Automotive LiDAR Market Size

Automotive LiDAR Market Analysis

The Automotive LiDAR Market is expected to reach 28.2% during the forecast period (2021 - 2026). The COVID-19 outbreak has affected industries across the globe. The automotive industry is one of the significant adopters of LiDAR. The outbreak has resulted in shutdown of various production plants impacting the demand. Semiconductor materials scarcity has further aggravated the situation.

The China Association of Automobile Manufacturers revised its predictions for 2020, forecasting a 10% drop in sales for the first half of the year and 5% for the full year, on account of the coronavirus outbreak According to the SMMT, car output would fall by 18% in 2020 as a result of COVID-19 closing all major UK plants.

• The entire automotive industry is looking forward to autonomous vehicles and assisted technologies. Automotive companies are coming up with innovative technologies in Advanced Driver Assistance Systems, using new and affordable sensors. For inclusive vehicle safety solutions, ADAS systems cannot be dependent on just vision and RADAR based systems; they require more efficient systems capable of providing highly accurate data for improved driver assistance.
• The growing trends in the automotive industry toward self-driving cars and electric vehicles are expected to be the critical drivers for newer applications of LiDAR. Self-driving cars increasingly use LiDAR sensors for generating huge 3D maps for 360° vision and for accurate information to assist in self-navigation and object detection.
• The emergence of LiDAR technology has provided an enormous growth potential to a wide range of enterprises, including Leddartech, Quantum Spatial, Geodigital, Topcon Positioning Systems, and Innoviz Technologies, among others, who have been relentlessly working toward introducing novel innovations in the business space. For example, Continental AG, a prominent name in automotive part manufacturing, announced expanding its LiDAR technology portfolio by investing a massive share in robotic vision and sensing pioneer- AEye.
• The latter's LiDAR technology boasts of the ability to trace small, low-reflective objects at a distance of mere 160 meters with multiple measuring points. It is suited to be vital for automated driving in both commercial and passenger vehicles.
• This investment would allow Continental to make extensive use of this LiDAR technology and industrialize the sensor to produce a fully automotive grade product, which stands as the major need of the hour across the automotive industry and autonomous vehicles.
• Furthermore, in April 2021, Velodyne and Ansys announced that they are developing software models of next-generation automotive lidar sensors to provide substantially improved hazard identification capabilities for highly advanced AVs. The collaboration incorporates Velodyne's lidar design into Ansys' virtual sensor suite and expedites automakers' integration of Velodyne's sensor into AVs - delivering industry-leading driving safety and a drastically faster path to market.