Global Automotive LiDAR Market Size to grow by US$ 1415.1 Million in 2030.
The Global Automotive LiDAR Market is projected to grow from USD 513.3 million in 2021 to USD 1415.1 million by 2030 at a CAGR of 19.5% during the forecast period.
The growing trend toward self-driving automobiles and electric vehicles in the automotive industry is projected to be significant drivers for emerging LiDAR applications. LiDAR sensors are rapidly being used in self-driving cars to generate large 3D maps for 360° vision and accurate data to aid with self-navigation and object detection. LiDAR technology's emergence has provided enormous growth potential to a wide range of businesses, including Leddartech, Quantum Spatial, Geodigital, Topcon Positioning Systems, and Innoviz Technologies, among others, who have been working tirelessly to introduce novel innovations into the business space. Continental AG has announced that it is expanding its LiDAR technology portfolio by investing a significant amount of money in robotic vision and sensing pioneer AEye.
Furthermore, the global automotive LiDAR market is predicted to be driven by the rise in popularity of automotive electronics as a result of the advent of new technologies in the coming years. Electronic components such as tire pressure monitoring systems (TPMS), power steering, heat control infotainment, and anti-lock brake systems all benefit from LiDAR technology. LiDAR is used in sensors, actuators, and microcontrollers, which drives the automotive LiDAR market.
During 2020-21, COVID-19 had a significant impact on semiconductor production in Taiwan, China, and other East Asian countries. Automobile manufacturers eventually faced significant issues in securing adequate supplies of semiconductor chips for integration into their vehicles. As a result, the market witnessed a dip in 2020, followed by a significant comeback in 2021 as the semiconductor industry's output increased. In contrast to 2021 and 2020, the supply of semiconductor chips dramatically increased in 2022. The disruption created by COVID-19 in the semiconductor fabrication and vehicle industries would be mitigated by the shrinking gap between demand and supply of semiconductor chips.
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The increasing emergence of technologies utilized in automobiles is driving the worldwide automotive LiDAR market. LiDAR technology is being more widely used in car electronics components. Improvements in performance, durability, and range of LiDAR are being prioritized by key market players in the automotive LiDAR market.
LiDAR maps the earth's surface using rapid laser pulses. The growing use of LiDAR-based Unmanned Aerial Vehicles (UAVs) opens up a opportunity of surveying applications that can be completed at a lower cost than manual surveying methods. Airborne LiDAR-based surveying and mapping applications have benefited from the increased use of UAVs. Unmanned vehicles with LiDAR systems provide not just portability and versatility, but also the capacity to reach terrains and circumstances where humans cannot. Professionals are increasingly using unmanned aerial vehicles (UAVs) for low-altitude photography, landscape mapping, and surveying. LiDAR has become one of the most essential methods utilized in the commercial drone industry to acquire high-quality images in recent years.
North America is anticipated to hold largest market share. North America, led by the US and Canada, is the world's most technologically advanced market. The rising use of LiDAR in applications such as environment, meteorology, corridor mapping, and urban planning is credited to the market's rise in the region. The growing use of LiDAR in autonomous automobiles and ADAS, which is predicted to rise dramatically during the forecast period, is also boosting the market. Furthermore, major market players like as Faro Technologies and Velodyne Lidar Inc. are located in the North America. Velodyne Lidar Inc. announced its membership in the Intelligent Transportation Society of America (ITS America) in August 2020, with the goal of promoting the benefits of autonomous vehicles (AVs) and intelligent transportation infrastructure.
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APAC is expected to have a high CAGR in the LiDAR market during the projected period. The increasing demand for LiDAR systems in the manufacturing industry is driving growth in this region. To develop and deploy sophisticated LiDAR products, key companies in this region are focusing on acquisitions and cooperation with other players. Market growth in nations like India and china is predicted to be exceptionally high throughout the projection period, owing to increased government and international investor investments.
KEY INDUSTRY DEVELOPMENTS:
September 2017, leading firms such as Delphi, Osram, Integrated Device Technology, and Magneti Marelli invested around USD 130 million in LedderTech. This cash was used to enhance the company's LiDAR development programmes and speed up its ASIC development
In March 2020, Velodyne Lidar Inc announced a multi-year sales agreement with NAVYA, a pioneer in autonomous driving technologies. NAVYA intends to use Velodyne's cutting-edge sensors for precise real-time localization and object detection to expand the shuttle's global reach.
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