The automotive LiDAR sensors market is expected to grow by USD 759.27 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Automotive LiDAR Sensors Market 2020-2024 (Graphic: Business Wire)
Many automobile manufacturers and OEMs are making significant investments to develop technologies for autonomous vehicles. Companies such as Delphi, Continental, Bosch, Daimler, Scania, and Volvo, among others, are working to expand the autonomous driving concept. Such efforts have widened the market acceptance of semi-autonomous features in passenger and commercial vehicles. Self-driving cars may become a reality by the end of the forecast period, and in a decade, it will likely be possible to see a sizeable number of self-driving vehicles. These factors have increased the testing and development of various features in ADAS and telematics and connected vehicle technologies, which is increasing the applications of LiDAR sensors. Thus, the developments in autonomous vehicle technology is expected to drive the growth of the market.
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As per Technavio, LiDAR sensors based on continuous-wave frequency modulation (CWFM) technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive LiDAR Sensors Market : LiDAR Sensors based on Continuous-Wave Frequency Modulation (CWFM) Technology
Market vendors are focusing on the development of next-generation LiDAR sensors with CWFM technologies which help determine both velocity and the distance of the target. Unlike conventional LiDAR sensors, CWFM LiDAR sensors are immune to background light and do not get affected by the presence of other light sources transmitting at the same frequency. In addition, the CWFM LiDAR sensor can detect the velocity as well as the distance of the object. Hence, the advent of CWFM technology-based LiDAR sensors is expected to positively impact the growth of the market during the forecast period.
“Factors such as the continuous cost reduction of LiDAR sensors, and the emergence of sensor fusion technology will have a positive impact on the growth of the automotive LiDAR sensors market value during the forecast period,” says a senior analyst at Technavio.
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Automotive LiDAR Sensors Market: Segmentation Analysis
This market research report segments the automotive LiDAR sensors market by application (ADAS and autonomous vehicle), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the automotive LiDAR sensors market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the high popularity of recreational vehicles, the increasing adoption of stability control systems in SUVs, and continuous push from governments on improving the safety of vehicles.
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Some of the key topics covered in the report include:
- Autonomous vehicle
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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