LiDAR Market : Industry Trends And Technology Update 2023

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MarketsandMarkets Presents
LiDAR Market by Type (Mechanical LiDAR and
Solid-State LiDAR), Installation (Airborne and
Ground-Based), Application (Corridor Mapping,
ADAS Driverless Car, and Engineering), Range,
Component, Service, and Geography - Global
Forecast to 2023 The LiDAR market is expected to
reach USD 1,809.5 Million by 2023 from USD 819.1
Million by 2018, at a CAGR of 17.2 during the
forecast period.
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MarketsandMarkets Presents
The LiDAR market for the advanced
driver-assistance systems (ADAS) and self-driven
cars is growing impressively with the inclination
toward the self-driven cars. Also, the new
mandates in the automotive sector are expected to
create an additional opportunity for the LiDAR
market. For instance, Europe has the provision of
the emergency braking system (EBS) in cars for
all the automotive manufactures. Also, the US is
expected to mandate the same in the coming
year. Download PDF Brochure _at_ https//www.markets
andmarkets.com/pdfdownloadNew.asp?id1261 As the
cost of LiDAR sensors is currently high, their
application in vehicle safety systems is limited
to high-end automobiles only. However, the cost
of LiDAR sensors is rapidly declining due to the
advancements in semiconductor technology. This,
further, is expected to make vehicle safety
systems more affordable to the automotive
sector
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MarketsandMarkets Presents
Growing Demand for 3D Imaging Technology Drives
the Growth of LiDAR market The LiDAR market was
valued at USD 677.5 million in 2017 and is
expected to reach USD 1,809.5 million by 2023, at
a CAGR of 17.2 during the forecast period from
2018-2023. According to Sachin Garg, Associate
Vice President (Semiconductors and Electronics),
MarketsandMarkets government in different
countries are taking the initiative for
encouraging the use of LiDAR for mapping,
surveillance, monitoring, and topographical
surveys, which has led to the increased demand
for the LiDAR technology. Moreover, increasing
use of drones equipped with LiDAR for greater
accuracy, growing demand for 3D imaging
technology, encouragement from the governments
and institutes for the adoption of LiDAR, and
introduction of technologically enhanced LiDAR
are the factors driving the LiDAR market.
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MarketsandMarkets Presents
Enhancing Road and Personal Safety with LiDAR
Technology The LiDAR systems are effective means
for topographic and bathymetric data gathering
and survey. The various applications in which
LiDAR is used are corridor mapping, engineering,
environmental survey, advanced driver assistance
system (ADAS) and driverless cars, exploration,
urban planning, cartography, and meteorology,
among others. LiDAR system expected to boost the
business of the automotive industries in the
future, Amit Shetkar, Research Analyst,
MarketsandMarkets.
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MarketsandMarkets Presents
The automotive sector is focusing on enhancing
vehicle safety and has brought down the number of
road accidents by introducing innovative
technologies such as ADAS. Nowadays, LiDAR
sensors are used in conjunction with radar to
further enhance vehicle safety even at high
speeds LiDAR systems can be used in cars for
pedestrian avoidance, lane change warnings, and
auto-braking solutions along with adaptive cruise
control applications. The market for ADAS and
driverless cars is expected to grow at the
highest CAGR during the forecast period. Rising
adoption of solid-state LiDAR in ADAS and
driverless car for assuring safety is expected to
boost the market in the coming years.
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MarketsandMarkets Presents
North America to Dominate the LiDAR Market North
America accounts for a substantial share of the
global LiDAR market, wherein the US is considered
to be one of the major contributors. North
America is the hub for the automotive industry,
and several LiDAR manufacturers are based in
North America. Read More _at_ https//www.marketsan
dmarkets.com/PressReleases/lidar.asp Favorable
economic conditions and the support from the
governments in this region are the key factors
contributing to the significant share of North
America in this market. Furthermore, the LiDAR
market in the Asia Pacific is expected to grow at
the highest CAGR during the forecast period.
Increasing awareness among governments and
customers is driving the LiDAR market in APAC.
For instance, the Indian Transport Ministry has
mandated the use of LiDAR systems in surveying
areas before constructing a new highway.
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