Automotive LiDAR Market Report 2024: Top Players Are rgo, Benewake, Cepton, Continential, AEye, Hesai, IFM, Innoviz Technologies, LeddarTech, LeiShen Intelligent System, Luminar, Ocular Robotics, Omron, Oryx, Ouster, Panasonic

The expansion of the global automotive market is expected to further propel automotive LiDAR market growth as automakers across the world continue to invest in research and development activities to develop and incorporate semi-autonomous and autonomous vehicles in their respective product portfolios.

Though a fully autonomous vehicle has not yet been developed, automotive LiDAR market players have been working continuously to improve the integrity of the vehicle with the development of next-generation LiDAR systems. Numerous regional governments have also been encouraging the masses to use autonomous vehicles, on the grounds of which they have framed a supportive regulatory framework, thereby augmenting automotive LiDAR industry trends.

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Automotive LiDAR market has also tastes success on account of the fact that other players such as General Motors Co. have been making inroads in this vertical. GM has been intending to deploy a ride-hailing service using an autonomous version of its Chevrolet Bolt - a version that won't have a steering wheel or pedals - by the end of 2019. To that end, GM has also received a $2.25 billion support form SoftBank Vision Fund. Driven by the significant efforts undertaken by automakers such as Alphabet and GM, the overall automotive LiDAR industry size from autonomous vehicles is projected to grow at a CAGR of 35% over 2018-2024.

Unlike the autonomous vehicle segment, which is currently in its infancy, semi-automated vehicles are relatively well established. Indeed, according industry with the segment holding over 40% of stake in the automotive LiDAR market according to a 2017 estimate. A plethora of renowned automobile manufacturers have already incorporated driver-assist features in several of their vehicles. In case of these vehicles, LiDAR are deployed to enhance a driver's capabilities by constantly assisting in the vehicle operating activities

Powered by the rising efforts undertaken by prominent automobile manufactures to exploit LiDAR in partially connected vehicles, semi-autonomous vehicles held close to 40% of the automotive LiDAR market share in 2017 and is expected to expand remarkably in the years to come.

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The advent of futuristic technologies like IoT (Internet of Things), AI (artificial intelligence), and AR (augmented reality) will transform the dynamics of automotive LiDAR market. In the coming years, the deployment of self-driving cars for comfort and safety will generate considerable growth opportunities for the industry players. The continuous involvement of established magnates and startups in research and development activities will also fuel automotive LiDAR industry size, which is touted to be seemingly pegged at over USD 3 billion by the end of 2024.

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