Automotive LiDAR Market to value USD 100 Billion by 2032: Global Market Insights Inc.
Major automotive LiDAR market participants include Valeo SE, Tetravue, Inc., SICK AG, Quanergy Systems, Inc., Ouster, Inc., OMRON Corporation, LeiShen Intelligent Systems Co., Ltd., LeddarTech, Inc., Innoviz Technologies Ltd., Cepton Technologies, Inc., Benewake (Beijing) Co., Ltd., AEye, Inc., Argo AI, LLC, and Aurora Innovation, Inc., among others.
Selbyville, Delaware, Dec. 05, 2022 (GLOBE NEWSWIRE) —
The automotive LiDAR market is expected to record a valuation of USD 100 billion by 2032, according to a new research report by Global Market Insights Inc. The report reveals that the escalating investment in automotive technology is a prominent driver for LiDAR sensor demand. For instance, in February 2022, Germany-based Bosch unveiled plans to invest USD 296 million in advanced auto tech and digital mobility in India by 2026. Such initiatives are likely to augment the deployment of LiDAR-based ADAS systems in vehicles. The technology has also evolved significantly, supporting automakers in achieving automated vehicle safety. The increasing popularity of low-emission autonomous vehicles will therefore boost the requirement for automotive LiDAR technology.
The mechanical LiDAR segment accounted for 90% share of the automotive LiDAR market in 2022, owing to the rising use of hybrid automotive LiDAR systems for real-time navigation and scanning applications. These mechanical systems can simplify the complexities associated with earlier counterparts, enabling them to become a breakthrough in the auto industry. Hybrid mechanical LiDAR sensors also enable the system to accommodate several laser beams in a single structure, thereby contributing to vehicle innovations.
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Automotive LiDAR market from the semi-autonomous vehicle segment is poised to witness nearly 70% gains between 2023 and 2032, due to growing efforts from automakers to roll out vehicles with in-built semi-autonomous solutions. In developed nations, traffic congestion is rising at a rapid pace. Semi-autonomous cars utilize ADAS systems to perform driving functions and allow drivers to take manual control if required. The steady increase in traffic is thus likely to proliferate the integration of auto technologies such as LiDAR in these vehicles.
North America automotive LiDAR market size held over USD 300 million in 2022. The sales of plug-in hybrid electric vehicles have increased exponentially across the region. Based on data from the U.S. Department of Energy, in 2021, EV sales accounted for 73% of the overall plug-in vehicle sales. This will foster the need for technologies such as automotive LiDAR, which is critical for enabling ADAS and other systems to help navigate vehicles in various lighting and environmental conditions.
Additionally, foreign companies have been testing autonomous vehicles on public roads, owing to the growing potential of the technology across the region. In 2020, the U.S. Department of Transportation and the National Highway Traffic Safety Administration issued AV Policy 4.0 to incentivize AV development by offering companies a federal income tax credit of over 20% of eligible R&D spending. Such incentives for automakers, along with the increasing traffic burden in the region, will promote the consumption of LiDAR tech across the region.
Leading players operating in the automotive LiDAR market are Valeo SE, Tetravue, Inc., SICK AG, Quanergy Systems, Inc., Ouster, Inc., OMRON Corporation, LeiShen Intelligent Systems Co., Ltd., LeddarTech, Inc., Innoviz Technologies Ltd., Cepton Technologies, Inc., Benewake (Beijing) Co., Ltd., AEye, Inc., Argo AI, LLC, and Aurora Innovation, Inc. These leaders are focusing on product range expansions and tech innovations, among other strategies, to accelerate their presence in the industry.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Automotive LiDAR Market
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia-Ukraine conflict
3.4 Automotive LiDAR industry ecosystem analysis
3.5 Automotive LiDAR evolution
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Investment portfolio
3.9 Patent analysis
3.10 News & initiatives
3.11 Industry impact foreces
3.11.1 Growth drivers
22.214.171.124 Growing research & development activities for autonomous vehicles
126.96.36.199 The advent of solid-state LiDAR technology in the automotive industry
188.8.131.52 Increasing investment in Auto-Tech
184.108.40.206 Supporting government initiatives
3.11.2 Industry pitfalls & challenges
220.127.116.11 Performance limitations
18.104.22.168 High Cost of LiDAR
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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