The automotive LiDAR market is anticipated to grow at a compound annual growth rate (CAGR) of 23% during the forecast period of 2022 to 2030. Increasing investments in LiDAR start-ups by automotive giants, is opening opportunities for technological shifts with the adoption of solid-state LiDARs. These opportunities are anticipated to boost the market growth. The technological capabilities of LiDARs and dropping cost have significantly expanded its application. Autonomous vehicles that are the future of automotive industry hold significant potential for use of LiDAR.
In comparison to systems based on cameras, LiDAR has a number of distinct advantages. LiDAR gives a three-dimensional perspective of the world that is significantly more realistic and accurate than the view that is provided by cameras, which only provide a flat depiction of the environment in a two-dimensional form. Additionally, because it generates its own light, LiDAR is unaffected by low-light conditions and may continue to function normally. It has excellent night vision and can see objects just as well as it can during the day. On the other hand, camera-based systems require an adequate amount of light in order to perform at their peak, and thus are not always reliable when used at night.
Optical illusions and the inability to produce accurate distance measurements are two additional variables that can hinder the capacity of a camera to see. Additionally, in comparison to a LiDAR sensor, a camera requires more computer power and, as a rule, operates at a higher temperature. When it comes down to it, an ADAS system or an autonomous vehicle will benefit the most from using LiDAR and camera-based systems in conjunction with one another to monitor the environment around the vehicle.
Additionally, LiDAR is able to succeed where other sensors fail to do so. For instance, radar can be used to identify items that are in close proximity to a vehicle, and it can also ascertain how far away these objects are and how quickly they are travelling. Because of this, automobile manufacturers use radar for parking sensors, blind spot monitors, and adaptive cruise control. However, these sensors struggle when it comes to detecting the exact position, size, and shape of an object, elements that are essential for self-driving features such as pedestrian, cyclist, and animal detection. Radar, on the other hand, performs admirably in conditions of fog and other adverse weather, but LiDAR has difficulty in these environments.
The price of a LiDAR sensor used to be around $ 50,000 to $75,000; plummeted to $10, 000 and lower. Going further LiDAR prices are expected to drop as low as $500 by the end of 2030. Some companies have already developed low priced LiDAR vehicle sensors ranging from $500 to $1000. Despite the fact that costs have been a factor in keeping sensors off of current vehicles, LiDAR companies like Argo AI are partnering with manufacturers like Ford and Volkswagen to produce some commercial-grade self-driving vehicles that incorporate onboard LiDAR. Volkswagen intends to conduct self-driving van tests in Germany, utilising the LiDAR technology developed by Argo AI. The company's ultimate goal is to introduce a commercial delivery and micro-transit service in Germany by the year 2025. Ford has partnered with Volkswagen to develop electric vans and technologies for driverless vehicles.
Although there have been developments that suggest the technology could be used in the trucking industry, it is likely that for the time being it will be used for fleets of robo-taxis or delivery vehicles. However, there have been developments that suggest the technology could be used in the trucking industry.
Sensors can have trouble distinguishing between things that are comparable in size and shape, which means that threats and non-threats can be mistaken with one another. This can lead to serious consequences. The level of security provided by LiDAR is lower when compared to the level of security provided by genuine images captured by a camera. Artificial Intelligence (AI) and machine learning are not inherently present in LiDAR. The resilience of radar systems in adverse weather conditions including rain, fog, and snow is one of the systems' most significant advantages. Under these kinds of atmospheric circumstances, LIDAR typically operates at a lower level of effectiveness in comparison to radars.
In 2021, laser scanners accounted for the largest part of the market. It is anticipated that the laser scanners segment will continue to retain the dominant position during the forecast period of 2022 to 2030. The widespread use of laser scanners that are capable of transmitting and detecting information by making use of laser pulses is the primary cause that is contributing to this expansion.
It is anticipated that advancements in 4D LiDAR technology would account for the largest growth rate during the projection period. It is anticipated that the market for 4D LiDAR would expand at the highest CAGR during the forecast period of 2022 to 2030. This expansion can be ascribed to the widespread use of 4D LiDAR in a variety of applications in including self-driving vehicles, and other types of autonomous systems.
