Automotive LiDAR Market Higher Growth Rate & Forecast 2020–2030
A major technological advancement in the recent times is the development of autonomous vehicles. A fully autonomous car has the ability to sense its environment and operate without the intervention of a human being. It is true that it will take a few years for this technology to become fully operational in terms of day-to-day lives, however, there are vehicles at the present time which have some automated features. These automated cars fully rely on sensors, complex algorithms, machine learning system, powerful processors for executing software, and actuators. Such features allow an automated car to create and maintain a map of their surroundings.
Some of the sensors which are used in these cars are radar sensors, video sensors, and light detection and ranging (LiDAR) sensors. Because of the growing need for cars which are installed with proper safety features, the adoption automated cars is rising, which, in turn, is resulting in the increasing demand for LiDAR sensors. A LiDAR sensor is mounted on top or on the bonnet of an autonomous car and acts as an eye for the vehicle. The sensor provides a 360-degree view of the surrounding, which aids the car to drive themselves safely. These sensors rotate continuously and send thousands of laser pulses every second that collide with the surrounding objects and reflect back. This process further helps in creating a 3D print cloud.
According to a P&S 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 (2020–2030). 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.
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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.
In the past, Europe made the most use of LiDAR sensors, which is ascribed to the early adoption of advanced autonomous technologies and European Union’s initiatives regarding the mandatory installation of LiDAR-based advanced driver-assistance system features in vehicles in order to increase the vehicles’ and the passengers’ safety. In addition to this, manufacturers in the region are further engaging in research and development activities for the evolution of autonomous technologies, which is predicted to result in the growth of the automotive LiDAR market.
Hence, the demand for LiDAR sensor is growing because of the rising adoption of autonomous cars.
