According to a new market report published by Credence Research, Inc., the global market for automotive LiDAR sensors is projected to grow significantly by reaching US$ 919.6 million in 2027, increasing to CAGR by 19.87 per cent during the forecast period from 2019 to 2027.
The global automotive industry is witnessing continuous advances in the field of autonomous and semi-autonomous vehicle technology. In order to make Autonomous Vehicles a commercial option, automakers are equipping cars with sensing technology that can help to plan the route of the Autonomous Vehicle through a virtual map of the surrounding area. LiDAR is one such sensor technology that provides a high-resolution three-dimensional map of the surrounding area. Due to the increasing penetration of self-driving vehicles, the market for automotive LiDAR sensors is expected to reach US$ 919.6 million in 2027, growing at a CAGR of 19.87 per cent during the forecast period from 2019 to 2027.
Full Report Originally Published at Credence Research
Road safety is one of the biggest concerns in the world. According to the World Health Organization Global Road Safety Status Report 2018, road traffic injuries are the 8th major cause of death. In 2016, there were 1,35 million fatalities worldwide due to road accidents. Making a vehicle autonomous can erase the possibility of human error and save the loss of life.
The global market for LiDAR automotive sensors, based on the product type, was dominated by a solid-state LiDAR sensor in 2018. In particular, the growth of this segment is accredited to the superior features it provides in comparison with its counterparts. Being cheap, robust and compact in size, it can fit anywhere in the vehicle. It is preferred as a primary sensor because it is critical to the safety of the vehicle, the failure of this LiDAR may lead to a mishap of the vehicle or an accident. Mechanical LiDAR sensors are relatively more prone to failure. As a result, solid-state LiDAR sensors are preferred over mechanical LiDAR sensors.
In addition, North America, based on geography, led the market for automotive LiDAR sensors in 2018. The well-established automotive industry and the presence of a number of drivers-less car manufacturing companies are contributing to the growth of the market in the region. In addition, strong support from the governments of the countries in the region for the promotion of autonomous vehicle technology further drives the growth of the LiDAR automotive sensor market in the North American region.
Some of the major players profiled in the global automotive LiDAR sensors market includes 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 among others. These companies are heavily investing in R&D for developing advanced LiDAR technology and to reduce its cost. Also, companies are collaborating with other players of the industry to gain bigger share of the market.
In March 2019, for example, Innoviz Technologies, Ltd. raised US$ 132 million in capital from Chinese investors for research and development to end the LiDAR platform for the automotive industry. In June 2018, Juniper Research selected Quanergy Systems, LiDAR Inc. as the best consumer product in automotive and telematics.
Moreover, in December 2018, LeddarTech partnered with French deep-tech company Cailabs. Together, both the companies will explore the chances of combining LeddarTech LiDAR technology with Cailabs’ laser beam shaping solutions for the automotive industry.