It is anticipated that the segment of the mechanical LiDAR market that held the bigger market share in 2021 and will continue to hold that position throughout the forecast period. This is due to the widespread use of mechanical LiDAR in a variety of applications in mapping. A large field of view (FOV) that is typically 360 degrees can be achieved with mechanical LIDAR by utilising high-grade optics and a rotating assembly. The mechanical component results in a bulky implementation, but it offers a high signal-to-noise ratio (SNR) over a large field of view (FOV) (although this has also been shrinking). Since solid-state LIDAR does not have any spinning mechanical components and has a smaller FOV, it is more cost effective. An FOV that is comparable to that of mechanical LIDAR can be achieved by using numerous channels at the front, back, and sides of a vehicle and fusing the data from those channels.
Businesses, who have much smaller volumes of automobiles (less than 5 million per year as opposed to the more than 100 million cars sold each year to individuals), are the target markets for fully autonomous vehicles. Automotive Original Equipment Manufacturers (OEMs) were ill-prepared to compete in the market for complete autonomy and saw the potential to add limited autonomy capabilities to their cars that can offer comfort, free time, and safety to a bigger client base. Because of this, many LiDAR businesses have shifted their focus to addressing L2 and L3 autonomy. Companies like Valeo (Mercedes), Innoviz (BMW), Luminar (Volvo), Cepton (General Motors), Ibeo (Great Wall Motors), and Innovusion have recently made announcements on their products (Nio). There has also been a solidification of partnerships with automotive Tier 1 suppliers (Aeye-Continental, Baraja-Veoneer, Cepton-Koito, Innoviz-Magna). Key Companies in this segment include The LiDAR market was dominated by Leica Geosystems AG (Sweden), Trimble, Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US) and RIEGL Laser Measurement Systems GmbH (Austria).
The overall market for LiDAR was led by North America as of the year 2021, followed by Europe and the Asia Pacific region in that order. The region accounted for more than 37% of the total revenue generated by the worldwide LiDAR market in 2021 and is predicted to experience robust expansion growth during the forecast period. The ongoing research and expenditures that are being made in order to build sophisticated LiDAR systems have been critical in pushing the uptake of LiDAR systems in North America. On the other side, it is projected that Asia Pacific will record the most growth during the period of time spanning from 2022 to 2030. It is anticipated that demand from nations such as India and China would play a significant role in expanding the LiDAR market.
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive LiDAR market are as follows:
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LiDAR Advantageous Over Camera Based Systems
In comparison to systems based on cameras, LiDAR has a number of distinct advantages. LiDAR gives a three-dimensional perspective of the world that is significantly more realistic and accurate than the view that is provided by cameras, which only provide a flat depiction of the environment in a two-dimensional form. Additionally, because it generates its own light, LiDAR is unaffected by low-light conditions and may continue to function normally. It has excellent night vision and can see objects just as well as it can during the day. On the other hand, camera-based systems require an adequate amount of light in order to perform at their peak, and thus are not always reliable when used at night.
Optical illusions and the inability to produce accurate distance measurements are two additional variables that can hinder the capacity of a camera to see. Additionally, in comparison to a LiDAR sensor, a camera requires more computer power and, as a rule, operates at a higher temperature. When it comes down to it, an ADAS system or an autonomous vehicle will benefit the most from using LiDAR and camera-based systems in conjunction with one another to monitor the environment around the vehicle.
Expanding Applications in Automotive Segment
Additionally, LiDAR is able to succeed where other sensors fail to do so. For instance, radar can be used to identify items that are in close proximity to a vehicle, and it can also ascertain how far away these objects are and how quickly they are travelling. Because of this, automobile manufacturers use radar for parking sensors, blind spot monitors, and adaptive cruise control. However, these sensors struggle when it comes to detecting the exact position, size, and shape of an object, elements that are essential for self-driving features such as pedestrian, cyclist, and animal detection. Radar, on the other hand, performs admirably in conditions of fog and other adverse weather, but LiDAR has difficulty in these environments.
