Automotive LiDAR market to witness phenomenal proceeds over 2021-2024
Category: #headlines  By Ronak Bora  Date: 2021-09-07
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Automotive LiDAR market to witness phenomenal proceeds over 2021-2024

The global automotive LiDAR market – a rapidly growing vertical of the automotive sector, has been strongly consolidating its stance in its parent industry since the last half a decade or so. This business space, valued at over $150 million in 2017, has been depicting commendable growth particularly on account of the fact that sensor technology has become the primary methodology for many automatic and semi-automatic vehicles to sense their surroundings.

The expansion of the global automotive market is expected to further propel automotive LiDAR market growth as automakers across the world continue to invest in research and development activities to develop and incorporate semi-autonomous and autonomous vehicles in their respective product portfolios.

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Automotive LiDAR market has also tastes success on account of the fact that other players such as General Motors Co. have been making inroads in this vertical. GM has been intending to deploy a ride-hailing service using an autonomous version of its Chevrolet Bolt – a version that won’t have a steering wheel or pedals – by the end of 2019. To that end, GM has also received a $2.25 billion support form SoftBank Vision Fund. Driven by the significant efforts undertaken by automakers such as Alphabet and GM, the overall automotive LiDAR market size from autonomous vehicles is projected to grow at a CAGR of 35% over 2018-2024.

Unlike the autonomous vehicle segment, which is currently in its infancy, semi-automated vehicles are relatively well established. Indeed, according  industry with the segment holding over 40% of stake in the automotive LiDAR market according to a 2017 estimate. A plethora of renowned automobile manufacturers have already incorporated driver-assist features in several of their vehicles. In case of these vehicles, LiDAR are deployed to enhance a driver’s capabilities by constantly assisting in the vehicle operating activities. Vehicles that incorporate a LiDAR-based driver assist system also provide collision detection and avoidance capabilities.

Powered by the rising efforts undertaken by prominent automobile manufactures to exploit LiDAR in partially connected vehicles, semi-autonomous vehicles held close to 40% of the automotive LiDAR market share in 2017 and is expected to expand remarkably in the years to come.

Major vehicle manufacturers are even acquiring and incorporating newer LiDAR sensors to enhance the capabilities of their respective self-driving vehicles. According to a 2018 report, Volvo and Toyota both have already signed partnership deals with a LiDAR startup named Luminar to purchase their LiDAR units to help their cars “see” better.

Attributing to such advancements, the revenue graph of autonomous LiDAR market will continue to depict an exponential growth. The demand for LiDAR in myriad vehicles is projected to turn the global automotive LiDAR market into a $3-billion-dollar industry by 2024, claims a report by Global Market Insights, Inc.

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Partial Chapter of the Table of Content

Chapter 5.   Global Automotive LiDAR Market, By Type

5.1. Key trends, by type

5.2. Mechanical LiDAR

5.2.1. Market estimates and forecast, 2016 - 2024

5.2.2.  Market estimates and forecast, by region, 2016 - 2024

5.3. Solid state LiDAR

5.3.1. Market estimates and forecast, 2016 - 2024

5.3.2.  Market estimates and forecast, by region, 2016 - 2024

Chapter 6.   Global Automotive LiDAR Market, By Vehicle

6.1. Key trends, by vehicle

6.2. Autonomous vehicle

6.2.1. Market estimates and forecast, 2016 - 2024

6.2.2.  Market estimates and forecast, by region, 2016 - 2024

6.2.3.  Autonomous vehicle market, by type, 2016 - 2024

6.3. Semi-autonomous vehicle

6.3.1. Market estimates and forecast, 2016 - 2024

6.3.2.  Market estimates and forecast, by region, 2016 – 2024

6.3.3.  Semi-autonomous vehicle market, by type, 2016 - 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/automotive-lidar-market

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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