Automotive LiDAR market to grow 9.6% during 2018-2028: Study
ResearchAndMarkets in its latest report on ‘Worldwide Automotive LiDAR Market (2018-2028) said various emerging technologies in the industries within the automotive ecosystem such as driverless vehicles, advanced vehicle sensors, and connected vehicle technologies, are highly dependent on Advanced Driver Assist Systems (ADAS) that reduces vehicle-related on-road fatalities.
However, ADAS and driverless vehicles work on the input provided by automated systems, therefore, necessitating the need for more accurate and dense data provided to the system. Cameras/RADARs/ultrasonic sensors are unable to meet these sensing requirements due to various operational limitations of these sensors, which in effect, raises the need for the usage of Light Detection and Ranging (LiDARs) for a higher level of automation.
“The high growth rate in the volume of LiDARs is predicted due to rising customer demand, extensive usage of LiDARs in high-level automated vehicles, and an anticipated decline in manufacturing prices of LiDARs after the commencement of mass production,” the report added.
Globaly factors such as increasing adoption of autonomous vehicles by automotive OEMs, the growing safety concerns in the automotive ecosystem, and the high investments in the recent years by various investors and companies are intesifying the demand of such systems. The eventual increase in acceptance by OEMs for using LiDARs in autonomous vehicles is expected to facilitate a higher growth rate for the automotive LiDAR market.