DUBLIN--(BUSINESS WIRE)--The "Automotive LiDAR Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.

The automotive LiDAR market is anticipated to grow at a compound annual growth rate (CAGR) of 23% during the forecast period of 2022 to 2030.

Company Profiles

  • Mercedes
  • BMW
  • Volvo
  • GM
  • Leica Geosystems AG (Sweden)
  • Trimble, Inc. (US)
  • Teledyne Optech (Canada)
  • FARO Technologies, Inc
  • RIEGL Laser Measurement Systems GmbH

LiDAR Advantageous Over Camera Based Systems

In comparison to systems based on cameras, LiDAR has a number of distinct advantages. LiDAR gives a three-dimensional perspective of the world that is significantly more realistic and accurate than the view that is provided by cameras, which only provide a flat depiction of the environment in a two-dimensional form.

Additionally, because it generates its own light, LiDAR is unaffected by low-light conditions and may continue to function normally. It has excellent night vision and can see objects just as well as it can during the day. On the other hand, camera-based systems require an adequate amount of light in order to perform at their peak, and thus are not always reliable when used at night.

Optical illusions and the inability to produce accurate distance measurements are two additional variables that can hinder the capacity of a camera to see. Additionally, in comparison to a LiDAR sensor, a camera requires more computer power and, as a rule, operates at a higher temperature. When it comes down to it, an ADAS system or an autonomous vehicle will benefit the most from using LiDAR and camera-based systems in conjunction with one another to monitor the environment around the vehicle.

Expanding Applications in Automotive Segment

Additionally, LiDAR is able to succeed where other sensors fail to do so. For instance, radar can be used to identify items that are in close proximity to a vehicle, and it can also ascertain how far away these objects are and how quickly they are travelling. Because of this, automobile manufacturers use radar for parking sensors, blind spot monitors, and adaptive cruise control.

However, these sensors struggle when it comes to detecting the exact position, size, and shape of an object, elements that are essential for self-driving features such as pedestrian, cyclist, and animal detection. Radar, on the other hand, performs admirably in conditions of fog and other adverse weather, but LiDAR has difficulty in these environments.

Mechanical LiDAR Sector to Dominate Market Revenues

It is anticipated that the segment of the mechanical LiDAR market that held the bigger market share in 2021 and will continue to hold that position throughout the forecast period. This is due to the widespread use of mechanical LiDAR in a variety of applications in mapping.

A large field of view (FOV) that is typically 360 degrees can be achieved with mechanical LIDAR by utilising high-grade optics and a rotating assembly. The mechanical component results in a bulky implementation, but it offers a high signal-to-noise ratio (SNR) over a large field of view (FOV) (although this has also been shrinking). Since solid-state LIDAR does not have any spinning mechanical components and has a smaller FOV, it is more cost effective. An FOV that is comparable to that of mechanical LIDAR can be achieved by using numerous channels at the front, back, and sides of a vehicle and fusing the data from those channels.

North America Remains as the Global Leader

The overall market for LiDAR was led by North America as of the year 2021, followed by Europe and the Asia Pacific region in that order. The region accounted for more than 37% of the total revenue generated by the worldwide LiDAR market in 2021 and is predicted to experience robust expansion growth during the forecast period.

The ongoing research and expenditures that are being made in order to build sophisticated LiDAR systems have been critical in pushing the uptake of LiDAR systems in North America. On the other side, it is projected that Asia Pacific will record the most growth during the period of time spanning from 2022 to 2030. It is anticipated that demand from nations such as India and China would play a significant role in expanding the LiDAR market.

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Automotive LiDAR market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2030.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Automotive LiDAR market?
  • Which is the largest regional market for Automotive LiDAR market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Automotive LiDAR market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive LiDAR market worldwide?

For more information about this report visit https://www.researchandmarkets.com/r/6eah4h

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