North America is dominating the automotive LiDAR market and accounts for over 70% of the total market.
Sellbyville, DE -- (SBWIRE) -- 10/23/2018 -- Europe automotive LiDAR market will grow at a CAGR of over 60% during the projected timeline. The autonomous industry in the region will grow at a very high pace due to its well-maintained transportation infrastructure and supportive government policies. For instance, in 2015, the Government of the Netherlands established a regulatory framework, which allowed the testing of autonomous vehicles on public roads. In addition, there has been a growth in the number of public-private partnerships, which is further accelerating the growth of the autonomous industry in the country.
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The mechanical LiDAR holds the majority share in the automotive LiDAR market. This growth is attributed to the widespread adoption of the technology in various advanced driver assistance system applications. The solid-state LiDAR technology has gained a lot of popularity due to its inexpensive nature and higher performance with regards to the traditional LiDAR sensors. The automakers are currently working on solid-state technology, which is expected to be commercialized by 2020.
North America is dominating the automotive LiDAR market and accounts for over 70% of the total market. This growth can be attributed to the presence of a large number of automakers and tech giants. They have adopted various strategic initiatives to advance the automotive LIDAR technology.
Automotive LiDAR Market is anticipated to exceed 3 million units with a market size of over USD 3 billion by 2024. The automotive LiDAR market is propelled by increasing R&D activities for the development of autonomous vehicles. Technology giants and automakers, such as Google and GM, are working toward developing their own autonomous solutions for self-driving vehicles. Supportive government initiative and policies have further fostered the growth of the automotive LiDAR market.
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The semi-autonomous vehicle market accounted for over 40% of the total revenue in the automotive LiDAR market in 2017. The market is driven by the increasing number of automotive safety regulations across the globe. For instance, the National Highway Traffic Safety Administration (NHTSA) of the U.S. has mandated all the vehicles to be equipped with advanced driver assistance systems by 2020. This has led the automakers to incorporate various advanced driver assistance systems in their automobile. The autonomous vehicle market is anticipated to grow at a CAGR of over 35% over the forecast timeline. The LIDAR sensors allow a self-driving vehicle to generate a 3D model of its surroundings using light pulses to measure the precise distance of the objects within its vicinity.
There has been an abrupt growth in the demand for LiDAR sensors in the automotive industry. The customers have to wait for extended durations due to the presence of a limited number of suppliers. Therefore, the existing suppliers are building production facilities to meet the growing demand for automotive LiDAR sensors. In addition, the increasing supply-demand gap has attracted new players to the market. Conventional automotive suppliers are forming partnerships or making strategic investments in the existing LiDAR suppliers to access their technology.
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The companies operating in the automotive LiDAR market are LeddarTech, Continental, Luminar Technologies, Aptiv, Uber, Blackmore Sensors and Analytics, Trilumia, ZF, Magna, Innoviz Technologies, Oryx Vision, BMW, Nissan, Mercedes-Benz, Volvo, RoboSense, Audi, Velodyne, and Quanergy. There has been a significant growth in the number of start-ups working on self-driving technology. These tech giants and auto manufacturers are facing a stiff competition from start-ups which are looking to capitalize on various opportunities.
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