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Technavio, a leading market research company with global coverage, published a report on, "Automotive LiDAR Sensors Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, Germany, China, Canada, Japan - Size and Forecast 2024-2028". According to the report, the Global Automotive LiDAR Sensors Market size is forecast to increase by USD 693.6 million at a CAGR of 22.08% between 2023 and 2028.
Rapid developments in autonomous vehicle technology is driving market growth, with a trend towards continuous cost reduction of LiDAR sensors However, high cost of automotive LiDAR sensors poses a challenge.
Key Market Trends Fueling Growth
The automotive LiDAR sensor market is experiencing significant advancements as companies work to reduce costs and increase production volumes. Historical examples, such as the anti-lock braking system (ABS), suggest that substantial price declines are likely. Innovations like single-chip LiDAR sensors and phased array technology are expected to bring costs down to around USD1,000 by 2022-2024 and USD100 in a decade. Venture capitalists are showing increased interest in this sector, indicating a steady price decline and market growth during the forecast period.
The Autonomous Vehicle Market is experiencing significant growth, with LiDAR sensors playing a crucial role in enabling self-driving technology. Companies are investing heavily in developing advanced LiDAR sensors to improve vehicle safety and performance. The market for these sensors is expanding, with new applications in areas such as traffic management and surveillance. The use of LiDAR technology in the automotive industry is becoming more common, with many manufacturers integrating it into their vehicles. The future looks bright for LiDAR sensors in the automotive sector, with continued innovation and advancements expected. The market for these sensors is expected to grow, driven by the increasing demand for autonomous vehicles and the need for improved safety features. The LiDAR market is competitive, with several players vying for market share. Some of the key players include Objetive Analysis, Luminar Technologies, Velodyne LiDAR, and Aptiv. The market is expected to reach new heights in the coming years, driven by the increasing adoption of autonomous vehicles and the need for more advanced safety features.
Market Challenges
- The automotive LiDAR sensors market faces significant challenges due to high costs, with Ouster's ES2 sensor initially priced at USD600 for mass production in 2024. However, industry experts predict cost reductions due to mass production. Despite this, current price points, such as Luminar's deal with Volvo for USD100 sensors in 2022, remain high for widespread industry adoption. OEMs already contend with substantial cost pressures from regulations, R&D investments, market competition, and evolving customer demands. The added expense of LiDAR sensors, essential for advanced driver assistance systems (ADAS), poses a significant challenge for market growth.
- The Automotive LiDAR Sensors Market faces several challenges. One key challenge is the high cost of LiDAR sensors, making their adoption less attractive for some automotive manufacturers. Another challenge is the need for LiDAR sensors to operate in various weather conditions and environments, as they can be affected by factors such as fog, rain, and bright sunlight. Additionally, the development of smaller, more cost-effective LiDAR sensors that can be mass-produced is a significant challenge. Furthermore, ensuring the reliability and accuracy of LiDAR sensors in real-world driving conditions is a major concern. Lastly, integrating LiDAR sensors with other sensor technologies, such as cameras and radar, to create a comprehensive Advanced Driver Assistance System (ADAS) is a complex challenge.
Segment Overview
ADAS - The global automotive market is experiencing growth due to the adoption of advanced telematics, particularly ADAS systems. These include features like adaptive front lights, adaptive cruise control, and collision warning systems. Although there was a dip in growth rates in 2022, ADAS is expected to regain ground as a standalone offering, driven by regulatory support and demand for driver assistance in long drives and among elderly customers. ADAS penetration is increasing in both passenger and commercial vehicles, leading to increased demand for automotive LiDAR sensors.
Research Analysis
The Automotive LiDAR Sensors market is experiencing significant growth due to the increasing demand for advanced safety features and autonomous vehicle technology. Remote sensing techniques, utilizing LiDAR technology, enable distance estimation and object detection, ensuring safe navigation for autonomous vehicles. High-resolution 3D images generated by these sensors provide detailed maps, enabling accident avoidance and product development in the eMobility sector. Infineon Technologies AG's AURIXTM microcontroller family, including the TC4x series, powers these sensors, enhancing their functionality and reliability. Joint ventures and technology collaborations are driving innovation in this field, ensuring continuous advancements in autonomous car safety and performance.
Market Research Overview
The Automotive LiDAR Sensors Market refers to the industry that produces, supplies, and installs Light Detection and Ranging sensors for automotive applications. These sensors use laser technology to measure distances and create a 3D map of the environment in real-time. They are essential for advanced driver assistance systems (ADAS) and autonomous vehicles, providing data for functions such as adaptive cruise control, lane departure warning, and automatic emergency braking. The market is driven by the increasing demand for safety and convenience features in vehicles, as well as the growing trend towards autonomous driving technology. The market is also influenced by factors such as regulatory requirements, technological advancements, and cost trends. The global Automotive LiDAR Sensors Market is expected to grow significantly in the coming years, with key applications in passenger cars, commercial vehicles, and two-wheelers.
Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation
- Application
- Technology
- Solid-state
- Electro Mechanical
- Geography
- North America
- Europe
- APAC
- Middle East And Africa
- South America
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
Click here to read the report titled, 'Automotive LiDAR Sensors Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, Germany, China, Canada, Japan - Size and Forecast 2024-2028'.
