The global automotive LiDAR market is projected to grow from USD 555 million in 2022 to USD 8,611 million by 2030, at a CAGR of 40.9%. Parameters such as increasing demand for premium vehicles, in conjunction with growing adoption of ADAS technology by automotive OEMs are expected to support the revenue growth of the automotive LiDAR market during the forecast period. Further, developments in autonomous vehicles, coupled with increasing penetration of EV equipped with LiDAR technology will create lucrative opportunities for the automotive LiDAR market. The major players in the automotive LiDAR market are Valeo (France), DENSO Corporation (Japan), Innoviz Technologies Ltd. (Israel), Velodyne Lidar, Inc. (US), and Luminar Technologies Inc. (US). These companies have strong product portfolio that offer automotive LiDARs for OEMS. These companies have adopted growth strategies such as partnerships, collaborations, and mergers & acquisitions to gain traction in the global automotive LiDAR market.
The Asia Pacific region is expected to be the largest market during the forecast period. Asia Pacific is estimated to account for the largest market share (ICE + EV) by 2030 in terms of value, followed by North America and Europe. Asia Pacific is home to some of the top players in the automotive LiDAR market, such as DENSO Corporation (Japan), RoboSense (China), and Hesai (China), among others. Similarly, the increasing purchasing power of the population and rising concerns over vehicle pollution have triggered the demand for semi-autonomous vehicles and high-end electric vehicles in Asia Pacific. The governments of countries in this region have recognized the growth potential of the automotive industry and have consequently taken different initiatives to encourage major OEMs to enter their domestic markets. Several European and American automobile manufacturers such as Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US) have shifted their production plants to emerging countries. All these aforementioned parameters are expected to drive the Asia Pacific automotive LiDAR market during the forecast period.
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Europe is also expected to grow significantly in the automotive LiDAR market during the forecast period.
This region is home to some of the key players in the automotive LiDAR market, such as Continental AG (Germany), Robert Bosch GmbH (Germany), and ZF Friedrichshafen AG (Germany). The presence of these companies would also contribute to the growth of the European automotive LiDAR market during the forecast period. The region is among the largest markets for passenger cars, particularly premium cars (C segment and above). The high volume of premium car sales can be attributed to the high purchasing power of European buyers. This, in turn, will drive the European automotive LiDAR market during the forecast period.
The passenger cars segment is estimated to account for a larger share in terms of value in the global automotive LiDAR market. An increase in the development of autonomous vehicles in conjunction with rising demand for passenger cars in emerging and developed countries has contributed to the growth of automotive LiDAR sensors in passenger cars. In addition, automotive OEMs such as Honda (Japan), Toyota Motor Corporation (Japan), BMW AG (Germany), Audi AG (Germany), NIO (China), and Mercedes-Benz (Germany) use LiDAR sensors in some of their respective passenger car models. For instance, Audi A8, Audi S8, Mercedes-Benz S Class, and BMW 7 Series are equipped with LiDAR sensors.
Key Market Players:
The automotive LiDAR market is dominated by major players including Valeo (France), DENSO Corporation (Japan), Innoviz Technologies Ltd. (Israel), Velodyne Lidar, Inc. (US), and Luminar Technologies Inc. (US).
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