Reducing Prices is The Key Motivator of Increasing LiDAR Applications
The price of a LiDAR sensor used to be around $ 50,000 to $75,000; plummeted to $10, 000 and lower. Going further LiDAR prices are expected to drop as low as $500 by the end of 2030. Some companies have already developed low priced LiDAR vehicle sensors ranging from $500 to $1000. Despite the fact that costs have been a factor in keeping sensors off of current vehicles, LiDAR companies like Argo AI are partnering with manufacturers like Ford and Volkswagen to produce some commercial-grade self-driving vehicles that incorporate onboard LiDAR. Volkswagen intends to conduct self-driving van tests in Germany, utilising the LiDAR technology developed by Argo AI. The company's ultimate goal is to introduce a commercial delivery and micro-transit service in Germany by the year 2025. Ford has partnered with Volkswagen to develop electric vans and technologies for driverless vehicles.
Application of LiDAR to all Ranges of Vehicles is Still Emerging
Although there have been developments that suggest the technology could be used in the trucking industry, it is likely that for the time being it will be used for fleets of robo-taxis or delivery vehicles. However, there have been developments that suggest the technology could be used in the trucking industry.
Limited Technical Capabilities Calls for Focused R&D Initiatives
Sensors can have trouble distinguishing between things that are comparable in size and shape, which means that threats and non-threats can be mistaken with one another. This can lead to serious consequences. The level of security provided by LiDAR is lower when compared to the level of security provided by genuine images captured by a camera. Artificial Intelligence (AI) and machine learning are not inherently present in LiDAR. The resilience of radar systems in adverse weather conditions including rain, fog, and snow is one of the systems' most significant advantages. Under these kinds of atmospheric circumstances, LIDAR typically operates at a lower level of effectiveness in comparison to radars.
Laser Scanners Market to Emerge as Most Lucrative Opportunity Segment
In 2021, laser scanners accounted for the largest part of the market. It is anticipated that the laser scanners segment will continue to retain the dominant position during the forecast period of 2022 to 2030. The widespread use of laser scanners that are capable of transmitting and detecting information by making use of laser pulses is the primary cause that is contributing to this expansion.
4D LiDAR Sensors to Grow at the Fastest Pace
It is anticipated that advancements in 4D LiDAR technology would account for the largest growth rate during the projection period. It is anticipated that the market for 4D LiDAR would expand at the highest CAGR during the forecast period of 2022 to 2030. This expansion can be ascribed to the widespread use of 4D LiDAR in a variety of applications in including self-driving vehicles, and other types of autonomous systems.
Mechanical LiDAR Sector to Dominate Market Revenues
It is anticipated that the segment of the mechanical LiDAR market that held the bigger market share in 2021 and will continue to hold that position throughout the forecast period. This is due to the widespread use of mechanical LiDAR in a variety of applications in mapping. A large field of view (FOV) that is typically 360 degrees can be achieved with mechanical LIDAR by utilising high-grade optics and a rotating assembly. The mechanical component results in a bulky implementation, but it offers a high signal-to-noise ratio (SNR) over a large field of view (FOV) (although this has also been shrinking). Since solid-state LIDAR does not have any spinning mechanical components and has a smaller FOV, it is more cost effective. An FOV that is comparable to that of mechanical LIDAR can be achieved by using numerous channels at the front, back, and sides of a vehicle and fusing the data from those channels.
ADAS Segment to Dominate as AV Sets off in Future
Businesses, who have much smaller volumes of automobiles (less than 5 million per year as opposed to the more than 100 million cars sold each year to individuals), are the target markets for fully autonomous vehicles. Automotive Original Equipment Manufacturers (OEMs) were ill-prepared to compete in the market for complete autonomy and saw the potential to add limited autonomy capabilities to their cars that can offer comfort, free time, and safety to a bigger client base. Because of this, many LiDAR businesses have shifted their focus to addressing L2 and L3 autonomy. Companies like Valeo (Mercedes), Innoviz (BMW), Luminar (Volvo), Cepton (General Motors), Ibeo (Great Wall Motors), and Innovusion have recently made announcements on their products (Nio). There has also been a solidification of partnerships with automotive Tier 1 suppliers (Aeye-Continental, Baraja-Veoneer, Cepton-Koito, Innoviz-Magna). Key Companies in this segment include The LiDAR market was dominated by Leica Geosystems AG (Sweden), Trimble, Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US) and RIEGL Laser Measurement Systems GmbH (Austria).
