Automotive LiDAR Sensors Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Overview:

The global automotive LiDAR sensors market is expected to reach at US$ 1285.04 Mn with a CAGR of 19.87% during the forecast period from 2021 to 2029. Automotive LiDAR sensors are used in semi-autonomous and autonomous vehicles to enhance their navigation capability. LiDAR is a sensing method which creates a 3D map of the surrounding by detecting people and objects around the vehicle. It assesses the speed and route at which these objects are moving. Using this information, an on-board computer system can determine the safest way for vehicle to move forward. Integration of state-of-the-art systems such as collision warning and avoidance units, lane-keeping and departure warning units coupled with increasing investments in autonomous vehicles by established Tech giants such as Apple Inc., Google Inc. and Innoviz Technologies, Ltd. is driving the growth of automotive LiDAR sensors market worldwide. For instance, in June 2021, Innoviz Technologies, Ltd. has raised US$ 170 Mn in its series C funding round which will strengthen its position in the LiDAR market.

Today, people are inclined towards more comfort, safety and technology in their vehicles due to which they are switching to technologically advanced semi-autonomous and autonomous vehicles. These vehicles comprise of advanced driver-assistance systems (ADAS) which provide blind spot detection, night vision, and cross traffic warning, etc., aiding driver in decision making and offering the relaxed driving experience to the driver.

Overall, the combination of these advanced technologies will help in eliminating accidents caused due to human errors. As a result, the growing demand for semi-autonomous and autonomous vehicles is projected to facilitate the growth of automotive LiDAR sensors market in the years to come.

Solid-state LiDAR Sensors accounted for the Largest Market Share in 2020

Solid-state LiDAR sensors are amongst the advanced type of LiDAR sensors. The segment captured the largest market share in 2020 and is expected to reign during the forecast period from 2020 to 2026. Being built on a micro-chip, these sensors are compact in size and have no moving parts like rotating mirror and optical rotating encoder which are present in mechanical LiDAR sensors. As a result, solid-state LiDAR sensors are more resilient to vibration. Solid-state LiDAR sensors are lightweight and are more compact as compared to mechanical LiDAR sensors. Where mechanical LiDAR sensors are required to be physically moved to change its direction, solid-state LiDAR sensors are capable of adjusting their direction by changing its pattern of optical emission to map the surrounding. This makes it attractive for car designer as it eliminates the need for bulky spinning LiDAR sensors mounted on a vehicle. In terms of cost, solid-state LiDAR sensors are cost-effective when compared with mechanical LiDAR sensors. Therefore, the cost of vehicle that comprises solid-state LiDAR sensors is expected to be cheaper than the one with mechanical LiDAR sensors. As a result, the growing preference for solid-state LiDAR sensors across the automotive industry is expected to drive the segment growth in the years to come.

North America Garnered Largest Market Share in 2020

North American region is house to many LiDAR manufacturing companies like Velodyne Lidar, Luminar Technologies, Inc., Ouster, Inc. and Quanergy Systems, Inc., LeddarTech, etc. These well-established companies are heavily investing in autonomous technologies to grab the large pie of the market. Also, the governments of countries in this region has strict regulations for vehicle safety. In the U.S. and Canada, it is mandatory to install electronic stability control (ESC), forward collision warning and automatic emergency system (AEB) in vehicles. Also, awareness among people about road safety and vehicle performance is driving the market for automotive LiDAR sensors in North America.

Competitive Insights

Major players profiled in automotive LiDAR sensors market study include LeddarTech, Velodyne Lidar, Quanergy Systems, Inc., Luminar Technologies, Inc., Innoviz Technologies, Ltd., Waymo LLC, Ibeo Automotive Systems GmbH, Mobileye, Valeo S.A., Continental AG, Oryx Vision, Ouster, Inc., and TriLumina. These companies are partnering with other automotive manufacturing companies for gaining an upper hand in the market. For instance, in April 2020, Innoviz Technologies, Ltd. announced its partnership with Magna International Inc. for providing its solid-state LiDAR to BMW Group. Additionally, in June 2020, Volvo Tech Funds invested in Luminar Technologies, Inc. for developing LiDAR sensors and testing it on Volvo cars.

Historical & Forecast Period

The research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of automotive LiDAR sensors market in 2019 and forecast up to 2029?
• What are the key factors driving the global automotive LiDAR sensors market?
• What are the key market trends and high-growth opportunities observed in the automotive LiDAR sensors market?
• What are the drivers of the automotive LiDAR sensors market?
• Which is the largest regional market for automotive LiDAR sensors market?
• Which segment will grow at a faster pace? Why?
• Which region will drive the market growth? Why?
• Which players are leading the automotive LiDAR sensors market?
• What are the sustainability strategies adopted by the key players operating in the market?

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