The automotive LiDAR market is impelled by the escalating research activities for the expansion of autonomous vehicles. The global market is anticipated to grow rapidly owing to superior technology and several other sensors that are available in the global automotive industry like the cameras and RADAR. Many other dynamics that are propelling the growth of this market are like the increasing acceptance of autonomous vehicles, escalation in the adoption rate of ADAS technology by OEMs and regulations by governments for the safety of vehicles.
Based on the application segment, the semi-autonomous vehicle market is said to be the biggest market share of the automotive LiDAR market owing to the elements like escalation in the demand for driving safety characteristics, rising government regulations and enhanced and cost efficient LiDAR solutions.
Depending on the type of the automotive LiDAR market, the mechanical LiDAR is the market leader due to the rising need for this type in the autonomous vehicles. The mechanical one is broadly used in the self-vehicles owing to its superior reliability and accuracy in ADAS application. The solid-state type of automotive LiDAR market is predicted to flourish considerably during the estimated timeframe. This technology if presently in the development phase and is not commercial yet. But, several companies are undertaking many tactical innovations to raise the inventive process in the solid-state LiDAR technology.
On a global level, the North American market is leading the automotive LiDAR market by grabbing the maximum market share. This escalation is due to rise in research related activities for the development of autonomous vehicles in North America. Moreover, the government too backs the policies linked to the testing of autonomous vehicles. In 2018, the government of the United States passed a spending bill that showcased US $100 million to government as well as private institutions to perform researches in the technology related to self-driving. Following North America is the Asia Pacific region which is predicted to escalate at a significant CAGR during the forecast period.
Competitive Analysis: Some of the Major Market Manufacturers of The Global Automotive LiDAR Market
Infineon Technologies AG
Texas Instruments, Inc.
Innoviz Technologies, Ltd.
Quanergy Systems, Inc.
First Sensor AG
Robust potential for growth in Automotive LiDAR market has pulled many novel players in the market. These novel market players are enticing strong investments from several automakers and financial organizations to create an inventive product portfolio.