The global automotive LiDAR (Light Detection and Ranging) market
is a highly competitive market with a number of small and large players
competing against each other, observes Transparency Market Research in
its recent report. Manufacturers prefer using LiDAR technologies as it
is considered the most appropriate technology to be used in the
autonomous vehicles. Some of the prominent LiDAR manufacturers in the
global market are Robert Bosch GmbH, Denso Corporation, Continental AG,
ZF Friedrichshafen AG, Magna International Inc., Valeo, and LeddarTech.
According to TMR, the global automotive
LiDAR market is projected to cross US$2 bn during the forecast period
between 2018 and 2026. The global market is estimated to expand at a
healthy CAGR of 35% during the forecast tenure.
The global automotive LiDAR market is classified on the basis of the
sales channel, image projection, location, application, vehicle type,
type, and range type. Based on location, bumper and grill segment
dominates the automotive LiDAR market in terms of revenue. However, in
the initial stage of development roof location was preferred due to the
mechanical LiDAR rotating at 360 degrees to detect obstacle and
navigate. Based on geography, Europe was the leading region in 2017.
During the forecast period, Europe and North America are considered as
the leading regions due to increasing adoption of sophisticated
technologies and rising safety awareness among the people.
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Globally, growing understanding for safe
driving for both the driver and the passengers is increasing at a large
scale among the users and in regulatory bodies. As the number of road
accidents has increased greatly, the need for safe driving vehicles is
gaining traction and acting as a prime factor for the growth of this
market. To ensure safety while driving, the European New Car Assessment
Programme (Euro NCAP) introduces a few prominent modifications to be
followed by the manufacturers.
In addition, rising government
initiatives to push the demand for vehicles having advanced driver
assistance systems have also grown in last few years, that is also
acting as growth aggregator for the global automotive LiDAR market.
Nowadays, autonomous vehicles have lasers lights in automotive LiDAR
that provides accurate and high precision detection for long-range
detection on the real-time basis. Moreover, manufacturers are also
making continuous efforts in using advanced technologies that will
greatly benefit the automotive LiDAR market in the years to come.
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