LONDON--(BUSINESS WIRE)--The global automotive light detection and ranging (LIDAR) sensors market is expected to grow at an impressive CAGR of more than 37% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global automotive LIDAR sensors market for 2017-2021. The report has classified the market into different segments based on application (advanced driver assistance systems and autonomous vehicle) and geography (Americas, EMEA and APAC).
Technavio’s research analysts segment the global automotive LIDAR sensors market into the following regions:
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Americas: largest automotive LIDAR sensors market
Several technological firms like Google and Apple are present in the Americas. These firms have forayed into the automotive space with self-driving concept cars. This geography offers a positive scenario to power the growth of driving automation, enabling sensors such as LIDAR sensors. The automotive sensors market is led by the Americas. The growth of the automotive sensors market in the Americas is fueled by strict emission norms and increasing road, passenger, and vehicle safety concerns.
“The region comprises of nations such as the US, Canada, and Mexico, which are mature markets and technologically advanced nations. This has led to the development of advanced automotive technologies. Such factors offer encouraging market growth prospects for LIDAR sensors. Furthermore, the market for active safety systems is growing due to regulations such as corporate average fuel economy (CAFE) and NCAP. This is predicted to significantly impact the growth of LIDAR-enabled active safety systems,” says Raj Gaurav Singh, a lead automotive electronics research expert from Technavio.
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Automotive LIDAR sensors market in EMEA
The market for automotive LIDAR sensors is led by EMEA. One of the significant markets for luxury passenger cars in this region is Europe where LIDAR-based advanced driver assistance systems (ADAS) are offered. Europe is one of the largest markets for automotive LIDAR sensors as global automobile manufacturers such as BMW, Audi, and Mercedes-Benz, and others are present in the region.
“EU enforces stringent laws governing vehicle safety when compared to other regions. This has led to a higher adoption of ADAS. Road accidents have ignited safety concerns among both, consumers and government authorities. The use of LIDAR-enabled active safety features cannot be decreed by any government. LIDAR sensors may continue to prove performance for cost, and OEMs may use cost-effective technologies to deal with huge cost pressures,” says Raj.
Automotive LIDAR sensors market in APAC
APAC is extremely price-sensitive and is a slow adopter of advanced technologies. Therefore, it is the least contributor to the market. Infrastructure hurdles, lack of stringent automotive safety regulations, and low consumer awareness are the challenges faced by predominant countries in APAC. The rapid penetration of new automotive technologies in the region will be confronted by these factors. However, most LIDAR sensors will find application only in the premium car segment.
The adoption rate of LIDAR sensors in the APAC region will increase by the reduction in the cost of this technology, as this is a price-sensitive region. During the forecast period, apart from the reducing cost, the rising stringent government norms in emerging countries like India and China for improved safety will be the driving factor for the automotive LIDAR sensors market.
The top vendors in the global automotive LIDAR sensors market as highlighted in this market research analysis are:
- Quanergy Systems
- Velodyne LIDAR
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