Growth in Adoption of Advanced Driver-Assistance Systems (ADAS) Technology Expected to Drive Global Automotive LiDAR Sensors Market: Ken Research
The automotive LiDAR is the type of Sensors being utilized for improving vehicles for navigation capability by detection and avoiding obstacles en route. Light Detection and Ranging sensors (LiDAR) are further detecting the survey techniques for assessing the closeness of the object. A LiDAR system primarily comprises a scanner, a laser, and a specific GPS receiver. An optical pulse is produced by the laser is constituted radiated and transmitted toward the particular target. Light detection and ranging (LiDAR) sensors have further made the examination, detection, and mapping of objects much easier than the conventional methods.
According to study, “Global Automotive LiDAR sensors Market to reach USD 940.1 million by 2026” the key companies operating in the global automotive LiDAR sensors market are Delphi Automotive PLC, Infineon Technologies AG, Continental AG, Texas Instruments Inc., ZF Friedrichshafen AG, First Sensor AG, Velodyne LiDAR, Inc., Quanergy Systems Inc., LeddarTech, Inc., and Innoviz Technologies, Ltd. The key players of the global automotive LiDAR sensors market have been adopting different strategies to gain the competitive advantage associated with the product launch, mergers and acquisition, partnerships and agreements, investment, funding, and many others.
Based on image type, the automotive LiDAR sensors market is segmented as 2 Dimensional and 3 Dimensional. Based on technology, the market is segmented as mechanical/scanning and solid-state. Based on location, the market is segmented as Headlight & taillight, Bumper & grill, Roof & upper pillars, and others (windscreens, rear-view mirrors, and among others). Based on vehicle type, the market is segmented as a battery electric vehicle, hybrid, and ICE. The electric vehicle segment is expected to witness a higher growth rate due to a rise in concern for environmental protection, a rise in governmental initiatives for green vehicles, and an increase in the sale of electric vehicles during the forecast period. In addition, based on the application, the market is segmented as semi-autonomous vehicles and autonomous vehicles. Autonomous vehicles are expected to depict higher CAGR due to strict protocols & policies with respect to the vehicle, growth in environmental regulations, increase in driving norms, and rise in consumer orientation toward safe driving during the forecast period.
The automotive LiDAR sensors market is driven by the rise in the trend of semi-autonomous vehicles, followed by growth in adoption of advanced driver-assistance systems (ADAS) technology by OEMs and an increase in vehicle safety regulation. However, the high cost of the LiDAR sensors may impact the market. Moreover, increase in the trend of autonomous vehicles is a key opportunity for the market.
Based on geography, the European region holds a major share in global automotive LiDAR sensors market owing to supportive government norms in the region. Whereas, the Asian-Pacific and North-American regions are expected to exhibit substantial growth rate due to an increase in the adoption rate of advanced driver-assistance systems technologies over the forecast period. In upcoming years, it is projected that the future of the global market will be optimistic because of the increase in the number of road fatalities during the forecast period. The global automotive LiDAR sensors market is valued approximately at the US $167 million in 2019 and is probable to grow with a healthy growth rate of more than 28% over the forecast period 2020 to 2026.
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Global Automotive LiDAR Sensors Market
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