US: Transparency Market Research has released a new market report titled “Automotive LiDAR Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026.“ According to the report, the Global Automotive LiDAR Market is expected to expand at a CAGR of more than 35% during the forecast period.
Rise in the adoption of intelligent active safety systems in vehicles owing to the increasing trend of autonomous vehicles is projected to drive the automotive LiDAR market during the forecast period. Increased testing of autonomous vehicles by major OEMs across the world, especially in the U.S. and Germany, is expected to offer significant growth opportunities to the automotive LiDAR market during the forecast period. The rise in rate of fatalities caused due to improper navigation and obstacle detection, mostly in extreme weather conditions such as rain and snow, causes damage and mutilation to both vehicle users and vehicles.
Automotive LiDAR is a technology that surveys or maps the surroundings by utilizing light in the form of a pulsed laser. In this technology, light emitted from the emitter is reflected back when it strikes an object and is collected by the receiver. Based on the time and angle of the received light, an image projection of the surrounding is generated, which helps analyze the surrounding conditions. In the U.S., a study conducted for 25 states concluded that vehicles deployed with advanced safety technologies reduced fatality rate and injuries by 21%. The resulting consequences of this study have led to an increase in incorporation of advanced driver assistance systems in vehicles, which in turn is a key factor that is estimated to augment the automotive LiDAR market during the forecast period.
Inflation and development of autonomous and self-driving vehicles are expected to play a vital role in the development and production of automotive LiDAR systems. Automotive LiDAR provides several benefits over radar and camera, coupled together, such as enhanced real-time obstacle detection with higher accuracy and ability to work in severe climate conditions. These are prominent factors that are anticipated to boost the global automotive LiDAR market during the forecast period. Major auto manufacturers across the world have begun production of vehicles deployed with automotive LiDAR owing to its additional functions in adaptive cruise control and autonomous emergency braking systems. This, in turn, is anticipated to prompt vehicle users to opt for safety technologies such as automotive LiDAR during the forecast period.
The bumper and grill location segment dominated the automotive LiDAR market, by accounting for a major share, in terms of revenue. During the initial stages of the development of automotive LiDAR, roof location was preferred owing to the mechanical LiDAR, which rotated 360 degrees, in order to detect obstacles and navigate. Development of small and compact solid-state LiDAR has led to a wider area on the vehicle being available for the location of the automotive LiDAR.
