Global Automotive LiDAR Market to Flourish By Incorporating Advanced Technologies in Autonomous Vehicles
Automotive
LiDAR (Light Detection and Ranging) is an advance scanning surveying
technology that maps vehicle surroundings at the speed of light. LiDAR
is the latest development in the automotive industry; an advancement in
the predecessors of object detection technology such as RADAR (Radio
Detection and Ranging) and ultrasonic. LiDAR determines objects or
nearby vehicles by emitting light pulses, which reflected off objects
and vehicles and create high-resolution images that provide a more
accurate image of the surroundings than cameras or radar alone.
Automotive LiDAR is considered as a key technology for completely
autonomous vehicles, as it is capable of delivering high-definition 3D
projections of the surrounding. Major auto manufacturers are leveraging
automotive LiDAR as a precise technology in the race to develop safe and
self-driving autonomous vehicles owing to its speed, accuracy, and
versatility. Most notably, latest advances in automotive LiDAR further
differentiate between a person walking or riding a bike, and even at
what speed and in which direction the person is moving.
Most
road fatalities occur due to driver error. Increase in awareness about
safety among vehicle users and global regulatory bodies to safeguard
both passenger and vehicle safety, by minimizing accidents, is a prime
factor that is likely to boost the automotive LiDAR market. The European
New Car Assessment Programme (Euro NCAP) is prompting a few prominent
modifications in the vehicle safety system in order to ensure safety.
Furthermore, rise in adoption of autonomous vehicles is also projected
to incorporate more active advance safety components such automotive
LiDAR.
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Rising
emphasis by governments toward vehicles incorporated with advanced
driver assistance systems (ADAS) in the last few years, owing to safety
concerns, is also estimated to propel the global automotive LiDAR market
during the forecast period. Lasers emitted from the automotive LiDAR
provide accurate and high precision detection for real-time and long
range detection. Automotive LiDAR continues to grow as decisive
technology for self-driving and autonomous vehicles. Manufactures of
automotive LiDAR are focusing on reduction of cost by cutting down the
laser emitters; however, they are still quite expensive and is
anticipated to restraint the automotive LiDAR market during the forecast
period.
Bumper
and grill location is one of the most potential segment of the
automotive LiDAR market. Placing of automotive LiDAR, especially solid
state LiDAR, on the bumper and grill reduces the cost, as compared to
mechanical LiDAR on the roof. Furthermore, the external appearance of
the vehicle is not hampered and the LiDAR provides better navigation.
Hence, it is projected to witness a significant expansion by 2026.
The
others segment, which includes navigations, is a prominent application
segment of the automotive LiDAR market. Navigation is the major
application of LiDAR, which can survey the surroundings even in
significantly bad climatic conditions. Additionally, the automotive
LiDAR also provides real-time obstacle detection. This is expected to
increase, as it is superior to its alternative of radar and camera.
In
terms of image projection, the 2D segment accounts for a major share of
the market owing to the high rate of adoption and easy availability.
Increase in advancements in technology and rising research activity have
led to the development of the 3D image projection LiDAR, which is
estimated to expand at a significant CAGR, in terms of volume, in the
near future. 3D LiDAR provides three dimensional projection of the
surroundings, thereby leading to improved automotive LiDAR technology.
In
terms of sales channel, the OEMs segment holds a larger share of the
automotive LiDAR market, as compared to the aftermarket segment, owing
to the rising awareness about sophisticated components among auto
manufacturers. The aftermarket segment is also anticipated to expand at a
considerable growth rate during the forecast period owing to increased
testing of autonomous and self-driving vehicles. This, in turn, is
providing lucrative opportunities to prominent automotive LiDAR
manufacturers.
The
passenger vehicles segment held a prominent share of the market in
2017. The high market share held by the passenger vehicles segment is
primarily attributed to the rising demand for passenger vehicles,
globally. Higher rate of adoption of advance driver assistance systems
such as adaptive cruise control and autonomous emergency braking system
in passenger vehicles is expected to propel the automotive LiDAR market
during the forecast period.
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Solid
state LiDAR is a highly attractive segment of the automotive LiDAR
market. Low cost is a key factor driving the solid state LiDAR segment.
In solid state LiDAR, an optical phased array is utilized as a
transmitter that steers by shifting the phase of a laser pulse. Solid
state LiDAR is a promising segment that is projected to boost the
automotive LiDAR market.
The
short range LiDAR segment held a larger share of the market, as
compared to medium and long LiDAR segments. Initial offering of LiDAR
for short range reduces the cost, which results in higher adoption rate.
However, medium and long range segments are projected to expand at a
significant growth rate owing to expansion in range provided by these
segments. Furthermore, rising testing of autonomous vehicles by major
OEMs and increase in range are boosting the medium and long range
segments
The
automotive LiDAR market has been classified into five prominent
regions. Among them, Europe dominated the global market, accounting for
more than 50% share in 2017. This was due to the increased awareness
about safety and rise in number of fatalities, which has led to the high
rate of adoption of advance safety technologies in the region, LiDAR
being one of them. North America is expected to hold a prominent share
of the global automotive LiDAR market. North America being home to major
automotive LiDAR manufacturers is expected to remain a prime market for
automotive LiDAR. Rise in testing of self-driving fleet in the U.S. by
various auto manufacturers is boosting the automotive LiDAR market in
the region. North America also witnessed a rise in export of LiDAR, and
hence, it is expected to remain a prominent market for automotive LiDAR
during the forecast period.
The
global automotive LiDAR is a highly competitive market due to the
presence of major LiDAR manufacturers. Key players operating in the
global automotive LiDAR market include Velodyne LiDAR, Inc., Robert
Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Denso Corporation,
Delphi, Magna International Inc., Valeo, LeddarTech, Teledyne
Technologies Incorporated, Infineon technologies AG, Quanergy Systems
Inc., Phantom Intelligence, TriLumina, Hella GmbH & Co. KGaA, Ibeo
Automotive Systems GmbH, and AEye Inc.
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