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.