The global market for automotive LiDAR was valued at approximately US$ 415.1 million in 2018 and is projected to experience a compound annual growth rate (CAGR) of 30.4% from 2019 to 2027, ultimately reaching around US$ 4,348.09 million by 2027. Several factors are propelling the expansion of the automotive LiDAR sector, including the growing integration of advanced technologies within vehicles and ongoing innovations in the automotive field. Additionally, the increasing collaborations between automotive manufacturers and semiconductor companies are significantly benefiting the automotive LiDAR market, which is anticipated to further enhance its growth on a global scale. However, the substantial initial investment required for vehicles equipped with advanced sensor technologies may hinder the market's progress. Leading companies in the automotive LiDAR industry are concentrating on strategic initiatives to enhance their product offerings and broaden their geographical reach, thereby contributing to the overall growth of the market.
LiDAR technology has demonstrated its precision and reliability across numerous applications, including consumer electronics and automotive uses. To achieve optimal performance, this technology relies on sophisticated and unique components. Automakers worldwide are witnessing a surge in demand for smart technologies in their vehicles, prompting manufacturers to prioritize the innovation, design, and development of autonomous vehicles, which have already garnered significant interest from consumers in key automotive markets. Currently, major global players are deploying self-driving vehicles, gaining traction among various stakeholders, including suppliers, original equipment manufacturers (OEMs), technology firms, mobility service providers, government entities, regulatory agencies, and academic institutions. Furthermore, an increasing number of technology companies and automakers are unveiling their autonomous and self-driving vehicles, with many global entities actively advancing autonomous driving technologies. These ongoing developments in the automotive sector are expected to drive the demand for LiDAR systems.
In terms of application, the global automotive LiDAR market is segmented into autonomous shuttles, robotaxis, and passenger vehicles. The passenger car segment is experiencing significant technological advancements annually, driven by shifts in consumer preferences, the introduction of new technologies, and government regulations aimed at reducing emissions and other environmental impacts. The trend of purchasing passenger vehicles has been steadily increasing over the years. As the demand for passenger cars rises, so does the need for LiDAR systems to facilitate a seamless driving experience. This growing interest in passenger vehicles is largely attributed to the rising disposable incomes in both developed and developing nations. The trend of acquiring passenger cars is expected to continue its upward trajectory in the foreseeable future.
The overall size of the automotive LiDAR market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative insights related to the automotive LiDAR market. This research also includes an overview and forecast of the global automotive LiDAR market based on various segments across five major regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Additionally, primary interviews were conducted with industry participants and experts to validate the data and analysis. Participants typically involved in this process include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the automotive LiDAR sector. Notable players in the automotive LiDAR market include Continental AG, Denso Corporation, Innoviz Technologies, Ltd., Luminar Technologies, Inc., Omron Corporation, Panasonic Corporation, Trilumina Corporation, Valeo SA, Velodyne LiDAR, Inc., and Xenomatix N.V., among others.