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The global automotive LiDAR sensors market size is estimated to grow by USD 693.6 million, at a CAGR of 22.08% between 2023 and 2028. The rapid advancements in autonomous vehicle technology, the pivotal role of LiDAR sensors in Advanced Driver Assistance Systems (ADAS), and the development of more versatile solid-state LiDAR sensors are reshaping the automotive industry. These factors collectively drive innovation and progress toward safer and more efficient transportation solutions. With continuous developments in autonomous vehicle technology, the prospect of fully self-driving vehicles becomes increasingly feasible, revolutionizing mobility and transportation systems. LiDAR systems play a crucial role in enabling ADAS by providing real-time, high-resolution 3D mapping of the vehicle's surroundings, enhancing situational awareness, and enabling autonomous decision-making. The emergence of solid-state LiDAR sensors offers greater versatility and reliability, enabling more widespread adoption and integration into vehicles of varying sizes and types. As these technologies continue to advance, they hold the potential to transform the way we commute and interact with transportation systems, ushering in a new era of mobility and safety. The market forecast report also includes an in-depth analysis of drivers, trends, and challenges.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the ADAS segment will be significant during the forecast period. The adoption of advanced telematics like ADAS is increasing across all segments of vehicles in the automotive market. The adoption of automotive systems such as adaptive front lights, adaptive cruise control, and collision warning systems is expected to increase the growth of the global automotive market, owing to its safety and demand for advanced electronic systems in modern vehicles.
The ADAS segment shows a gradual increase in the market share of USD 116.80 million in 2018. ADAS is primarily targeted to reduce fatigue during long drives, as well as for automating repetitive tasks. These are all positive influences on reducing driver boredom and tiredness, which are sure-shot recipes for potential mistakes and accidents. Hence, having ADAS is indeed an added incentive for long rides. Additionally, in developed regions, the adoption of ADAS technology is expected to be high among elderly customers for whom assisted driving is a far more acceptable solution rather than losing the ability to drive completely due to ageing issues.
North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North American countries such as the US and Mexico are the major automotive light detection and ranging sensors market contributors to the market in the region owing to the high popularity of LiDAR sensors in automotive. The automotive market in North America is dominated by utility vehicles such as pickup trucks, SUVs, and crossovers. Furthermore, the popularity of recreational vehicles is high in countries such as the US and Mexico because they can be used both for personal as well as commercial use. In addition, the presence of diverse terrains, such as mountains and rocky surfaces, results in high sales of such vehicles.
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The market is driven by remote sensing techniques employed in automotive LiDAR scanners essential for autonomous cars. These scanners generate high-resolution 3D image and detailed map, crucial for safe navigation. With the rise in popularity of autonomous vehicles, demand grows for advanced sensors like the TC4x series, facilitating precise distance estimation and navigation for enhanced vehicle autonomy. The market thrives on remote sensing techniques and distance estimation capabilities essential for autonomous vehicle sensors. These advanced LiDAR scanners generate high-resolution 3D images and data points, enabling safe navigation and accident avoidance. As the popularity of autonomous vehicles rises, there's a surge in research and development efforts to enhance sensor technology. Companies adopt smart and unique strategies such as product development and joint ventures, integrating technologies like the AURIXTM microcontroller family and low-cost artificial intelligence (AI) applications into eMobility and automotive electric-electronic (E/E) architectures for efficient distance estimation and navigation. Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The key role of LiDAR sensors in ADAS is likely to drive market growth. ADAS has become a reliable and robust system with increasing features, but it's currently only available in premium vehicles due to its high cost. However, the expansion of ADAS ecology and technological advancements will likely introduce it into the mainstream market.
Additionally, integrated ADAS SoCs can integrate multiple sensor data streams, process a huge amount of real-time data, and increase flexibility and control over ADAS offerings. LiDAR technology offers better capabilities for object detection, even in complete darkness, and the continuous need for better sensors in the automotive industry has boosted the growth of the market. These developments are expected to drive the market during the forecast period.
Companies are experimenting with various designs to develop next-gen LiDAR sensors which is a major trend in the market. While their success is uncertain, a significant price decline in automotive LiDAR sensors is expected. Examples from history show that the cost of hardware can decline with increased volumes and adoption. Various LiDAR sensor companies, including those sponsored by DARPA, are working on developing low-cost sensors.
Furthermore, MIT researchers claim that their chips could bring production costs down to USD 10 each with millions of sensors produced annually. With similar innovations, the cost of high-quality LiDAR sensors is expected to drop to around USD 1,000 by 2022-2024 and down to USD 100 in a decade. Venture capitalists are showing interest in companies developing cheaper LiDAR sensors for autonomous vehicles. The decline in cost is expected to propel market growth during the forecast period.
The high cost presents a challenge for their commercial adoption in the industry. However, Ouster plans to offer its ES2 sensor for mass production in 2024 at an initial cost of USD 600, which is expected to reduce to USD 100 in subsequent years. Similarly, Luminar has partnered with Volvo to provide LiDAR-equipped cars by 2022.
Additionally, despite these efforts, the current low volumes of LiDAR sensors have compounded cost pressures faced by OEMs, who already face challenges such as stringent emission norms, market competition, and evolving customer demands. However, data-based evidence suggests that the cost of LiDAR sensors will likely decrease due to mass production
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Automotive Lidar Sensors Market. One of the major companies in the market include:
The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is rapidly advancing with LiDAR point clouds enabling precise feature extraction and clustering even in adverse weather conditions like wet and foggy weather. Vital for autonomous and semi-autonomous vehicles, LiDAR facilitates data gathering through techniques like Time of Flight (ToF) and Frequency-modulated-continuous-wave (FMCW). Its integration into various vehicle types, including Internal combustion engine (ICE) and Hybrid battery electric, showcases the industry's vertical integration. With OEMs prioritizing safety features like Adaptive Cruise Control (ACC) and Automatic Emergency Braking (AEB), LiDAR's role endorsed by organizations like WHO has become increasingly pivotal.
Additionally, In the burgeoning market, addressing challenges such as poor performance in adverse conditions like wet weather is crucial for ensuring the reliability of self-driving vehicles. Equipped with an onboard computer, LiDAR systems capture environmental data in both 2-dimensional and 3-dimensional formats, accommodating diverse vehicle type. Collaborations span international labor markets, involving sub-contractors and third-party contractors to meet demand. Endorsement by authoritative bodies like the WHO (World Health Organization) underscores the significance of light detection and ranging (LiDAR) technology in vehicle safety, embraced by OEMs (Original Equipment Manufacturers) for enhanced automotive capabilities.
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Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.08% |
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Market growth 2024-2028 |
USD 693.6 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
17.79 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 31% |
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Key countries |
US, Germany, China, Canada, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Benewake Beijing Co. Ltd, Cepton Inc., Continental AG, DENSO Corp., HELLA GmbH and Co. KGaA, Ibeo Automotive Systems GmbH, Infineon Technologies AG, Innoviz Technologies Ltd., LeddarTech Inc., Leishen Intelligent Systems Co. Ltd., Lumibird Canada, Luminar Technologies Inc., Ouster Inc., Quanergy Systems Inc., TE Connectivity Ltd., TetraVue Inc., Valeo SA, Velodyne Lidar Inc., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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