According to Research Dive, creation of 3D image of the object is the key factor driving the Global Automotive LiDAR Sensor Market
PUNE, India, March 24, 2020 /PRNewswire/ — A new report published by Research Dive states that the global automotive LiDAR market is set to rise at a CAGR of 39.0% during the forecast period from 2019 to 2026. The global market is anticipated to generate a revenue of $2,436.3 million by 2026. The market has been segmented on the basis of type, vehicle type, and region. The report provides detailed insights on drivers, vital segments, restraints, opportunities, and top market players. As per our analysts, the rapid growth in the advancements in autonomous vehicles all over the globe is predicted to drive the automotive LiDAR sensor market. However, rise in concern for fuel economy, greenhouse gas, and stringent emission norms have encouraged automotive manufacturers to employ technological advancements, thereby propelling the global market.
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Solid State to be Most Lucrative
On the basis of type, the global automotive LiDAR sensor market is segmented into mechanical and solid-state LiDAR. The market share for mechanical LiDAR was largest with 57.8% in 2018, and is anticipated to generate a revenue of $87.9 million during the period of forecast. This is majorly due to the advanced features exhibited by the mechanical LiDAR such as 360-degree along with the widest field of view (FOV) to all the advanced driver assistance systems technologies. On the other hand, solid-state segment is projected to register the highest growth rate during the forecast period growing at a 40.0% CAGR. This is mainly due to rapid growth in the preferences by the OEM’s to differentiate between moving objects and the stand still objects.
Autonomous Vehicle Segment to Continue its Dominance
Based on vehicle type, the global market for automotive LiDAR sensor is segmented into autonomous and semi-autonomous vehicles. Among these, the market for autonomous vehicles held the largest market share in 2018 with $79.0 million and is projected to reach up to $1,248.2 million by 2026. This is majorly due to the various technological benefits as the LiDAR has the ability to detect the surrounding by sending and receiving numerous signals every second with the speed of light. On the other hand, the semi-autonomous vehicle type segment is likely to grow at 39.3% CAGR and generate a revenue of $1,188.1 million during the forecast period.
North America Market to Have Enormous Opportunities
Geographically, the global market for automotive LiDAR sensor is segmented into North America, Europe, Asia-Pacific, and LAMEA. The market size for North America automotive LiDAR sensor accounted for $86.6 million in 2018, and is projected to rise at 38.8% CAGR by the end of 2026. This dominance is primarily due to the rapid growth in the adoption rate of autonomous vehicles and rise in the technological advancements in this region. Along with North America, the Europe automotive LiDAR sensor market is expected to rise at a rapid rate during the period of forecast. This Europe market is projected to grow at 40.3% CAGR and reach up to $ 552.3 million by 2026.
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Top key players and Recent Development in automotive LiDAR sensor market include:
1. Continental AG
2. Robert Bosch GmbH
3. First Sensor AG
4. Denso Corp
5. Hella KGaA Hueck & Co.
6. Novariant, Inc.
8. Quanergy Systems, Inc.
9. Phantom Intelligence
10. Velodyne LiDAR, Inc.
These key players are continually increasing their efforts to implement several strategies such as mergers, product development, acquisitions, and joint ventures, to rise the company position in the global market.
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