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The Global Automotive LiDAR Sensors Market size is estimated to grow by USD 408.48 million between 2022 and 2027 accelerating at a CAGR of 16.79%.
Efforts to expand the autonomous driving concept by companies like Delphi, Continental, Bosch, Daimler, Scania, and Volvo have increased the market acceptance of semi-autonomous features in vehicles. This has led to the growth of advanced driver-assistance systems and telematics/connected vehicle applications and services, which will boost the automotive LiDAR sensors market. The rise in consumer needs and original equipment manufacturer offerings, which include safety, performance, stability, and comfort, has increased the use of electronic content in vehicles. Automotive OEMs are investing in autonomous vehicle technology companies such as Argo AI and Nauto, which will drive the global automotive LiDAR sensors market during the forecast period.
This light detection and ranging market (LiDAR) market report extensively covers market segmentation by Application (ADAS and autonomous vehicle), Technology (solid-state and electro mechanical), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The key role of LiDAR sensors in ADAS is likely to drive market growth. ADAS has become a reliable and robust system with increasing features, but it's currently only available in premium vehicles due to its high cost. However, the expansion of ADAS ecology and technological advancements will likely introduce it into the mainstream market. Integrated ADAS SoCs can integrate multiple sensor data streams, process a huge amount of real-time data, and increase flexibility and control over ADAS offerings. LiDAR technology offers better capabilities for object detection, even in complete darkness, and the continuous need for better sensors in the automotive industry has boosted the growth of automotive LiDAR sensors. These developments are expected to drive the automotive LiDAR sensors market during the forecast period.
Companies are experimenting with various designs to develop next-gen LiDAR sensors which is a major trend in the LiDAR market. While their success is uncertain, a significant price decline in automotive LiDAR sensors is expected. Examples from history show that the cost of hardware can decline with increased volumes and adoption. Various LiDAR sensor companies, including those sponsored by DARPA, are working on developing low-cost sensors. MIT researchers claim that their LiDAR chips could bring production costs down to USD 10 each with millions of sensors produced annually. With similar innovations, the cost of high-quality LiDAR sensors is expected to drop to around USD 1,000 by 2022-2024 and down to USD 100 in a decade. Venture capitalists are showing interest in companies developing cheaper LiDAR sensors for autonomous vehicles. The decline in cost is expected to propel market growth during the forecast period.
The high cost of automotive LiDAR sensors presents a challenge for their commercial adoption in the industry. However, Ouster plans to offer its ES2 sensor for mass production in 2024 at an initial cost of USD 600, which is expected to reduce to USD 100 in subsequent years. Similarly, Luminar has partnered with Volvo to provide LiDAR-equipped cars by 2022. Despite these efforts, the current low volumes of LiDAR sensors have compounded cost pressures faced by OEMs, who already face challenges such as stringent emission norms, market competition, and evolving customer demands. However, data-based evidence suggests that the cost of LiDAR sensors will likely decrease due to mass production.
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The market share growth by the ADAS segment will be significant during the forecast period. The adoption of advanced telematics like ADAS is increasing across all segments of vehicles in the automotive market. The adoption of automotive systems such as adaptive front lights, adaptive cruise control, and collision warning systems is expected to increase the growth of the global automotive market, owing to its safety and demand for advanced electronic systems in modern vehicles.
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The ADAS segment shows a gradual increase in the market share of USD 105.75 million in 2017 and continued to grow by 2021. ADAS is primarily targeted to reduce fatigue during long drives, as well as for automating repetitive tasks. These are all positive influences on reducing driver boredom and tiredness, which are sure-shot recipes for potential mistakes and accidents. Hence, having ADAS is indeed an added incentive for long rides. Additionally, in developed regions, the adoption of ADAS technology is expected to be high among elderly customers for whom assisted driving is a far more acceptable solution rather than losing the ability to drive completely due to ageing issues.
During the forecast period, solid-state LiDAR sensors are expected to dominate the global automotive LiDAR sensors market due to their popularity among autonomous vehicle manufacturers, cost-effectiveness, and small size. They have various applications in tolling, traffic monitoring, and communication, and are being used by automotive manufacturers like Audi and BMW to enhance passenger safety. Companies like Ouster are also launching new high-performance solid-state LiDAR sensors. These factors are expected to drive the solid-state segment, which will, in turn, propel the market during the forecast period.
North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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North American countries such as the US and Mexico are the major automotive light detection and ranging sensors market contributors to the automotive LiDAR sensor market in the region owing to the high popularity of LiDAR sensors in automotive. The automotive market in North America is dominated by utility vehicles such as pickup trucks, SUVs, and crossovers. Furthermore, the popularity of recreational vehicles is high in countries such as the US and Mexico because they can be used both for personal as well as commercial use. In addition, the presence of diverse terrains, such as mountains and rocky surfaces, results in high sales of such vehicles.
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This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in demand for North America. However, the automotive LiDAR sensors market started to recover with the lifting of the lockdown restrictions due to the initiation of large-scale vaccination programs across North America in the second half of 2020. In addition, the reopening of global markets offered a favourable environment for automakers to increase their production, which has increased the demand for automotive LiDAR sensors since the first half of 2021. Hence, the automotive LiDAR sensors market in North America will grow positively during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Automotive Lidar Sensors Market. One of the major vendor in the market include:
En.benewake- The company offers automotive LiDAR sensors such as basic flash LiDAR and 3D LiDAR. Also, under this segment, the company focuses on autonomous driving, CV2X, rail transit, civil aviation, shipping, and industrial applications.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Automotive Lidar Sensors Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.79% |
Market growth 2023-2027 |
USD 408.48 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
16.34 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 30% |
Key countries |
US, Canada, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Benewake Beijing Co. Ltd, Cepton Inc., Continental AG, Denso Corp., First Sensor AG, HELLA GmbH & Co. KGaA, Ibeo Automotive Systems GmbH, Infineon Technologies AG, Innoviz Technologies Ltd., LeddarTech Inc., Leishen Intelligent Systems Co. Ltd., Lumibird Canada, Luminar Technologies Inc., Ouster Inc., Quanergy Systems Inc., TetraVue Inc., Valeo SA, Velodyne Lidar Inc., and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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