Automotive LiDAR Market worth $9.59 billion in 2030 | MarketsandMarkets
DELRAY BEACH, Fla., Jan. 17, 2025 /PRNewswire/ -- Automotive LiDAR Market is projected to reach from USD 1.19 Billion in 2024 to USD 9.59 Billion in 2030, at a CAGR of 41.6%, according to a new report by MarketsandMarkets. The automotive LiDAR market is shifting as some companies have discontinued LiDAR projects due to high costs, integration challenges, and the rise of cost-effective alternatives like imaging radar. Argo AI (US) ceased operations in 2022, halting its LiDAR development, while Mobileye (Israel) announced in 2024 a focus on imaging radar instead of LiDAR. Radar's reliability, affordability, and advancements like Imaging Radar and PMCW radar have positioned players like Robert Bosch GmbH (Germany) to benefit from this trend. Despite these challenges, LiDAR remains critical, especially for higher levels of autonomy. Key OEMs like BYD Co., Ltd. (China), Geely Auto (China), IM Motors (China), and robotaxi companies like Baidu, Inc. (China) and Waymo LLC (US) continue to adopt LiDAR, alongside European automakers such as BMW Group (Germany), Mercedes-Benz Group AG (Germany), and Volkswagen Group (Germany). Mercedes' S-Class uses one LiDAR with Level 3 DRIVE PILOT, while GAC Aion V, at Level 2, employs five LiDAR units, reflecting increased adoption for enhanced coverage.
Falling costs per unit and innovations from companies like RoboSense Technology Co., Ltd. (China) and Hesai Group (China) further strengthen the LiDAR market. Adoption in models such as the BYD Han EV and Chery Exeed STERRA ES highlights confidence in the technology. As autonomy advances, LiDAR's precision and critical role ensure its demand will remain strong.
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Battery Electric Vehicles (BEVs) is estimated to hold the largest share during the forecast period.
Battery electric vehicles (BEVs) are expected to dominate the automotive LiDAR market over the forecast period due to the accelerating global shift toward electrification and the demand for advanced autonomous features in EVs. China's EV revolution plays a pivotal role, with leading models like Zeekr 009, Rising Auto F7, and IM Motors' LS6 and LS7 integrating LiDAR technologies from RoboSense Technology Co., Ltd. (China) and Hesai Group (China). Similarly, European automakers are equipping their premium EVs with LiDAR, such as the BMW i7, which features InnovizOne LiDAR from Innoviz Technologies Ltd. (Israel), and Polestar 3 uses LiDAR from Luminar Technologies, Inc. (US) whereas Mercedes-Benz EQS features SCALA LiDAR from Valeo (France). Innoviz Technologies Ltd. (Isreal) further showcased its LiDAR capabilities with the Volkswagen ID.Buzz in January 2024, emphasizing the growing demand for LiDAR in BEVs. These advancements, combined with the push for safer and more efficient driving solutions, underscore BEVs as a cornerstone of the LiDAR market's growth trajectory.
The 3D LiDAR is estimated to lead the automotive LiDAR market during the forecast period.
The 3D segment of the automotive LiDAR market is expected to witness the fastest growth over the forecast period, driven by the rising demand for advanced perception capabilities in autonomous and semi-autonomous vehicles. 2D LiDAR is gradually being eliminated from the market as it provides only a flat, two-dimensional view due to its limited number of channels, which restricts its ability to capture detailed spatial information. In contrast, 3D LiDAR, with its capability to generate rich three-dimensional point clouds, enables advanced algorithms such as 3D object detection and segmentation, making it far superior for applications in autonomous driving. LiDAR manufacturers are increasingly launching innovative products with 3D mapping technology to meet this demand. For instance, Quanergy Solutions, Inc. (US) unveiled its next-gen 3D LiDAR solutions, Q-Track HD, and Q-Track Dome sensors, at ISC West 2024, while Hesai Group (China) introduced the ATX LiDAR in April 2024, capable of 3D perception with a detection range of up to 300 meters. Premium vehicles like the Polestar 3 from Polestar (Sweden) feature long-range 3D LiDAR from Luminar Technologies, Inc. (US), highlighting the integration of this technology in high-end models. RoboSense Technology Co., Ltd.'s (China) HyperVision 1.0, an AI-powered 3D LiDAR point cloud solution, further underscores the role of 3D LiDAR in advancing autonomous driving. These developments showcase the increasing adoption of 3D LiDAR as a key enabler of enhanced safety and autonomy in vehicles.
North America is expected to grow significantly during the forecast period
North America is poised for significant growth in the automotive LiDAR market during the forecast period, driven by rapid advancements in autonomous driving technologies, supportive regulations, and the strong presence of leading players. Companies such as Luminar Technologies, Inc. (US) and Seyond (US), along with robotaxi leaders like Waymo LLC (US) and Motional, Inc. (US), are spearheading LiDAR innovation in the region. General Motors' (US) Super Cruise system, which combines cameras, sensors, GPS, and LiDAR-precision map data, is a standout example of advanced driver-assistance technology, now available in models like the Chevrolet Silverado EV and Cadillac Lyriq. Robotaxi companies are also leveraging LiDAR for enhanced autonomy, with Waymo LLC relying on LiDAR for its driverless vehicles, and Ouster Inc. (US) partnering with Motional, Inc. to integrate its LiDAR into IONIQ 5-based robotaxis. These developments, alongside growing investments in autonomous mobility and infrastructure, position North America as a key growth hub for the automotive LiDAR market.
Key Market Players Automotive LiDAR Industry:
Prominent players in the Automotive LiDAR Companies include as RoboSense Technology Co., Ltd. (China), Hesai Group (China), Luminar Technologies, Inc. (US), Seyond (US), Huawei Technologies Co., Ltd. (China), Valeo (France), and Innoviz Technologies Ltd. (Israel).
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This report provides insights on:
- Analysis of key drivers (LiDAR's technological edge to fuel market expansion, OEM focus on testing and deployment of vehicles with higher level of autonomy, Government regulations for integration of advanced safety technologies), restraints (Higher cost of LiDAR, Emergence of alternative technologies), opportunities (Rise of robotaxi and ride-hailing services, Commercial vehicle automation in logistics and transportation), and challenges (Fluctuating raw material prices and supply chain disruptions, Infrastructure Gaps Hinder growth in Emerging markets)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the automotive LiDAR market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the automotive LiDAR market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the automotive LiDAR market.
- Competitive Assessment: In-depth assessment of market share, growth strategies, and service offerings of leading players like RoboSense Technology Co., Ltd. (China), Hesai Group (China), Luminar Technologies, Inc. (US), Seyond (US), Huawei Technologies Co., Ltd. (China), Innoviz Technologies Ltd. (Israel), and Valeo (France) among others in automotive LiDAR market.
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