LONDON--(BUSINESS WIRE)--According to the latest market research report by Technavio, the global automotive light detection and ranging (LiDAR) sensors market is expected to record a CAGR of over 34% until 2020.
In this report, Technavio covers the present scenario and growth prospects of the global automotive LiDAR sensors market for 2016-2020. In terms of automotive applications of LiDAR sensors, the report covers ADAS and autonomous driving.
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“Almost all OEMs and Tier-I players are working toward automated driving and taking aggressive steps toward achieving level 3 and 4 in vehicle automation, and this places LiDAR at a lucrative position among autonomous driving sensor suites,” said Siddharth Jaiswal, one of Technavio’s lead industry analysts for automotive electronics research.
“LiDAR penetration in high-end cars will be witnessed in 2017, and a significant price decline will likely gain momentum and aid the penetration of LiDARs in high-end automobiles over the next 10 years,” added Siddharth.
Global automotive LiDAR sensors market revenue segmentation by geography 2014
Additional Insights: Top 12 Companies in the Global LiDAR Sensors Market
Automotive LiDAR sensors market in APAC
The automotive LiDAR sensors market in APAC was valued at USD 2.16 million in 2015. Technavio researchers believe that reduction in costs of overall ADAS technologies will spark significant market growth during the forecast period, though all LiDAR sensors will likely be consumed by the high-end cars segment. There are a few noteworthy aspects of APAC market, making it attractive for new automotive technologies. For instance, Japan is an early adopter of LiDAR technology in Asia and hence enjoys an upper hand in terms of using these sensors in the automotive space.
The Chinese government is also pushing policy initiatives to promote research and development in technology-enabled enhancements in the automotive industry. This contributes to the growth of safety technologies in the region. In addition, China owns several LiDAR technology patents, which indicates further developments aimed at bringing down costs. The significant opportunity for LiDAR sensors market players in China is also evident from the 2015 Intelligent Vehicle Future Challenge (IVFC) event held in China’s Changshu city. The event showcased autonomous vehicles, of which 85% that participated relied on LiDAR sensors from Velodyne. These factors make China a potential high-growth market for automotive LiDAR sensors for self-driven cars of the future.
Automotive LiDAR sensors market in EMEA
Compared to other regions, EU enforces stringent laws governing vehicle safety that result in a higher adoption of ADAS. Accidents and vehicle-caused deaths have cost EU governments over USD 160 billion over the past decade. Consequently, EU governments have aggressively taken steps to curb road accidents. To that end, governments are exerting pressure on OEMs to introduce and employ advanced safety systems in vehicles.
The automotive LiDAR sensors market in EMEA was valued at USD 30.19 million in 2015. The presence of global automobile manufacturers in the region such as BMW, Audi, and Mercedes-Benz, among others makes it one of the largest markets for automotive LiDAR sensors.
Automotive LiDAR sensors market in Americas
The automotive LiDAR sensors market in the Americas was valued at USD 29.26 million in 2015. North America is a predominant contributor to the automotive LiDAR sensors market in the Americas. The US holds the most number of R&D projects going on in LiDAR sensing technologies. The US is also the first country to introduce legislations related to permit testing of automated vehicles though only four states have passed the bill. This signifies the potential opportunity for LiDAR sensors, and it is set to make automated driving a reality in the future.
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