NEW YORK, December 2, 2022 /PRNewswire/ —
The Global Automotive LiDAR Market is Expected to Grow from $555 million in 2022 at $8,611 million by 2030, at a CAGR of 40.9%. Parameters such as increased demand for high-end vehicles, as well as growing demand for safety features and driving comfort are expected to support the automotive LiDAR market revenue growth during the forecast period. Additionally, increasing sales of electric vehicles coupled with growing focus on autonomous mobility will create new opportunities for the automotive LiDAR market during the forecast period.
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The bumpers and grilles segment is expected to be the largest market during the forecast period, by location.
The bumpers and grilles segment is expected to have significant growth opportunities over the forecast period. The use of LiDAR sensors in bumpers and grilles improves the aesthetics of autonomous vehicles and helps LiDAR technology work properly.
Most level 4 and 5 autonomous vehicles will be equipped with LiDAR sensors in the bumpers and grilles in the coming years. Currently, Audi automotive suppliers (Germany) has integrated a LiDAR sensor in the bumper and grille in its A8 model.
North America is expected to witness significant growth over the forecast period.
The North American region is expected to witness significant growth over the forecast period. This region is generally dominated by automotive OEMs such as General Motors and Ford Motor Company, combined with some established Asian and European automotive OEMs such as Nissan Corporation (Japan), Toyota Motor Corporation (Japan), BMW Group (Germany), Hyundai/Kia (South Korea), Honda (Japan) and the Volkswagen Group (Germany).
Additionally, the steady increase in luxury vehicle sales is expected to have a positive impact on the demand for self-driving cars in North America. The large customer base and high levels of disposable income in the region have fueled the demand for premium passenger cars.
All of these metrics should support the revenue growth of the North America Automotive LiDAR market over the forecast period. The United States is expected to be the largest automotive LiDAR market in North America.
There are a wide variety of car models equipped with automotive LiDAR sensors available in the country, such as BMW 7 Series, Mercedes-Benz S-Class, Toyota MIRAI and Audi A8.
BEV segment is estimated to be the promising segment of the Automotive LiDAR market during the forecast period
BEV is expected to be the promising segment by type of electric vehicle over the forecast period. According to key inputs, the penetration of BEVs is expected to increase in the coming years due to stringent emission standards introduced by governments of various countries and increasing range. of electric vehicles.
Governments in some countries now provide subsidies for environmentally friendly cars to encourage the use of BEVs. The BEV segment is expected to witness a notable growth rate.
BEV sales in 2020 were around 2 million units, which increased to 4.7 million units in 2021. BEV sales clearly show that the BEV segment has grown around 130% in 2021 versus 2020. All of these factors are expected to increase revenue. for the BEV segment of the Automotive LiDAR Market over the forecast period.
In-depth interviews were conducted with CEOs, CMOs, other chief innovation and technology officers, and executives from various key organizations operating in this market.
• By business type: OEM – 21%, Tier I – 31% and Tier II – 48%
• By Designation: CXO – 40%, Directors – 35% and Others – 25%
• By region: North America – 31%, Europe – 53%, Asia Pacific – 16%
The automotive LiDAR market is dominated by major players including Valeo (France), DENSO Corporation (Japan), Innoviz Technologies Ltd (Israel), Velodyne Lidar, Inc. (US) and Luminar Technologies Inc. (US). These companies have a strong product portfolio as well as strong global distribution networks.
Research Coverage:
The report covers the Automotive LiDAR Market, in terms of Technology (Solid State LiDAR and Mechanical LiDAR), Image Type (2D and 3D), ICE Vehicle Type (Passenger Cars and Commercial Vehicles), Location (Fireshield) bumpers and grilles, Headlights and taillights, roofs and upper pillars and other locations), type of electric vehicle (BEV, FCEV, HEV and PHEV), maximum range (short and mid-range (170 meters and below), and long range (above 170 meters)), laser wavelength (near infrared (NIR), short wave infrared (SWIR) and long wave infrared (LWIR)), measurement process (frequency modulated continuous wave (FMCW) and time of flight (ToF )) , level of autonomy (semi-autonomous and autonomous) and region (Asia Pacific, Europeand North America). It covers the competitive landscape and company profiles of major players in the Automotive LiDAR market ecosystem.
The study also includes an in-depth competitive analysis of key market players along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Purchasing the Report:
• The report will assist market leaders/new entrants in this market with information on the closest approximations of revenue figures for the entire Automotive LiDAR market and its sub-segments.
• This report will help stakeholders understand the competitive landscape and acquire more information to better position their businesses and plan appropriate go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them with insights into key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04944755/?utm_source=PRN
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