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LiDAR Sensor Automotive Market to Reach $2.56B by 2030
June 12, 2017 | MarketsandMarketsEstimated reading time: 1 minute
The LiDAR sensor automotive market is expected to grow from an estimated $735 million in 2025 to a projected $2.56 billion by 2030, at a CAGR of 28.32% during the forecast period, according to a new report by MarketsandMarkets.
The market, by volume, is expected to reach 31.7 million units by 2030 owing to the technological superiority of LiDAR over other available sensors in the automotive industry, such as RADAR and cameras. 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 LiDAR sensor automotive market.
The semi-autonomous segment is estimated to hold the largest market share of the LiDAR sensor automotive market due to factors such as an increase in the demand for driving safety features, the development of cost effective LiDAR solutions, and increasing government regulations.
The 3D segment market is estimated to be the fastest growing market of the LiDAR sensor automotive market, by image type due to the technological advantages over 2D LiDAR and an expected increased use of autonomous vehicle technology in the automotive industry. The accuracy and performance of 3D LiDAR in autonomous vehicles are far superior to conventional solutions such as RADAR and camera.
From a regional perspective, the European market is projected to be the largest market in the LiDAR sensor automotive market as the testing of autonomous vehicles has begun in several countries in the region, such as Germany and France. The investment in research and development in the European automotive industry is the largest worldwide, with about 180 automobile facilities across the region. The European LiDAR sensor automotive market is led by the market in Germany owing to the increased demand for technologically advanced features in the country.
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