Automotive LiDAR Sensors Market Expected to Reach $11.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Automotive LiDAR Sensors Market," The automotive lidar sensors market was valued at $793.20 million in 2021, and is estimated to reach $11.7 billion by 2031, growing at a CAGR of 31.7% from 2022 to 2031. Automotive LiDAR sensors are also called laser scanners, time of flight (ToF), or laser radar.

Automotive LiDAR sensors are gaining significant popularity day by day. Due to the rise in popularity of autonomous vehicles, which need automotive LiDAR sensors for safety and accident avoidance, the market for these sensors is increasing at a rapid rate. In addition, surge in innovations by market players, such as the incorporation of sensor technology in LiDAR point clouds through feature extraction and clustering which are reflections of radar with information like velocity, position, and signal strength. These features help to sense the hurdles more effectively. Increased emphasis on government regulations for the safety of vehicles is driving the automotive LiDAR sensors market demand in the upcoming years.

Some of the disadvantages of automotive LiDAR sensors include their high cost, and  their incapability to measure distance through fog and heavy rain which is expected to hamper the automotive LiDAR sensors market growth in the projected time span.

The use of automotive LiDAR sensors for automation purposes in cars is anticipated to gain traction. This is because automated automobiles are easier to drive than manual cars because the driver does not have to worry as much about the clutch and gears while driving owing to automotive LiDAR sensors. Automotive LiDAR sensor technologies are frequently used in self-driving cars to create an accurate long and short-range map of their surroundings. LIDAR has important applications in safety systems in factories 3D aerial and geographic mapping. These factors are estimated to boost the automotive LiDAR sensors market size in the upcoming years.

The global automotive LiDAR sensors market share is segmented on the basis of type, technology, image type, and vehicle type. By type, the market is classified into Time of Flight (ToF) and Frequency-Modulated-Continuous-Wave (FMCW). By technology the market is classified into solid-state and electro-mechanical. By image type, it is classified into 2 Dimensional and 3 Dimensional. By vehicle type, the market is classified into internal combustion engine (ICE) and hybrid battery electric, By Application (Semi-autonomous Vehicles and Autonomous Vehicles). By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the automotive LiDAR sensors market report include Robert Bosch GmbH, Continental AG, First Sensor AG, Hella KGaA Hueck & Co., Denso Corp, Novariant, Inc., Quanergy Systems, Inc., Laddartech, Phantom Intelligence, and Velodyne LiDAR, Inc.

The report offers a comprehensive analysis of the global automotive LiDAR sensors market trends by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. Furthermore, the report sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the  lidar sensor automotive market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market. The complete automotive LiDAR sensors market analysis with top companies market share, recent developments and lidar for automotive market is analyzed in this report.

Impact of Covid-19 on the Global Automotive LiDAR Sensors Industry

• COVID-19 has negatively impacted various industries, such as automotive, which has led to a drastic decline in automotive sales. As LiDAR is widely used in automotive manufacturing, there was a significant reduction in the global LiDAR sensor market demand.
• China is the leading producer and exporter of LiDAR sensors. However, with China being the epicenter of the coronavirus pandemic, its exports were affected, leading to a decline in the manufacturing of automotive LiDAR sensors.
• Sales of LiDAR are directly proportional to the demand from end-use industries, namely automotive, and safety. However, the demand for LiDAR automotive industry was greatly affected owing to import-export restrictions, closed borders, and supply chain disruptions due to the outbreak of the COVID-19 pandemic.
• Economic slowdown has affected the setup of new LiDAR projects across the world as the majority of government funding has been diverted toward the healthcare sector owing to the rapid spread of the COVID-19 virus, impacting the market to a great extent.

Key Findings of the Study

• By type, the Time of Flight (ToF) sub-segment emerged as the global leader in 2021, and this sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• On the basis of technology, the solid-state sub-segment emerged as the global leader in 2021, and it is predicted to show the fastest growth in the upcoming years.
• On the basis of image type, the 2-dimensional sub-segment emerged as the global leader in 2021, and 3-dimensional sub-segment is predicted to show the fastest growth in the upcoming years.
• By vehicle type, the internal combustion engine (ICE) sub-segment emerged as the global leader in 2021, and battery electric sub-segment is predicted to show the fastest growth in the upcoming years.
• According to application, the semi-autonomous vehicles sub-segment emerged as the global leader in 2021 and autonomous vehicles sub-segment is predicted to show the fastest growth in the upcoming years.
• By region, the North America market registered the highest market share in 2021 and the Asia-Pacific region is predicted to show the fastest growth during the forecast period.