FREMONT, California, November 29, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled "Global Automotive LiDAR Market - Analysis and Forecast, 2018-2028", the automotive Light Detection and Ranging (LiDAR) market was estimated at $353.0 million in 2017 and is anticipated to reach $8.32 billion by 2028, growing at a CAGR of 29.6%, during the forecast period from 2018 to 2028. The high growth rate in the volume of LiDAR is expected due an increasing focus of original equipment manufacturers (OEMs) on Advanced Driver Assistance Systems (ADAS) in modern vehicles and the sharp decline in manufacturing prices due to higher rate of adoption will augment the growth during forecast period from 2018 to 2028.
Automotive LiDAR market is at a developing stage at present but is one of the most competitive market domains in the automotive industrial arena. Major LiDAR manufacturers are partnering with automakers and semiconductor manufacturers to attain widespread market presence. The growing need for automakers to develop highly automated vehicles necessitates the use of LiDAR. Furthermore, advantages offered by LiDAR systems over other sensors results into high potential growth of the automotive LiDAR market in the upcoming years.
According to Satendra Kumar, AVP Research at BIS Research, "the global automotive LiDAR market is expected to grow at a CAGR of 29.6% in terms of value during the forecast period (2018-2028). With the onset of autonomous vehicles, level 2 and level 3 vehicles are expected to be among the early adopters of LiDARs owing to its superior functionality and features as compared to other types of sensors for autonomous vehicles. Additionally, this technology has tremendous potential to improve vehicle safety and reduce road accidents. Geographically, the region of North America is currently dominating the market for automotive LiDAR. However, the APAC region is expected to witness one of the highest growth rates during the forecast period (2018-2028), owing to various factors such as government implementation towards upgradation of existing vehicles to advanced driver-assistance system (ADAS) and autonomous vehicles which uses LiDAR systems, high demand due to advancement in technology, and greater adaptation of autonomous vehicles and safety sensors such as LiDARs in these vehicles due to decreased cost."
The ongoing changes in the industry have led the study to integrate a detailed chapter on the market dynamics including the key driving and restraining forces, along with the opportunities for the global automotive LiDAR market during the forecast period. The market numbers play a vital role in the industry, following which a proper market sizing and estimation by applications, types, technology, and geographical location have been undertaken for the industry. The report has skillfully identified the potential for further development in the form of product launches, joint ventures, and partnerships, among others. The report includes a separate section on the detailed competitive landscape.
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary, and SWOT analysis. The overall LiDAR market is segmented by subcomponents, trends & development, application (LiDAR for robo-taxis and for ADAS & autonomous vehicles), by type (mechanical automotive and solid state automotive LiDAR), and by technology level (partial automation, conditional automation, high automation, and full automation), among others. The report also includes a comprehensive section on the geographical analysis which has been sub-segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest-of-the-World (RoW).
This report is a meticulous compilation of research on approximately 121 players in the automotive LiDAR market. Moreover, it draws upon insights from in-depth interviews of key opinion leaders of more than 25 leading companies, market participants, and vendors. The showcases the profile of 16 key players and a list of other emerging players including Benewake Continental AG, Garmin Ltd., Infineon Technologies AG, Innoviz Technologies, LeddarTech, Osram Licht AG, Phantom Intelligence, Quanergy Systems Inc., Sensata Technologies, Velodyne LiDAR, among others.
Key questions answered in the report
What is the expected global automotive LiDAR market value by 2028 along with the estimated CAGR?
What are the driving factors for the global automotive LiDAR market from 2017 to 2028?
Which factors are hindering the growth of the global automotive LiDAR market?
What are the recent trends and developments in the global automotive LiDAR market?
Which automotive LiDAR type is expected to lead the global automotive LiDAR market by 2028?
What is the revenue generated by automotive LiDAR across different application verticals during the forecast period (2018-2028)?
Which application is anticipated to dominate the global automotive LiDAR market by 2028?
Which level on an autonomous vehicle is expected to dominate the global automotive LiDAR market by 2028?
Which region is likely to lead the global automotive LiDAR market by 2028?
What is the patent landscape scenario for automotive LiDAR market?
What is the direction of pricing of automotive LiDARs by 2028?
What is the regulatory landscape for autonomous vehicles and LiDAR systems?
Who are the regulating bodies in charge of regulations related to autonomous and self-driving vehicles by 2028?
What is the supply chain scenario for the automotive LiDAR market?
What are the technology trends and roadmap related to autonomous vehicles and automotive LiDARs by 2028?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other significant market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't merely provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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