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© Velodyne LiDAR (illustration purpose only) Analysis | June 27, 2017

LiDAR sensor automotive market fastest growth in Europe

The automotive LiDAR market is expected to grow at a CAGR of 28.32 percent, from an estimated USD 735.0 million in 2025 to a projected USD 2,557.3 million by 2030.
Factors such as the rising popularity of semi-autonomous vehicles, government regulations for vehicle safety, and an increase in the adoption of ADAS technology by OEMs are driving the global market. However, the high cost of LIDAR systems is a major restraint for the market.

The autonomous vehicles segment is estimated to be the fastest growing segment of the LiDAR sensor automotive market in 2025. Several major OEMs, like General Motors Company, Audi, Ford, and the Volvo Group, are developing and innovating fully autonomous driving technologies with the help of LiDAR technology.

The bumper and grill segment is estimated to hold the largest market size of the LiDAR sensor automotive market, by location, during the forecast period. Factors such as the need to provide a better field of view without affecting vehicle appearance have led to the embedding of LiDAR in bumpers and grills.

The solid state LiDAR type segment is estimated to hold the largest market size during the forecast period. The solid state LiDAR is smaller, lighter, and more cost effective than the mechanical/scanning LiDAR. The decreasing cost of components along with the increasing participation of major players across the automotive LiDAR industry has also helped reduce the overall cost of solid state LiDAR features.

The battery electric passenger vehicle segment of the global market, by vehicle type, is estimated to grow at the highest CAGR during the forecast period. A majority of the OEMs are testing their autonomous vehicle technology in battery electric vehicles. The market share of the battery electric passenger vehicles segment is expected to increase in the near future due to these factors and the prediction by industry experts that most autonomous vehicles in the future will be electric vehicles.

The LiDAR sensor automotive market in Europe is expected to be the fastest growing regional market during the forecast period. The market is estimated to hold a majority share of the global LiDAR sensor automotive market, by value and volume. The European Union is also in favor of legalizing the use of LiDAR-based ADAS applications to increase vehicle safety. Autonomous vehicles are already being tested in several countries in the region, such as Germany and France. This is also expected to increase the adoption of LiDAR sensor-based ADAS applications in Europe, which will ultimately impact the market.

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October 16 2017 2:56 PM V8.8.6-1