Automotive LiDAR Market to Surpass US$ 2 Billion by 2026, Globally: Transparency Market Research

ALBANY, New York, June 22, 2018 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Automotive LiDAR Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026." According to the report, the Global Automotive LiDAR Market is expected to expand at a CAGR of more than 35% during the forecast period.

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Rise in adoption of intelligent active safety systems in vehicles owing to the increasing trend of autonomous vehicles is projected to drive the automotive LiDAR market during the forecast period. Increased testing of autonomous vehicles by major OEMs across the world, especially in the U.S. and Germany, is expected to offer significant growth opportunities to the automotive LiDAR market during the forecast period. Rise in rate of fatalities caused due to improper navigation and obstacle detection, mostly in extreme weather conditions such as rain and snow, causes damage and mutilation to both vehicle users and vehicles. Automotive LiDAR is a technology that surveys or maps the surroundings by utilizing light in the form of a pulsed laser. In this technology, light emitted from the emitter is reflected back when it strikes an object and is collected by the receiver. Based on the time and angle of the received light, an image projection of the surrounding is generated, which helps analyze the surrounding conditions. In the U.S., a study conducted for 25 states concluded that vehicles deployed with advanced safety technologies reduced fatality rate and injuries by 21%. The resulting consequences of this study have led to an increase in incorporation of advanced driver assistance systems in vehicles, which in turn is a key factor that is estimated to augment the automotive LiDAR market during the forecast period.

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Inflation and development of autonomous and self-driving vehicles are expected to play a vital role in the development and production of automotive LiDAR systems. Automotive LiDAR provides several benefits over radar and camera, coupled together, such as enhanced real-time obstacle detection with higher accuracy and ability to work in severe climate conditions. These are prominent factors that are anticipated to boost the global automotive LiDAR market during the forecast period. Major auto manufacturers across the world have begun production of vehicles deployed with automotive LiDAR owing to its additional functions in adaptive cruise control and autonomous emergency braking systems. This, in turn, is anticipated to prompt vehicle users to opt for safety technologies such as automotive LiDAR during the forecast period.

The bumper and grill location segment dominated the automotive LiDAR market, by accounting for a major share, in terms of revenue. During the initial stages of the development of automotive LiDAR, roof location was preferred owing to the mechanical LiDAR, which rotated 360 degrees, in order to detect obstacles and navigate. Development of small and compact solid state LiDAR has led to a wider area on the vehicle being available for the location of the automotive LiDAR.

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In terms of application, the autonomous emergency braking system holds a prominent share of the market owing to its rising adoption and implementation of stringent safety standards. Autonomous emergency braking system employs laser sensors around the vehicle in order to monitor and prevent potential vehicle collisions. The automotive LiDAR emits a laser pulse, which is reflected off an object and projected in the form of an image in front of the driver. The LiDAR even intervenes on the driver's behalf in order to avoid or mitigate vehicle collision.

Based on image projection, 3D was a highly attractive segment of the automotive LiDAR market. Currently, the 2D segment accounts for a major share of the market, owing to its considerable presence across the region. Automotive LiDAR manufacturers are focusing on the development of more advanced LiDAR, with improved image projection, thereby leading to the innovation of 3D LiDAR.

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In terms of sales channel, the aftermarket segment accounts for a prominent share, as compared to the other segments. This is owing to the increased number of testing of self-driving cars. The aftermarket segment is anticipated to expand at a considerable growth rate owing to the increase in level of autonomy in premium vehicles.

Based on vehicle type, the passenger vehicle segment holds a major share of the market owing to the rising production of vehicles with increased autonomy levels. In terms of revenue, the passenger vehicle segment held a prominent share of the automotive LiDAR market in 2017. Commercial vehicle is expected to be a highly lucrative segment of the automotive LiDAR market owing to research and development in the field of public transit in order to ensure safety of the passengers.

Solid state LiDAR is a highly attractive segment of the automotive LiDAR owing to its cost, size, and location as compared to the mechanical LiDAR, which is mounted either on the roof or bonnet of the vehicle. Automobile LiDAR manufacturers are upgrading the automotive solid state LiDAR in order to provide better efficiency at low cost and to counter the substitute of the camera and radar together.

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Based on range type, in terms of volume, the medium and long range LiDAR segment is projected to expand at a higher CAGR during the forecast period. Medium and long range LiDAR is estimated to increase the range of LiDAR and is likely to detect and monitor vehicles and objects in front of the vehicle from a longer distance. Navigation is expected to drastically improve owing to the extended range of the automotive LiDAR.

Europe dominated the global automotive LiDAR market in 2017. Europe and North America are anticipated to be prominent markets for automotive LiDAR during the forecast period owing to the rising awareness about safety and increasing adoption of these sophisticated technologies in these regions. A majority of automotive LiDAR manufacturers are working to improve efficiency and build cost-effective LiDARs in these region. This, in turn, boosts the vehicle penetration level, being fairly on the developed side, as compared to other mass auto manufacturing regions. The automotive LiDAR market in Asia Pacific is also expected to expand at a significant growth rate owing to the increasing sales and presence of prominent automotive LiDAR manufacturers in the region, especially in China and Japan. Automotive LiDAR is expected to witness a noteworthy rise in rate of adoption in all mass manufacturing regions. This is due to its additional operation and consistent reduction of cost across the world.

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The global automotive LiDAR market is a highly competitive market due to the presence of major LiDAR manufacturers. Key players operating in the global automotive LiDAR market include Velodyne LiDAR, Inc., Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Denso Corporation, Delphi, Magna International Inc., Valeo, LeddarTech, Teledyne Technologies Incorporated, Infineon technologies AG, Quanergy Systems Inc., Phantom Intelligence, TriLumina, HELLA GmbH & Co. KGaA, Ibeo Automotive Systems GmbH, and AEye Inc.

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The global automotive LiDAR market can be segmented as follows:

• Automotive LiDAR Market, by Location 
  • Roof
  • Headlights and Taillights
  • Bumper and Grill
  • Others
• Automotive LiDAR Market, by Application 
  • Adaptive Cruise Control
  • Automatic Emergency Braking
  • Others
  • Semi-autonomous Car
  • Autonomous Car
• Automotive LiDAR Market, by Image Projection 
  • 2D
  • 3D
• Automotive LiDAR Market, by Sales Channel 
  • Original Equipment Manufacturers (OEMs)
  • Aftermarket
• Automotive LiDAR Market, by Vehicle Type 
  • Passenger Vehicles
  • Commercial Vehicles
• Automotive LiDAR Market, by Type 
  • Mechanical
  • Solid State
• Automotive LiDAR Market, by Range Type 
  • Short Range
  • Medium & Long Range
• Automotive LiDAR Market, by Countries 
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

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