Global LiDAR Market Projected to Hit $65M by 2016
Due to increasing number of automated vehicles and anticipated decrease in manufacturing price of LiDAR systems, these factors are expected to drive the automotive LiDAR market at a double digit CAGR in the time period 2017-2027.
Lower levels of automation require single LiDARs to be integrated in a system as lower amount of surrounding data is required. However, with the increase in level of automation, multiple LiDARs are required to meet the data requirements of the automated systems. Currently, LiDARs for level 3 and level 4 automation contributes the major share of the global automotive LiDAR market, while LiDARs for level 2 and level 5 are still under development phases. Due to an expected increase in the number of high end automated vehicles, a high potential growth rate is anticipated for the automotive LiDAR market in the near future.
Europe, being home to a number of autonomous vehicle OEMs and major LiDARs manufacturers, contributes a major part of the growth of the automotive LiDAR market. The European players are actively expanding their footprints in the industry to attain a dominant grip over the market presence. These efforts include partnerships and collaborations with both local and foreign players.
At the same time, North America, being one of the most technologically advanced regions, and headquarters for several emerging players, is expected to lead the market of automotive LiDARs in the upcoming years. On the other hand, the demand of automotive LiDARs in the APAC region is limited only to certain countries only. However, due to the presence of major automakers and increasing number of automated vehicle prototypes, the demand of automotive LiDARs in this region is anticipated to grow at a rapid pace in the upcoming years.