Report: Global Automotive LiDAR Market Projected to Reach $2.4B by 2024

The rise of autonomous and semi-autonomous vehicles, as well as other advanced driver assist systems, will push the global automotive LiDAR market from $409.7 million in 2018 to $2.4 billion by 2024, according to a new report issued by Chicago’s Infiniti Research.
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car sensors
The global automotive LiDAR market is expected to reach $2.4 billion by 2024, according to Infiniti Research. // Stock photo

The rise of autonomous and semi-autonomous vehicles, as well as other advanced driver assist systems, will push the global automotive LiDAR market from $409.7 million in 2018 to $2.4 billion by 2024, according to a new report issued by Chicago’s Infiniti Research.

LiDAR, short for Light Detection and Ranging, is an instrument used to determine the distance between an obstacle and itself by illuminating a target with a laser and measuring the reflected pulses with a sensor. The differences in laser return times and wavelengths then can be used to make digital 3-D representations of the target.

According to the report, anticipated government safety regulations, in addition to the growth of autonomous and semi-autonomous vehicle systems, are expected to positively impact the market.

“The advanced driver assistance system (ADAS) segment is likely to be the largest segment of global automotive LiDAR market until 2024, as it enables vehicles to enable traffic adaptive cruise control and lane keeping,” the report states. “Moreover, automatic acceleration and braking functionality without any human intervention is further prompting the growth of the market.”

Early LiDAR systems were roof-mounted. Later versions are able to be mounted in the headlights and taillights and in the bumper and grill. The report says the bumper and grill is the preferred choice of the industry’s major players since it provides a better field of view without affecting the appearance of the vehicle.

The North America automotive LiDAR market dominated in 2018 and is anticipated to maintain its leading position during the forecast period, according to the report. The penetration of vehicles equipped with LiDAR for adaptive cruise control and automatic emergency braking is high in the region. LiDAR systems, however, are gaining traction and the market is expanding to various regions including Asia-Pacific, South America, the Middle East, and Africa.

The full report is available for purchase here.

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