Vancouver, BC -- (SBWIRE) -- 01/14/2021 -- The Global Automotive LiDAR Market is predicted to reach a market valuation of USD 1,092.5 million by the end of 2027, growing at a rate of 27.8%, according to the current analysis by Emergen Research. The market demand has been massively driven by the augmenting research and development activities carried out in the automotive industry. The autonomous vehicle is on a path to evolution to cater to the growing requirement of the consumers, which is propelling the automakers to join forces with tech behemoths. The advent of progressive technology and surging awareness regarding Light Detection and Ranging for vehicles' safety is anticipated to create an increased demand for the product in the next few years.

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Major companies such as General Motors, Uber, Waymo, and Apple are actively engaged in the production of autonomous vehicles. LiDAR is a critical element of autonomous vehicles, and the bulk manufacturing of these vehicles is forecast to create an unprecedented demand for the product in the future.

The advantages conferred by LiDAR technology may augment its growth, but the low durability and expensiveness associated with the technology may impede the industry's growth over the forecast years. However, its rising attraction as an emerging technology is anticipated to create profitable opportunities for the technology in the future, as manufacturers are actively deploying it in the vehicles.

Key Highlights from the Report:

Solid-state LiDAR is in high demand owing to its cost-effectiveness. This can be attributed to the fact that solid-state LiDAR is built on a silicon chip and is smaller and has more endurance to vibrations. It also has the capability to adjust its directional focus which is a beneficial feature for autonomous vehicles.

In terms of market share, North America dominated the automotive LiDAR market in 2019, accounting for nearly 53.9% in the global market. This can be attributed to the stringent mandatory regulations set by the government for the installation of safety technologies, and the augmented adoption of advanced technologies is anticipated to boost the demand.

Major manufacturers of the market include Quanergy System Inc., Delphi Automotive PLC, First Sensor AG, Innoviz Technologies Ltd., Velodyne LiDAR, Inc., Continental AG, ZF Friedrichshafen AG, Infineon Technologies AG, Leddartech Inc., and Texas Instruments Incorporated, among others.

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For the purpose of this report, Emergen Research has segregated the Global Automotive LiDAR Market on the basis of image type, technology, vehicle type, application, location, and region:

Image Type Outlook (Revenue, USD Billion; 2017-2027)

2D Image Type
3D-Image Type

Technology Outlook (Revenue, USD Billion; 2017-2027)

Solid-State LiDAR
Mechanical/Scanning LiDAR

Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)

ICE
HEV
PHEV
Battery Electric

Application Outlook (Revenue, USD Billion; 2017-2027)

Autonomous Vehicle
Semi-autonomous vehicle

Location Outlook (Revenue, USD Billion; 2017-2027)

Bumper & Grill
Headlight & Taillight
Roofs & Upper Pillars
Others (Windscreen, Rear View Mirrors)

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The research provides answers to the following key questions:

What will be the growth rate and the market size of the Automotive LiDAR industry for the forecast period 2020-2027?

What are the major driving forces expected to impact the development of the Automotive LiDAR market across different regions?

Who are the major driving forces expected to decide the fate of the industry worldwide?

Who are the prominent market players making a mark in the Automotive LiDAR market with their winning strategies?

Which industry trends are likely to shape the future of the industry during the forecast period 2020-2027?

What are the key barriers and threats believed to hinder the development of the industry?

What are the future opportunities in the Automotive LiDAR market?
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