Automotive LiDAR Market Analysis

Automotive LiDAR Market Analysis

Automotive LiDAR market from the solid-state segment is slated to depict over 85% CAGR through 2032. Compared to traditional LiDAR technology, automotive solid-state LiDAR sensors are cost-effective and provide high-resolution data. This sensor also has an edge over radars in delivering an accurate picture of the surroundings of vehicles. Moreover, the increasing collaboration among automakers to lower the price of LiDAR systems will further accelerate sensor deployment.

Flash LiDARs based on solid-state designs can deliver performance, range, and all-weather reliability at lower costs and higher MTBF over mechanical scanning LiDARs. In addition, they can offer improved detection rates and accuracy as compared to cameras, radars, or other sensor types. This technology can be integrated into automated systems to facilitate electronic toll collection. The growing awareness of these benefits will augment the use of solid-state LiDAR sensing technology in vehicles.

The autonomous vehicle segment accounted for around 30% of the automotive LiDAR market share in 2022, given the escalating government investment in self-driving vehicle development projects. In October 2022, the UK government pledged USD 100 million to ensure the consistent development of autonomous vehicles. As a result, the demand for automotive LiDAR sensors is likely to surge, given their ability to provide reliable and precise navigation to detect vehicles, people, and objects in real time. Self-driving vehicles equipped with LiDAR can also efficiently and safely navigate dynamic and unfamiliar environments for optimal safety, further contributing to product consumption.
 

Asia Pacific automotive LiDAR market size is expected to record nearly 80% gains through 2032, due to the increasing R&D and investments in self-driving cars. In countries such as Japan, China, and South Korea, favorable government initiatives are being taken to commercialize autonomous cars. Citing an instance, in October 2022, the Japanese government announced plans to avail mobility services that feature Level 4 vehicles in 40 areas and 100 areas by 2025 and 2030 respectively.