The global automotive LiDAR 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.
Most road fatalities occur due to driver error. Increase in awareness about safety among vehicle users and global regulatory bodies to safeguard both passenger and vehicle safety, by minimizing accidents, is a prime factor that is likely to boost the automotive LiDAR market.
The European New Car Assessment Programme (Euro NCAP) is prompting a few prominent modifications in the vehicle safety system in order to ensure safety. Furthermore, rise in adoption of autonomous vehicles is also projected to incorporate more active advance safety components such automotive LiDAR. Rising emphasis by governments toward vehicles incorporated with advanced driver assistance systems (ADAS) in the last few years, owing to safety concerns, is also estimated to propel the global automotive LiDAR market during the forecast period.
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Lasers emitted from the automotive LiDAR provide accurate and high precision detection for real-time and long range detection. Automotive LiDAR continues to grow as decisive technology for self-driving and autonomous vehicles. Manufactures of automotive LiDAR are focusing on reduction of cost by cutting down the laser emitters; however, they are still quite expensive and is anticipated to restraint the automotive LiDAR market during the forecast period.
Bumper and grill location is one of the most potential segment of the automotive LiDAR market. Placing of automotive LiDAR, especially solid state LiDAR, on the bumper and grill reduces the cost, as compared to mechanical LiDAR on the roof. Furthermore, the external appearance of the vehicle is not hampered and the LiDAR provides better navigation. Hence, it is projected to witness a significant expansion by 2026.
The others segment, which includes navigations, is a prominent application segment of the automotive LiDAR market. Navigation is the major application of LiDAR, which can survey the surroundings even in significantly bad climatic conditions. Additionally, the automotive LiDAR also provides real-time obstacle detection. This is expected to increase, as it is superior to its alternative of radar and camera.
This post was originally published on The Market Plan