The automotive LiDAR Market size is projected to reach US$ 8,307.14 billion by 2031 from US$ 750.49 billion in 2022. The market is expected to register a CAGR of 35.1% in 2022–2031. The automotive LiDAR market is driven by the rapid adoption of autonomous self-driving cars along with a surge in the sale of connected cars. The autonomous driving market is expected to create revenue between US$ 300 billion to $400 billion by 2035. Increased demand for autonomous passenger cars across developed countries, including the US and Canada drives the automotive LiDAR market growth. Also, increased demand for luxury cars across the globe is a major driving factor for the automotive LiDAR market growth during the forecast period.
Automotive LiDAR Market Analysis
The automotive LiDAR market is driven by increasing sales of luxury vehicles, along with increased adoption of ADAS technology in the vehicles is driving the automotive LiDAR market growth during the forecast period. Increased developments of autonomous vehicles, along with a surge in the sales of electric vehicles built with LiDAR technology, are expected to create significant opportunities for automotive LiDAR market growth. Companies in the automotive LiDAR market are focused on new product development and the launching of new autonomous technologies-based sensors. For instance, in January 2022, Innoviz Technologies Ltd. launched the next-generation Innoviz360 sensor in its product line. Innoviz360 generated revenues in 2023.
Automotive LiDAR Market Overview
Increased adoption of autonomous vehicles is expected to support the automotive LiDAR market growth. Automotive and connected vehicle technologies use LiDAR to optimize their usage. Leading OEMs, such as Audi AG, BMW AG, Ford Motors, Mercedes-Benz, Nissan Corporation, Tesla Inc., and AB Volvo, offer level 2 autonomous driver assistance globally. These include automotive systems that offer acceleration, steering, and braking assistance while driving on motorways. The penetration of connected cars with the surge in the adoption of automated vehicles in the real world across the developed nations, including the UK, the US, and Germany driving the automotive LiDAR market growth during the forecast period. Connected in-car services offer several services, such as connected maps, GPS systems, and app-based music streaming assistance. All these factors are projected to create ample opportunities for automotive LiDAR market growth during the forecast period.
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Automotive LiDAR Market: Strategic Insights
Market Size Value in US$ 415.1 Million in 2018 Market Size Value by US$ 4,348.09 Million by 2027 Growth rate CAGR of 30.4% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Automotive LiDAR Market: Strategic Insights
| Market Size Value in | US$ 415.1 Million in 2018 |
| Market Size Value by | US$ 4,348.09 Million by 2027 |
| Growth rate | CAGR of 30.4% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Automotive LiDAR Market Drivers and Opportunities
Increasing Sales of Light Detection Systems Among Passenger Cars is Expected to be the Prime Driver for The Automotive LiDAR Market
Increasing penetration of light detection systems and surge in the penetration of advanced LiDAR solutions in passenger cars is a major driving factor for the automotive LiDAR market growth during the forecast period. Furthermore, the rapidly increasing demand for autonomous and connected cars, along with the increase in partnerships of automotive OEMs and other organizations, is also providing significant automotive LiDAR market growth. The autonomous car provides convenience for the passengers and improves the safety level of the travelers. These autonomous vehicles offer lucrative opportunities for several automotive firms to access a wide range of sensors and autonomous LiDAR systems to generate revenues.
The adoption of automotive LiDAR technologies helps in light detection and providing navigation assistance technology for vehicle owners. Another use of automotive LiDAR is in ADAS and LiDAR across robotaxis and ride-sharing services. Increased demand for on-demand car rental services, on-demand shuttle services, and mobility as services are the major driving factors for the automotive LiDAR market during the forecast period. Therefore, automotive OEMs are investing a considerable amount in LiDAR sensors to launch next-generation autonomous vehicles.
Increased Adoption of Autonomous Driving with a Surge in the Development of Connected Cars is Expected to Create an ample Opportunity for Market Growth.
With increasing economic development globally, there is a need for advanced technologies to meet the current standard of living. Increased adoption and launching of autonomous driving and the surge in growth of connected cars drive the global automotive LiDAR market growth during the forecast period. For instance, in July 2023, Volkswagen Group planned to launch autonomous self-driving vehicles for adopting ride-hailing, ride-sharing, and goods delivery services in the US by 2026. Such growth in autonomous driving by the leading OEMs is expected to create ample opportunity for market growth.
Automotive LiDAR Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive LiDAR Market analysis are type, component, and application.
- Based on type, the global automotive LiDAR market is divided into solid state and flash. Among these, the solid-state has the largest share in 2023.
- Based on the components, the market is divided into photodetectors, lasers, integrated circuits, optical elements, and others.
- Depending upon the application, the market is divided into autonomous shuttles, robotaxis, and passenger cars. Among these, passenger cars have the largest share in 2023, owing to the increasing adoption of advanced technologies by leading OEMs, suppliers, and technology providers across the globe.
Automotive LiDAR Market Share Analysis by Geography
The geographic scope of the Automotive LiDAR Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific region is projected to have the largest share in 2023 for the automotive LiDAR market during the forecast period. The growth of This region is primarily owing to rapid urbanization, increased automotive sales, and a surge in the adoption of advanced technologies by leading OEMs. Emerging countries such as India, China, South Korea, and Japan are growing at a rapid pace owing to the presence of several leading automotive OEMs. Automotive OEMs in the Asia Pacific region include Hyundai Corporation, Kia Motors, Nissan Corporation, Honda Corporation, and Toyota Corporation. These leading players are developing automated self-driving cars to meet current urbanization demand.
Automotive LiDAR Market Report Scope
Automotive LiDAR Market News and Recent Developments
The automotive LiDAR Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Automotive LiDAR market and strategies:
- In April 2024, Luminar Technologies launched next-generation sensors by partnering with AB Volvo. Luminar Technologies launched Iris lidar for its first global customer, AB Volvo. (Source: Flyability, Press Release/Company Website/Newsletter)
Automotive LiDAR Market Report Coverage and Deliverables
The “Automotive LiDAR Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Component ; and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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