PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515540
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515540
Automotive LiDAR Sensors Market size was valued at USD 581.6 Million in 2023, expanding at a CAGR of 32.20% from 2024 to 2032.
The Automotive LiDAR Sensors Market refers to the industry that manufactures Light Detection and Ranging (LiDAR) sensors specifically for automotive applications. LiDAR sensors use laser pulses to detect distances between objects and generate detailed 3D maps of their environment. LiDAR sensors play an important role in the automobile industry since they give real-time data on a vehicle's surroundings with great accuracy, hence enabling autonomous driving technologies. The biggest competitors in this market are Velodyne Lidar, Luminar Technologies, and Innoviz Technologies, all of whom are developing advanced LiDAR sensors for application in the automotive industry.
Automotive LiDAR Sensors Market- Market Dynamics
Increased Demand for Driverless Vehicles and Electric Vehicles is Favorably Driving Market Growth
Growing demand for self-driving and electrified vehicles is a primary factor driving the automotive Lidar sensor market. Growing demand for low-emission transportation, growing fuel prices, and government initiatives or directions toward zero-emission or battery-powered automobiles through subsidies and tax breaks can all be viewed as significant in increasing market demand. According to the International Energy Agency (IEA), electric two- and three-wheeler sales might increase to 50 million by 2030, up from 25 million in 2020, accounting for more than half of total sales. Valeo announced plans for the third-generation scanning LiDAR in May 2022, with a commercial debut in 2024. As part of the move to driverless vehicles, this project will work to improve performance, resolution, and frame rate. In the long run, these qualities will drive up market demand for automotive lidar.
Automotive LiDAR Sensors Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 32.20% over the forecast period (2024-2032)
Based on Application segmentation, The autonomous vehicle category has the largest market share in the year 2023
Based on Image Type segmentation, The 2D Image sub-segment dominated the market in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Automotive LiDAR Sensors Market is segmented on the basis of Application, Image Type, and Region.
The market is divided into three categories based on Application: Semi-Autonomous Vehicles and Autonomous Vehicles. The autonomous vehicle category holds the biggest market share. Autonomous vehicles follow tight policies and protocols. It consciously follows the driving standards. The market has a considerable component due to changing consumer preferences for autonomous vehicles. An autonomous vehicle senses its surroundings and operates without human interference. A human passenger is not required to take control of the car at any time, nor is a human passenger obliged to be in the vehicle at all times.
The market is divided into two categories based on Image Type: 2D Image and 3D Image. In 2023, the 2D Image segment dominated the market. Increasing awareness of the benefits of deploying 2D LiDAR sensors in a variety of sectors, including security and surveillance, industrial automation, robotic technologies, and logistics, will drive market growth in the future. LiDAR is a type of remote sensing that determines the distance between two objects by using a laser to illuminate the target and then analyzing the reflected light. This enables the sensor to compute the distance between objects precisely. A 2D LiDAR sensor needs one laser beam. It features a rapid processing and capture method. These are projected to be the key factors impacting the growth of the automotive LiDAR sensors market throughout the forecast period.