According to a new report, published by KBV research, The Global Automotive LiDAR Sensors Market size is expected to reach $5.3 billion by 2029, rising at a market growth of 32.1% CAGR during the forecast period.
The Frequency-Modulated-Continuous-Wave (FMCW) segment has shown the growth rate of 33% during (2023 - 2029). This is because FMCW LiDAR technology utilizes laser light instead of radio waves, enhancing image resolution and superior detection capabilities for objects like cyclists and pedestrians. The product boasts a 250 m+ range and is highly durable in adverse weather conditions such as fog, snowfall, and direct sunlight. These products are designed to be immune to sensor cross-talk and self-interference.
The Solid-state segment acquired maximum revenue share in the Global Automotive LiDAR Sensors Market by Technology 2022 thereby, achieving a market value of $3.4 billion by 2029. This is owing to the fact that solid-state LiDAR sensors offer an elegant and robust solution for the automotive industry due to their space-saving and unobtrusive nature. The LiDAR sensor in a solid state is illuminated by a laser beam and captures 3D data through a ToF sensor array.
The Internal Combustion Engine (ICE) segment is showcasing a CAGR of 30.4 % during (2023 - 2029). This is due to the fact that most Internal Combustion Engines (ICEs) are utilized in mobile industries and function as the primary energy supply for vehicles, airplanes, and boats. The rising demand for safety in ICE vehicles will provide more growth to the usage of LiDAR sensors in the sector. Also, the technological advancement in LiDAR, joined with rising road accidents globally, will surge their utilization and aid the segment’s growth in the forecasted period.
The 2 Dimensional segment is generating highest revenue share in the Global Automotive LiDAR Sensors Market by Image Type 2022, achieving a market value of $3.5 billion by 2029. The growth is attributed to the increased awareness of the benefits of using 2D LiDAR sensors in various sectors, including automotive. A single laser beam suffices for a 2D LiDAR sensor. Moreover, the system boasts speedy processing and a rapid acquisition process. These factors are expected to significantly impact the growth of the segment in the forecasted period.
The Autonomous Vehicles segment is poised to grow a CAGR of 34.7% during (2023 - 2029). This is due to the increasing power and miniaturization of LiDAR sensors, contributing to their growing adoption in the autonomous mobility industry. Automatic emergency braking systems play a critical role in accident prevention by detecting hazardous situations in advance, alerting the driver, and mitigating the impact of collisions when avoidance is not possible.
The North America market dominated the Global Automotive LiDAR Sensors Market by Region 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.8 billion by 2029. The Europe market is anticipated to grow at a CAGR of 31.5% during (2023 - 2029). Additionally, The Asia Pacific market would witness a CAGR of 32.7% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/automotive-lidar-sensors-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH, Continental AG, Denso Corporation, Ouster, Inc., HELLA GmbH & Co. KGaA, First Sensor AG (TE Connectivity Ltd.), Texas Instruments, Inc., KUBOTA Corporation, Quanergy Systems, Inc. and LeddarTech Inc.
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