English Extended Distribution Financial Content PR-Wirein Press Release Reportedtimes Research Newswire

Rising Demand for Autonomous Vehicles to Drive Automotive LiDAR Market at Stellar 19.5% CAGR through 2031, Reveals Fact.MR

The automotive LiDAR market, which held a net worth of US$ 430 million in 2020, is slated to surge to an estimated valuation of US$ 3 billion by the end of 2031.

Technology has become a crucial aspect of all industry verticals, and this trend is highly prevalent in the automotive industry. Increasing demand for autonomous vehicles is a major trend that is driving automotive LiDAR (light detection and ranging) market growth.

Rising use of advanced driver assistance systems, collision warning systems, lane-departure warning systems, etc., will also favour automotive LiDAR demand growth potential. However, the high costs of automotive LiDAR are anticipated to slow down market growth to some extent over the forecast period.

Want A Detailed Understanding Of Market Functioning? Request For A Sample Here: https://www.factmr.com/connectus/sample?flag=S&rep_id=7314

Automotive LiDAR companies are expanding their business scope by investing in the research and development of new technologies to create better product offerings.

  • In April 2022, Efficient Power Consumption, a semiconductor company, announced the launch of a new GaN IC that can be used in LiDAR systems for multiple applications, in which autonomous vehicles are also present.

“Increasing technological proliferation and rising demand for autonomous vehicles will propel demand for automotive LiDAR through 2031,” says a Fact.MR analyst

Key Takeaways from Market Study

  • In 2020, the automotive LiDAR market stood at a valuation of US$ 430 million.
  • Demand for automotive LiDAR is projected to surge at a phenomenal CAGR of 19.5% from 2021 to 2031.
  • Sales revenue for automotive light detection and ranging is anticipated to reach US$ 3 billion by 2031.
  • Increasing demand for autonomous vehicles, rapid technological advancements, and rising demand for safety in automotive will majorly propel automotive LiDAR market potential.
  • High costs of LiDAR systems could potentially slow down market growth to some extent.
  • In 2020, solid-state LiDAR accounted for a major market share of 60%.
  • China, India, Germany, and Japan are anticipated to be the most notable markets for automotive LiDAR over the forecast period.

For Critical Insights On This Market, Request For More Info: https://www.factmr.com/connectus/sample?flag=AE&rep_id=7314

Key Segments Covered in Automotive LiDAR Industry Research

Automotive LiDAR Market by Technology:

  • Solid-state LiDAR
  • Mechanical/Scanning LiDAR

Automotive LiDAR Market by Location:

  • Roofs & Upper Pillars
  • Headlights & Taillights
  • Bumpers & Grills

Automotive LiDAR Market by Image Projection:

  • 2D Automotive LiDAR
  • 3D Automotive LiDAR

Automotive LiDAR Market by Range Type:

  • Short & Mid-range Automotive LiDAR
  • Long range Automotive LiDAR

Automotive LiDAR Market by Vehicle Type:

  • IC Engine Vehicles
  • Hybrid Electric Vehicles (HEVs)
  • Plug-in Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)

Automotive LiDAR Market by Application:

  • Semi-autonomous
  • Autonomous

For In-Depth Competitive Analysis, Buy Now: https://www.factmr.com/checkout/7314

Winning Strategy

Automotive LiDAR companies are investing in the research and development of more advanced LiDAR technologies to create better offerings. Increasing popularity of autonomous vehicles will further bring in new opportunities for automotive LiDAR providers over the coming years.

Increasing use of automotive LiDAR in safety systems such as advanced driver assistance systems (ADAS) and collision warning systems will also help automotive LiDAR market players increase their sales potential.

Check out more studies related to Automotive Industry, conducted by Fact.MR:

Properties of Propylene Glycol to Support Market Growth – The demand for propylene glycol based antifreeze is being driven by the adoption of inorganic acid technology. Ethylene glycol is no doubt, another sought after product by the automakers, however, high cost of handling, stringent regulatory framework, toxicity, corrosive properties etc.

Importance of Floor Panel Driving Market Demand in Aerospace Floor Panel Market – An aircraft’s bodyweight plays the most crucial role in factoring in its fuel efficiency. In the global aviation industry, manufacturers of aerospace floor panels are aware that these flooring units will significantly contribute to bulking up the airplane’s gross weight.

Rising Automotive Production Continues to Support Sales of Powertrain – The global sales of automotive have remained favorable for the industry in recent years, with China and the United States topping the list both in terms of production and sales.

How Growing Demand of Automobile Triggering the Demand – Global automotive sales have been strong in recent years, with the United States and China setting the pace in terms of both sales and manufacturing. As the United States’ economy gradually improves, the country’s automotive sector accelerates, particularly in the auto components vertical.

Tags: Automotive LiDAR Market

Contact Information:

+1 (628) 251-1583