Automotive LiDAR market is set to grow tremendously through 2032 due to the introduction of solid-state LiDAR technology in the automotive industry. The demand for LiDAR in the automotive market is also gaining prominence owing to the growing demand for autonomous vehicles across the world.
Besides, supporting government initiatives would also propel market growth. Governments across nations are relentlessly working toward enhancing vehicular safety by modifying vehicle safety systems and mandating the use of advanced driving assistance systems. For example, while the NCAP is promoting the use of ADAS systems in vehicles to ensure safety, the U.S. has established the NHTSA, which has introduced new guidance for ADS.
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Overall, the global automotive LiDAR industry is bifurcated in terms of type, vehicle, and regional landscape.
Based on type, the automotive LiDAR market is likely to be characterized by the mechanical segment. The increasing utilization of hybrid LiDAR for navigation and real-time scanning applications will drive the segment during the forecast period. The current hybrid design of mechanical LIDAR is widely considered to be a breakthrough in the industry which simplified the sophisticated design of its earlier counterpart. Unlike the previous versions, this hybrid design allows the system to accommodate multiple laser beams within a single structure.
In terms of vehicle, the semi-autonomous segment is slated to grow exponentially between 2023 to 2032 owing to the continuous innovations by automakers to roll out their semi-autonomous solutions, which are laced within their automobiles. The scope for this market is also increasing in developed countries, as these semi-autonomous systems assist drivers in maintaining their lanes and help them during traffic jams.
In the regional context, the automotive LiDAR market in Europe accounted for more than 15% of the market volume in 2022. The European Commission has recently developed regulations regarding self-driving vehicles to catch up with the U.S. and China to become a technology leader in this field. Accordingly, the regional governments have developed their telecom infrastructure and road to help autonomous vehicles to communicate better with their surrounding environment. In addition, some countries in the EU such as the UK and Germany have issued regulations to govern the testing of autonomous vehicles on public roads.
The immense scope of growth in the LiDAR market has attracted new organizations that are garnering robust investment from various financial firms and automakers to enhance the product portfolio. Currently, the major players in the automotive LiDAR market are LeddarTech, Quanergy, Continental AG, Blackmore Sensors and Analytics, Oryx Vision, Velodyne LiDAR, TriLumina Corporation, Luminar Technologies, Aptiv, Magna, Uber, ZF, Audi, Nissan, Tesla, Inc., Innoviz Technologies Ltd., and Volvo.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market definition
1.2 Base estimates & forecast
1.3 Forecast calculations
1.4 Data Sources
1.4.1 Secondary
1.4.2 Primary
1.5 Industry glossary
Chapter 2 Executive Summary
2.1 Automotive LiDAR industry 3600 synopsis, 2018– 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Type trends
2.5 Vehicle trends
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San Francisco, 22 June 2020 — “Automotive LiDAR Market Analysis By Regions (North America, Europe, Asia-Pacific, Latin America and Africa), Product, By Application And Segment Forecasts To 2027” Global Automotive LiDAR Market size is expected to value at USD 223.2 million by 2024.
The market is subject to witness a substantial growth due to the increasing demand for advanced safety features in both lightweight and heavyweight vehicles, and mandatory administrative regulations for incorporation of safety measures such as AEB braking systems installations, majorly in the developed economies such as U.S. and the UK.
Get a Free Sample Copy of Report @ https://www.millioninsights.com/industry-reports/automotive-lidar-market/request-sample LiDAR or LADAR is widely accepted surveying method that determines target distance by exemplifying the target area with pulsed laser light.
LiDAR, which stands for light detection and ranging measures the reflected pulses from target location with a sensor.
The stringent government laws & regulation in regards to incorporation of safety systems in a vehicle is critical factor for market growth, in the recent years.
Automotive LiDAR along with advanced driver-assistance system offer a full-proof collision avoidance system, which is consists of software and hardware interfaces.
New York, NY 04 Mar 2021: The global automotive LiDAR market size is expected to reach $4.14 billion by 2026, growing at a CAGR of over 35% during the forecast period, according to report published by Polaris Market Research.
Request For Sample Copy @https://www.polarismarketresearch.com/industry-analysis/automotive-lidar-market/request-for-sample Although ADAS has been available since long in the market, OEMs were reluctant to incorporate these systems due to high costs of sensors.
However, adoption of LiDAR in the automotive sector is growing due to rising focus towards safety by regulatory bodies, and customers aimed at safeguarding vehicles and passengers.
Due to continued focus of governments across multiple countries on enhancing vehicular safety, many regions have witnessed policies enforcing mandatory deployment of Advanced Driving Assistance Systems (ADAS) in vehicles.
For instance, EuroNCAP (New Car Assessment Program) crash testing program has been modified to include assessment of ADAS types which will have an impact on the safety rating of vehicles.
Eventually, the penetration and adoption of radars and cameras is expected to increase during the forecast period as OEMs increasingly adopt ADAS with the aim of qualifying for the best ratings in terms of vehicle safety.
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