Integration of Advanced Sensing Technology in Vehicles is Widening Application Scope of Automotive LiDAR

ROCKVILLE PIKE, MD, UNITED STATES, May 20, 2024 /EINPresswire.com/ -- In recent years, high emphasis has been given to integrating sensing technologies in vehicles for improved safety features, which is projected to drive demand for automotive LiDAR systems. Fact.MR, a market research and competitive intelligence provider, in its recently updated industry report, reveals that the global automotive LiDAR market is poised to reach US$ 866 million in 2024 and thereafter expand at 19.5% CAGR from 2024 to 2034.

Various automobile manufacturers are considering LiDAR as one of the prominent technologies for the development of self-driving vehicles. This sensor is estimated to find applications in multiple light conditions and evaluate parameters, including braking distance and raindrop density for autonomous cars. Further, multiple automakers are entering into collaborations with self-driving service providers, which is forecasted to stimulate the development of LiDAR technology. Rising investments in sensor technologies for improving automotive performance are set to positively impact global market growth over the next decade.

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Key Takeaways from Market Study

Worldwide demand for automotive LiDAR systems is calculated to reach a market value of US$ 5.14 billion by the end of 2034. East Asia is expected to account for a 26.4% share of the global market by 2034. Sales of automotive LiDAR systems in South Korea are forecast to climb at a CAGR of 20.5% from 2024 to 2034. Solid-state automotive LiDAR technology is estimated to account for 76.2% of global market revenue by the end of 2034. Semi-autonomous vehicles are expected to hold 73.7% of the global market share by 2034.

“Implementation of stringent safety regulations, focus on reducing road accidents, and rising preference for semi-autonomous and autonomous automobiles are generating high demand for automotive LiDAR technologies,” says a Fact.MR analyst.

Country-wise Analysis

East Asia is projected to capture a significant share of the global automotive LiDAR market, according to a recent report by Fact.MR. Their analysis suggests East Asia will hold around 33.7% of the global market by the end of this decade. This growth is attributed to a combination of factors, including the presence of major automakers in the region and the rising demand for new vehicles.

Meanwhile, the United States is expected to dominate the North American market, accounting for an estimated 82.5% share by 2034. This dominance is driven by several trends, including the increasing popularity of autonomous and electric vehicles. Additionally, stricter safety regulations and the widespread adoption of advanced driver-assistance systems (ADAS) are anticipated to further fuel the demand for LiDAR sensors in the US.

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Competitive Landscape

Sales of automotive LiDAR systems in the United States are projected to climb at a CAGR of 18.6% and reach US$ 1.12 billion by the end of 2034. The increasing popularity of electric vehicles as well as autonomous vehicles is anticipated to stimulate demand for automotive LiDAR sensors. Stringent safety mandates are implemented due to the surging deployment of advanced driver assistance systems (ADAS), which is forecasted to have a positive impact on the demand for automotive LiDAR technology.

The Key market players studied in the report include Quanergy Systems Inc., Delphi Automotive PLC, Innoviz Technologies Ltd., NXP Semiconductors, DENSO Corporation, TetraVue, Ibeo Automotive Systems GmbH, XenomatiX N.V., First Sensor AG, Luminar Technologies Inc., HELLA GmbH & Co. KGaA, LeddarTech Inc., Valeo SA, Continental AG, Velodyne LIDAR Inc., and Robert Bosch GmbH are some of the leading manufacturers of automotive LiDAR systems.

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