The global Automotive LiDAR Market is anticipated to reach USD 4,135.2 million by 2026 according to a new study published by Polaris Market Research. The growing adoption of ADAS and investment in the dynamic development of autonomous vehicle by leading companies such as Uber, Google, and Apple, have had a positive impact on the global Automotive LiDAR market. There are several advantages of integrating LiDAR in ADAS system such as it supports different environmental conditions, can work better range up varying from 10 cm to 100 m and also records 30 times quicker than regular camera video, such factors have highly propelled Automotive LiDAR market worldwide. Although, high cost and substitute technology are some of the factors that could affect the growth of the market. However, these factors are expected to have minimal impact on the Automotive LiDAR Market attributed to the decreasing price in near future with rise in volume.
LiDAR has become an essential feature of self-driving cars, and therefore several advancements are taking place in the Automotive LiDAR Market to offer better product and service to end-user in coming years. Different market leaders are coming up with innovative technologies to grow and maintain their market position for instance in 2016, LeddarTech launched a modular Vu8 LiDAR sensor at a price of USD 475. Besides this, several other merger and acquisition are occurring in market such as in February, 2016, ZF acquired 40% share of Ibeo, this acquisition will help ZF to take the succeeding technological leap and a significant step forward in autonomous vehicle market. Such trends are further anticipated to bolster the market growth during the forecast period.
Currently, North America dominates the Automotive LiDAR market attributed to the technological advancements and early adopter of ADAS, existence of prominent Automotive LiDAR providers in the region, and robust technical adoption base. Also, the region is expected to continue its dominance during the forecast period. Moreover, the emerging application of autonomous vehicle technology in commercial cars services in key economies, such as the U.S. and Canada, is considerably adding to the market growth in the North American region. The markets in Asia Pacific, and European region are expected to notice a high growth during the coming years. The growth in Asia Pacific region is attributed to the increasing demand for autonomous car in the developing economies.
Major companies profiled in the Automotive LiDAR Market report include Scans LLC, Velodyne LIDAR, Inc., Quanergy Systems, Inc., LeddarTech, First Sensor AG, Novariant (AgJunction), Delphi Technologies, Continental AG, Robert Bosch GmbH, and Denso Corporation among others.
The high penetration of autonomous vehicle and rise in ADAS technology across globe is projected to boost the growth of the Automotive LiDAR Market over the forecast period. Several companies are going through technology partnership with IT giant to integrate Automotive LiDAR competences into their portfolio of products. For instance, recently in January 2018, OPTIS and LeddarTech collaborated together to bring the industrial replication of LiDAR based solutions for the booming autonomous vehicle industry.
