Robust Automotive LiDAR Market Growth at 30.4% CAGR to Exceed $ 4,348.09 Million by 2027
Pune, India, April 27, 2021 (GLOBE NEWSWIRE) – Automotive LiDAR market: key insights
According to our new research study on “Automotive LiDAR Market to 2027 Global Analysis and Forecast – by Type, Component, Application and Geography,” the Automotive LiDAR Market Size was valued at $ 521.35 million in 2019 and is expected to reach $ 4,348.09 million by 2027; it is expected to grow at a CAGR of 30.4% in 2019-2027.
Automotive LiDAR Market: Competition Landscape and Key Developments
The main companies operating in the automotive LiDAR market are Continental AG; Denso Corporation; Innoviz Technologies, Ltd .; Luminar Technologies, Inc .; Omron Corporation; Panasonic Corporation; Trilumina Corporation; Valeo SA; Velodyne LiDAR, Inc .; and Xenomatix NV. These companies are also presented in the report. Several other players operate in the market across the world, contributing significant revenue shares each year.
In January 2019, Velodyne LiDAR partnered with Veoneer Inc. for an automotive production contract. In accordance with this agreement, Velodyne is expected to supply core LiDAR technology to Veoneer Inc. through which Veoneer, Inc. further strengthens its development by providing reliable and innovative solutions for the automotive industry.
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In November 2018, Continental and EasyMile inaugurated a new autonomous driving R&D team in Singapore. The work objective of the new joint team will be to develop new technology focused on perception and deep learning and to prepare autonomous vehicle (AV) technology for testing for safe deployments in the field. private and public roads in the Singapore metropolitan area.
The adoption of automotive LiDAR solutions is growing due to the growing advancements in the automotive industry, the growing demand for advanced security features, and the growing number of autonomous vehicles. The automotive LiDAR market has a presence of a large number of players. Geographically, the market is dominated by Asia-Pacific. Market growth in the region is rapidly being driven by the growing demand for wireless technologies and connectivity from the automotive industry, especially for autonomous and electric vehicles. This trend has fueled the need for advanced solutions to ensure a hassle-free driving experience, which is possible through the adoption of LiDAR. Asian countries hold the largest share of the automotive LiDAR market across the world. In addition, the increase in partnerships with car manufacturers in the United States and Europe offers lucrative opportunities for market growth. China is making gradual progress in the market. The country is considered an ideal economy for developing robot taxis. For example, DiDi is involved in the development of autonomous driverless cars. For this, CHJ Auto is a technological partner of DiDi. It is an electric car start-up. The alliance aims to produce a fully electric robotaxis for shuttle passengers in China’s heavily populated mega-cities.
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In today’s global automotive industry, demand for many automotive electronic components is increasing dramatically. This has led the industry to witness innovation and the emergence of technologies such as cameras, thin film transistors and clusters. Cameras such as lane change warning camera, reversing camera and front camera are developing rapidly in all vehicle segments which is driving the market. The notable adoption by automotive OEMs paves the way for the future of electronics in the automotive industry. Besides the electronics mentioned above, there are other on-board electronic components with advanced technologies. Electronic components such as power steering, heat control, tire pressure monitoring systems (TPMS), infotainment and anti-lock braking system include several semiconductor products, such as sensors, actuators and microcontrollers. Advances in these systems are largely driving the automotive electronics market, which in turn is driving the automotive growth of the LiDAR market.
Automotive LiDAR Market: Segment Overview
Based on type, the global automotive LiDAR market is split between flash and solid. The semiconductor segment held a larger market share of 77.0% in 2019 and is expected to continue to dominate during the forecast period. Semiconductor LiDAR is gaining popularity as it is seen as a promising, faster and cheaper technology. The technology also offers higher resolution quality than traditional LiDAR.
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