Gurugram, India, April 25, 2023 (GLOBE NEWSWIRE) — With increasing awareness of vehicle safety regulations and the growing presence of ADAS or advanced driver assistance systems, the global automotive LiDAR market is projected to reach nearly $1.5 billion in 2028, he says. Research study Ken.
Advanced driver assistance systems include a range of solutions aimed at preventing car collisions on the road and protecting pedestrians, drivers, cyclists and passengers from traffic accidents. Automotive LiDARs are part of this suite of solutions that help vehicles see and map their surroundings better than human eyes, cameras or mirrors can. Automotive LiDAR uses infrared light or lasers to create high-resolution 3D images of a vehicle’s surroundings. These LiDARs can be effective in semi-autonomous and autonomous vehicles and can be installed on a vehicle’s roofs and top pillars, bumpers and grilles, headlights and taillights, among others.
“Ken Research shares 3 key insights about this high-opportunity market from its latest research study “
1. The ability of automotive LiDARs to reduce traffic accidents is helping the market grow at a double-digit rate
A crucial part of the Advanced Driver Assistance System or ADAS paradigm, automotive LiDARs reduce the chances of traffic accidents and unwarranted vehicle collisions, often resulting in death. It is one of the major beneficial factors why the automotive LiDAR market is expected to grow at a remarkably high rate. According to data published by the European Association of Automobile Manufacturers (ACEA), removing the driver from the place of mobility of the vehicle reduces the element of human error in driving, responsible for 90% of all accidents. According to the Partners for Automated Vehicle Education, a conglomerate of self-driving technology companies, autonomous vehicles could prevent more than 70% of accidents.. As it is a vital part of the configuration of autonomous/semi-autonomous vehicle components, many technology companies are willing to invest in making cutting-edge LIDAR S designed for the future of driving. The Global Automotive LIDAR Market is valued at ~$500 million by 2022 and is expected to further grow to a size of ~$1.5 billion by 2028.
2. A significant fall in automotive LiDAR prices is expected to increase adoption and help the market grow significantly
Innovations are occurring at a rapid pace in the automotive LiDAR market. As leading companies continue to invest heavily in improving LiDAR technology, production is becoming more efficient and scalable, leading to a drop in price. According to Velodyne’s published commitment, the company intends to reduce the average unit price of a LiDAR to $600 by 2024, from $17,900 in 2017.. Other leading companies are also expected to follow suit, leading to a healthy increase in the adoption rate of LiDAR in the automotive market.
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3. Automotive LiDAR performance is severely affected by weather conditions
The result that a LiDAR would provide is still limited by the prevailing weather conditions. Although changes in relative humidity do not significantly affect the range of an automotive LIDAR, the maximum range decreases significantly when the rate of rain increases. Scientific studies have shown that an increase in rainfall of 2 mm/ha 25 mm/h can reduce the maximum range of a LiDAR from almost 80 meters to about 70 meters. Foggy weather also affects the performance of a LiDAR. For the automotive LiDAR market to grow further, these challenges must be overcome.
Taxonomy of the market
By Application
- Semi-autonomous vehicles
- Autonomous Vehicles
By Technology
- solid state
- Mechanical/scanning
By location
- Roof and upper pillars
- Headlight and taillight
- Bumper and grill
- others
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By rank
- Short and medium range
- Long range
By Type of Vehicle
- IC motor vehicle
- Hybrid electric vehicle
- Plug-in hybrid electric vehicle
- Electric vehicle with battery
By Region
- North America (USA, Canada, Mexico)
- Europe (Germany, United Kingdom, France, Spain, Italy, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key players
- Continental AG
- ZF Friedrichshafen AG
- Infineon Technologies AG
- LiDAR Velodyne
- LeddarTech
- First Sensor AG
- Quanergy Systems
- Technologies Innoviz
- Robert Bosch GMBH
- worth it
For more information on market intelligence, please refer to the following link:
Global Automotive LiDAR Market
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