which is expected to boost their adoption in the forthcoming years.
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The global automotive LiDAR market comprises a blend of local, as well as international companies. Majority of these companies are increasingly focusing on strategic collaborations to expand their presence worldwide.
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More Valuable Insights on Automotive LiDAR Market
In the latest study, Fact.MR reveals key factors expected to boost the growth in global automatic LiDAR market during the forecast period (2021-2031). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of automotive LiDAR through detailed segmentation as follows:
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