Global automotive LiDAR sensor market is going to witness a huge growth during the forecast period. Solid-state segment will be the most lucrative. Autonomous vehicle segment is expected to be the most profitable. North America will lead.
New York, USA, Feb. 10, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global automotive LiDAR sensor market is anticipated to generate a revenue of $2,436.3 million at a CAGR of 39.0% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Market Dynamics and Opportunities
The increasing popularity of the autonomous vehicles across the globe is one of the major attributor behind the growth of the market. The LiDAR sensors are used in the self-driving vehicles to ensure safety. Moreover, the LiDAR sensor can make a 3D picture of any object with which its pulses come in contact with. These sensors also help in identifying objects present at a range of 500-2,000 meters from the vehicle.
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Limitation in usage in adverse weather conditions are estimated to restrain the growth of the market during the forecast period.
Latest technology sensor fusion technology is expected to create many opportunities for the growth of the automotive LiDAR sensor market.
Key Segments of the Market
The report has divided the market into different segments based on type, vehicle type, and regional analysis.
Solid-State Segment Expected to be the Most Beneficial
The solid-state segment is predicted to register a significant revenue at a CAGR of 40.0% during the forecast period. The reason for this growth is the rising demand from the Original Equipment Manufacturers (OEMs) owing to the product’s enhanced abilities and precision.
Autonomous Vehicle Type Segment Estimated to be the Most Profitable
The autonomous segment is anticipated to reach $1,246.8 million by 2026, growing at a CAGR of 38.7% during the forecast period. The driving factor behind this growth is the safety features of the LiDAR sensor systems.
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North America to Lead the Market
The North America market of autonomous LiDAR sensors market is predicted to garner a remarkable revenue during the forecast period at a CAGR of 38.8%. This is because of the presence of the majority of the key players and manufacturers of automatic vehicles in the region.
Key Players and Strategies
The leading players of the global automotive LiDAR sensor market include –
- Robert Bosch GmbH
- Continental AG
- First Sensor AG
- Hella KGaA Hueck & Co.
- Denso Corp
- Novariant, Inc.
- Quanergy Systems, Inc.
- Phantom Intelligence
- Velodyne LiDAR, Inc.
These key players are working for the growth of the market by focusing on strategy development tactics such as merger, acquisition, partnership, collaboration, constant upgradation of the company portfolio, and many more. For instance, TE Connectivity Ltd, a manufacturer of connectivity and sensor products has completed its acquisition of Fast Sensor AG in March 2020.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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