Automotive LiDAR (Light Detection and Ranging) Market Accumulate a Revenue of US$2 Bn by 2026

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.

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.

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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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