Automotive LiDAR Market to Experience a Significant Dip in 2030, Influenced by COVID-19 Pandemic

1
Automotive LiDAR Market Research Report by
Industry Size, Demand and Forecast
According to a PS Intelligence report, the
global automotive LiDAR market generated a
revenue of 289.3 million in 2019 and is
predicted reach a value of 14,754.7 million by
2030, advancing at a 26.1 CAGR during the
forecast period (20202030). While in the past
semi-autonomous vehicles (level 1, 2, and 3) made
the most use of LiDAR sensors in the past, their
demand for fully autonomous vehicles (level 4 and
5) is expected to grow considerably in the
coming years. This is attributed to the growing
adoption of fully autonomous vehicles in near
future. The different applications of LiDAR
sensors are lane keeping assistance system
(LKAS), adaptive cruise control (ACC) system,
blind spot detection (BSD) system, and automatic
emergency braking (AEB) system. One of the major
aims of autonomous vehicles is to increase road
safety, which is why, AEB systems are of crucial
importance in order to prevent accidents. The
system identifies critical situations early and
warns the driver, and it also decreases the
severity of a crash, if the accident cannot be
prevented. Owing to this, the demand for LiDAR
sensor for this application is projected to rise
significantly in the coming years. Request to
Get the Sample Report_at_ https//www.psmarketresearc
h.com/market- analysis/automotive-lidar-market/re
port-sample Asia-Pacific (APAC) is expected to
be the fastest growing region in the automotive
LiDAR market, during the forecast period, owing
to the rapid advancements in the autonomous
technologies in the region. The growing adoption
of the autonomous technology in the
transportation sector, as already reflected in
the deployment of self- driving vehicles on
APAC's streets, is driving the growth in the
market. China is frequently rolling out testing
and pilot projects, which will further lead the
regional market to prosperity. For instance,
Beijing Xiaoju Technology Co. Ltd. (DiDi Chuxing)
launched a pilot project in August 2019, to test
robotaxis in Shanghai. Some of the biggest
players operating in the global automotive LiDAR
market are Innoviz Technologies Ltd., Velodyne
Lidar Inc., ZF Friedrichshafen AG, Infineon
Technologies AG, Quanergy Systems Inc., Luminar
Technologies Inc., LeddarTech Inc., Texas
Instruments Inc., and Valeo SA.