The automotive LiDAR market is expected to expand at the CAGR of 23% during the forecast period 2023 to 2033. Increasing investments in LiDAR start-ups by automakers are opening the door for solid-state LiDARs. This is likely to increase the market growth during the forecast period. LiDAR's technology and falling cost have broadened its application. Future autonomous vehicles have great potential for using LiDAR technology.
LiDAR provides advantages over camera-based systems. LiDAR delivers a more realistic and accurate three-dimensional image of the world than two-dimensional cameras. Optical illusions and inaccurate distance readings can impede a camera's vision. Cameras require more computing power and run hotter than LiDAR sensors. An ADAS or autonomous vehicle will benefit most from using LiDAR and camera-based systems together to monitor the vehicle's environment.
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LiDAR sensor prices ranged from $50,000 to $75,000 to dropped to $10,000 and lower. LiDAR prices might reach less than$300 by 2030. Some businesses have come up with low price LiDAR vehicle sensors ranging from $500-$1000. LiDAR businesses like Argo AI are teaming with Ford and Volkswagen to create commercial-grade self-driving vehicles incorporating LiDAR. Volkswagen will test self-driving vans in Germany using Argo AI's LiDAR technology. The startup wants to offer commercial delivery and micro-transit in Germany by 2025. Ford and Volkswagen are developing electric vans and driverless cars.
Laser scanners dominated in 2021. The laser scanners category is expected to remain dominating through 2030. Laser scanners that broadcast and detect information using laser pulses are a major factor in this growth.4D LiDAR technology is expected to increase the most during the forecast period. 4D LiDAR is expected to have the highest CAGR from 2023 to 2030. This growth is due to the growing usage of 4D LiDAR in autonomous vehicles and other systems.
Mechanical LiDAR is expected to maintain its dominant market share over the projection period. Mechanical LiDAR is widely used in mapping applications. Mechanical LIDAR uses high-quality optics and a rotating assembly to produce a 360-degree FOV. The hefty mechanical component delivers a high SNR over a big FOV (although this has also been shrinking). Solid-state LIDAR is cheaper because it has no rotating mechanical parts and a lower FOV. Using many front, rear, and side channels and combining their data can reach a FOV comparable to mechanical LIDAR.
North America led the LiDAR market in 2021, followed by Europe and Asia-Pacific. The region produced more than 37% of the global LiDAR market's revenue in 2021 and is expected to develop rapidly throughout the forecast period. Ongoing research and spending to construct sophisticated LiDAR systems have pushed uptake throughout North America. Asia Pacific is expected to increase the most between 2023 and 2033. India and China are expected to boost the LiDAR industry.
OEMs were unprepared to compete in the market for complete autonomy and saw the possibility to add partial autonomy to their cars to offer comfort, free time, and safety to a larger client base. Many LiDAR companies now focus on L2 and L3 autonomy. Mercedes, BMW, Volvo, GM, Ibeo, and Innovusion have recently announced new products (Nio). Partnerships with Tier 1 suppliers have been strengthened (Aeye-Continental, Baraja-Veoneer, Cepton-Koito, Innoviz-Magna). Leica Geosystems AG (Sweden), Trimble, Inc. (US), Teledyne Optech (Canada), FARO Technologies, Inc. (US), and RIEGL Laser Measurement Systems GmbH dominate this segment (Austria).
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