North America Remains as the Global Leader
The overall market for LiDAR was led by North America as of the year 2021, followed by Europe and the Asia Pacific region in that order. The region accounted for more than 37% of the total revenue generated by the worldwide LiDAR market in 2021 and is predicted to experience robust expansion growth during the forecast period. The ongoing research and expenditures that are being made in order to build sophisticated LiDAR systems have been critical in pushing the uptake of LiDAR systems in North America. On the other side, it is projected that Asia Pacific will record the most growth during the period of time spanning from 2022 to 2030. It is anticipated that demand from nations such as India and China would play a significant role in expanding the LiDAR market.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive LiDAR market are as follows:
- Research and development budgets of manufacturers and government spending
- Revenues of key companies in the market segment
- Number of end users and consumption volume, price and value.
- Geographical revenues generate by countries considered in the report
- Micro and macro environment factors that are currently influencing the Automotive LiDAR market and their expected impact during the forecast period.
Market Segmentation
By Technology (2020-2030; US$ Million)
- 2D
- 3D
- 4D
By Component (2020-2030; US$ Million)
- Laser Scanner
- Navigation and positioning systems
- Others
By Type (2020-2030; US$ Million)
- Solid-state
- Mechanical
By Installation Type (2020-2030; US$ Million)
- Airborne
- Ground-based
By Range (2020-2030; US$ Million)
- Short
- Medium
- Long
By Level of Automation (2020-2030; US$ Million)
- Advanced Driver Assistance Systems (ADAS)
- Level 1 (Driver Assistance)
- Level 2 (Partial Automation)
- Level 2+ (Advanced Partial Automation)
- Level 3 (Conditional Automation)
- Autonomous Vehicles (AV)
- Level 4 (High Automation)
- Level 5 (Full Automation)
By Automotive Type (2020-2030; US$ Million)
- Passenger Vehicles
- Sport Utility Vehicles
- Multi Utility Vehicles
- Commercial Taxis and others
- Trucks
- Agricultural Vehicles
- Buses
- Others
Region Segment (2020-2030; US$ Million)
- North America
- U.S.
- Canada
- Europe and UK
- UK
- Germany
- Spain
- Italy
- France
- RoE
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- RoLATAM
- Africa
- GCC
- Africa
- RoME
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
- Pre Covid-19 situation
- Post Covid-19 situation
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Automotive LiDAR market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Automotive LiDAR market?
- Which is the largest regional market for Automotive LiDAR market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Automotive LiDAR market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive LiDAR market worldwide?
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Table of Contents
1. Preface
2. Executive Summary
3. Automotive LiDAR Market: Business Outlook & Market Dynamics
4. Automotive LiDAR Market: By Technology, 2020-2030, USD (Million)
5. Automotive LiDAR Market: By Component, 2020-2030, USD (Million)
6. Automotive LiDAR Market: By Type, 2020-2030, USD (Million)
7. Automotive LiDAR Market: By Installation Type, 2020-2030, USD (Million)
8. Automotive LiDAR Market: By Range, 2020-2030, USD (Million)
9. Automotive LiDAR Market: By Level of Automation, 2020-2030, USD (Million)
10. Automotive LiDAR Market: By Automotive Type, 2020-2030, USD (Million)
11. North America Automotive LiDAR Market, 2020-2030, USD (Million)
12. UK and European Union Automotive LiDAR Market, 2020-2030, USD (Million)
13. Asia Automotive LiDAR Market, 2020-2030, USD (Million)
14. Latin America Automotive LiDAR Market, 2020-2030, USD (Million)
15. Middle East and Africa Automotive LiDAR Market, 2020-2030, USD (Million)
16. Company Profiles
Companies Mentioned
- Leica Geosystems AG (Sweden)
- Trimble Inc. (US)
- Teledyne Optech (Canada)
- FARO Technologies Inc. (US)
- RIEGL Laser Measurement Systems GmbH (Austria)
