New York, USA, June 21, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global automotive LiDAR sensor market is anticipated to garner a revenue of $2,436.3 million at a CAGR of 39.0%, growing from $151.9 million in 2018, during the analysis period, 2019-2026. The in-depth research gives a precise analysis of the current market scenario, including major features such as potential opportunities, restraints, challenges, and growth factors during the analysis period. The report also includes all market statistics, making it easier and more useful for beginners to grasp the market.
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Dynamics of the Market
LiDAR was developed after SONAR and RADAR, but the latest LiDAR technology developed by NASA and the US Military was initially used by NASA in the space missions to identify and locate droplets of water. The rapid development of autonomous vehicles around the world is a major element driving the growth of the automotive LiDAR sensor market. LiDAR sensors are critical in ensuring that autonomous vehicles operate safely and without causing any accidents.
OEMs favor LiDAR over RADAR because of its expanded characteristics, such as the LiDAR sensor’s ability to create a 3D image of any object with which its pulses come into contact. These characteristics also aid in the detection of objects within a 500-2,000-meter range of the vehicle. Nonetheless, RADAR is the only alternative to LiDAR; however, the inability to identify things over a shorter distance is a key limitation for RADAR sensors, which is why automotive makers are not using them.
LiDAR sensors do not perform better in adverse weather conditions such as rain and fog. This is primarily due to rain and fog interfering with laser light from the LIDAR sensor, causing the system to identify objects that are not physically present. When such incidents occur, sensors become disoriented. These factors are predicted to hinder the growth of the automotive LiDAR sensor market in the upcoming years.
Segments of the Market
The report has segmented the market into different segments based on type, vehicle type, and regional analysis.
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Type: Solid-state Sub-Segment is Predictable to be the Most Profitable
The solid-state sub-segment is expected to be the most profitable over the analysis period and surge at a CAGR of 40.0%. This growth can be majorly attributed to the growing preferences from Original Equipment Manufacturers (OEMs), owing to the product’s improved precision and abilities, which will help the vehicle in distinguishing between moving and stationary objects.
Vehicle Type: Autonomous Sub-Segment is Expected to be the Most Lucrative
The autonomous sub-segment is expected to be the most lucrative over the analysis period and surge at a CAGR of 38.7%. The growth can be attributed to the vehicle safety features provided by LiDAR sensor systems.
Region: North America is Expected to Hold Largest Market Share
The North America automotive LiDAR sensor market accounted for the largest share in the year 2018, and is further anticipated to surge at a CAGR of 38.8% over the upcoming years. Furthermore, European market for automotive LiDAR sensors is projected to witness significant growth primarily due to extensive adoption of electric vehicles in the region.
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Key Market Players and Strategies
The most prominent market players of the global automotive LiDAR sensor market include
- First Sensor AG
- Velodyne LiDAR, Inc.
- Robert Bosch GmbH
- Phantom Intelligence
- Continental AG
- Quanergy Systems, Inc.
- Novariant, Inc.
- Hella KGaA Hueck & Co.
- Denso Corp.
These players are working on developing strategies such as partnerships, merger and acquisition, product development, collaborations to sustain the market growth.
For instance, in May 2021, Velodyne Lidar, Inc. announced the release of its Intelligent Infrastructure Solution, which is intended to address some of the most difficult and pervasive infrastructure issues. To monitor traffic networks and public spaces, this new solution combines Bluecity’s powerful artificial intelligence (AI) software with Velodyne’s award-winning LiDAR sensors.
The report also summarizes several key aspects including SWOT analysis, product portfolio, financial position of the market players, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status – Inquire to Get access for Detailed Top Companies Development Strategy Report
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