Automotive LiDAR sensor market growing, at a CAGR of 39% by 2026.Download Sample Reports Overview
According to a study conducted by Research Dive, the global Automotive LiDAR Sensor market forecast size is expected to reach $ 2,436.3 million by the end of 2026, registering 39.0% CAGR over the forecast period.
LiDAR was invented after RADAR and SONAR, but the advanced technology of LiDAR that was developed by both NASA and US Military was first used by NASA in space missions. The key driving factors for LiDAR sensors is that it can create a 3D image of any object with which the LiDAR sensors’ pulses collide. Moreover these features help in detecting the smallest objects present in a range of 500-2000 m from the vehicle, which inturn helps the autonomous vehicles to be driven more safely.
However, factors such as usage limitations in cloudy weather, causing to the inappropriate detection of objects and people around the vehicle. In addition, the initial cost associated with the LiDAR technology is expected to hinder the market growth during the forecast period.
With the exceptional ability to deliver reliable detection along with ranging over short to long distances, LiDAR technology is being utilized in multiple applications and industries. Autonomous vehicles need LiDAR to complete the present automotive sensor suite that includes Ultrasonic technologies, Camera vision, and Radar. These components together along with the rising demand for autonomous vehicles are expected to create new growth opportunities for LiDAR in the coming years.
On the basis of type, the global automotive LiDAR senors market is categorized into mechanical and solid-state. The solid-state segment is predicted to drive the market during the forecast period; this growth is majorly due to advanced and enhanced features that are offered by the solid state LiDAR. One of the key features of LiDAR is enhanced precision which enables a car to classify between the obejects that are moving over the road. Solid-state LiDAR has the ability to classify between moving objects, for instace weather the moving object is a pedestrian or a vehicle. In addition, Solid-state Lidar has the ability provide better resolution and range that plays a vital role while driving at a high-speed. The solid state segment accounted for $64 million in 2018 and is anticipated to account for $1,083.9 million by 2026 growing at a CAGR of 40.0% during the forecast period.
Autonomous vehicle type valued for the highest markt share in the year 2018 accounting for $ 79.0 million in 2018 and is anticipated to reach $1,246.8 million by 2026 growing at a CAGR of 38.7% during the forecast timeframe. This growth is owing to the safety features that are provided by LiDAR to the autonomous vehicles. LiDAR system emits numerous laser pulses every second. These pulses have the ability to refelect back after colliding with an object. The reflected pulses are further used in 3D point cloud. Each and every pulse that is refelected back after colliding with an object is updated rapidly on to the cloud with animated 3D representation that is installed in the vehicle. The resulting light reflections are then used to create a 3D point cloud. 3D representation is shaped by calculating the distance covered and the speed of light by which LiDAR helps in determining the vehicle’s position with respect to surrounding objects. However, semi autonomous vehicle type segment is expected to dominate the market during the projected timeframe.
North America automotive LiDAR sensor market was the highest revenue contributor, accounting for $86.6 million in 2018 and is estimated to reach $1,369.2 million by 2026, with a CAGR of 38.8%. Europe is estimated to reach $552.3 million by 2026, at a significant CAGR of 40.3%. North America and Europe collectively accounted for around 78.0% share in 2018, with the former constituting around 57.0% share. The growth is majorly owing to the rapid increase in the adoption of both autonomus as well as the semi-autonomous vehicles in these regions.
The key players in Automotive LiDAR Sensor market are Continental AG, Robert Bosch GmbH, First Sensor AG, Denso Corp, Hella KGaA Hueck & Co., Novariant, Inc., Laddartech, Quanergy Systems, Inc., Phantom Intelligence, and Velodyne LiDAR, Inc. among other key players. These key players are majorly concentrating on merger & acquisitions, partnerships, and new product development among others, to strengthen their presence across the globe. For instance, in February 2020, Robert Bosch GmbH, accounced about the latest LiDAR sensors for autonomous cars. The company also claims that the LiDAR sensors manufactured by it will keep the costs of the self-driving cars low.
Porter’s Five Forces Analysis for Automotive LiDAR Sensor Market:
1. Bargaining power of suppliers: Absence of key players in Automotive LiDAR sensor market is anticipated to increase the bargaining power of suppliers .
The bargaining power of suppliers is Low.
2. Bargaining power of consumers:
The number of consumer in automotive LiDAR senor market is growing rapidly. However,aspects like lack of product knowledge is expected to hamper the market growth.
The bargaining power of consumers is High.
3. Threat of new entrants:
Government support across the globe to develop semi-autonomous vehicles and autonomous vehicles is generating huge opportunities for new entrant’s
The threat of new entrants is High.
4. Threat of substitutes:
Lack of substitutes for Automotive LiDAR sensors which provides the information similar to LiDAR is expected to create better opportunities for the new substitutes
The threat of substitutes is Low.
5. Competitive rivalry in the industry:
The number of market players present in automotive LiDAR sensor market are few. Key player in this market are following alike strategies for the improvement of technologies.
The competitive rivalry in the industry is high.