Automotive LiDAR (Light Detection and Ranging) Market Accumulate a Revenue of US$2 Bn by 2026 due to Increasing Number of Road Accidents, States TMR
ALBANY, New York, Feb. 12, 2019 /PRNewswire/ -- Competition among the key players in the global automotive LiDAR market is expected to rise at a significant rate in the coming years, notes Transparency Market Research. Leading players in this market are focusing on employing advanced business development strategies with which they can offer better products and services to their customers. Mergers, collaboration, expansion, and innovation are some of the key strategies used by the players operating in this market. The presence of a large number of small and large players is also expected to increase the competition among the players. Some of the prominent players have been analyzed and include Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Denso Corporation, and Delphi, LeddarTech.
Transparency Market Research in its recent report on the global automotive LiDAR (Light Detection and Ranging) market analyzed that this market is likely to accumulate a revenue of US$2 bn by the end of 2026. As per the projection made, the market is likely to progress at a staggering CAGR of 35.0% over the forecast period from 2018 to 2026.
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Based on location type, the bumper and grill segment is anticipated to lead the automotive LiDAR market in the forthcoming years. When solid state LiDAR is applied on bumper and grill, it helps in cost reduction as compared to mechanical LiDAR that is there on the roof. Automotive LiDAR also provides better navigation without disrupting the appearance of the vehicle. In terms of geography, Europe held half share in the overall market in 2017. This growth is attributed to the increased awareness about safety and rise in death rate in the region. However, during the forecast period, North America might offer lucrative growth opportunities and take up the leading position in the market. This might happen, as the key manufacturers in automotive LiDAR are present in this region.
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High Precision Detection on Real-Time Basis to Increase Demand for Automotive LiDAR
Globally, the demand for electrical and highly connected cars has increased at a significant rate, which has boosted the demand automotive LiDAR. With that, understanding for safe driving for both drivers and passengers has also grown drastically, which has increased the demand in the automotive LiDAR (Light Detection and Ranging) market. In addition, various government organizations are also taking the necessary steps to ensure better safety of their people. The number of cases related to road accidents has increased drastically, providing a fillip to automotive LiDAR in this market.
Moreover, the introduction of advanced technologies and persistent efforts made by the manufacturers operating in this market has further augmented the growth of automotive LiDAR. Use of advanced technologies will help in collecting accurate and high precision detection on a real-time basis. All the above-mentioned factors are expected to drive the demand in the global automotive LiDAR market.
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High Cost of Components Used in LiDAR System to Hamper Market Performance
Even though the demand for automotive LiDAR has increased substantially in the past couple of years, few restraining factors persist that might obstruct the growth in this market. One of the key factors is the lack of awareness about the advantages of LiDAR systems that might obstruct the growth in this market. In addition to the high cost of components used in these systems such as navigation system, laser scanners, and high-resolution 3D cameras systems are likely to hamper the market's growth. However, the rising demand for autonomous and connected cars can stoke the demand for automotive LiDAR.
The information presented in this review is based on a TMR report, titled "Automotive LiDAR (Light Detection and Ranging) Market (Location - Roof, Headlights and Taillights, Bumper and Grill; Application - Adaptive Cruise Control, Automatic Emergency Braking, Semi-autonomous Car, Autonomous Car; Vehicle Type - Passenger Vehicle, Commercial Vehicle; Image Projection - 2D, 3D; Type - Mechanical, Solid State; Range Type - Short Range, Medium & Long Range; Sales Channel - OEMs, Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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Global Automotive LiDAR Market has been segmented into:
- Headlights and Taillights
- Bumper and Grill
- Adaptive Cruise Control
- Automatic Emergency Braking
- Semi-autonomous Car
- Autonomous Car
- Original Equipment Manufacturers (OEMs)
- Passenger Vehicles
- Commercial Vehicles
- Solid State
- Short Range
- Medium & Long Range
- North America
- Rest Of Europe
- Asia Pacific
- Rest Of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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