PUNE, India, July 22, 2024 /PRNewswire/ -- The LiDAR Market size was valued at USD 1.82 Billion in 2023 and the total LiDAR revenue is expected to grow at a CAGR of 19.74% from 2024 to 2030, reaching nearly USD 6.42 Billion by 2030.

Light Detection and Ranging (LiDAR) technology utilizes laser tools, micro-electro-mechanical systems (MEMS), and GPS transmitters to create high-quality 3D visual images. Widely employed across automotive, healthcare, aerospace, and defence sectors, LiDAR's diverse applications fuel LiDAR market growth. Enhanced spatial resolution enables precise distance measurement, benefiting operations like mining water runoff analysis and hillside change detection.

Global Lidar Market 2023-2030: Key Highlights

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• Historic Market Size 2017-2023
• CAGR of the market during 2024-2030
• Detailed information on factors that will assist Lidar market growth during forecast period
• Forecasts on future trends & consumer behaviour
• The growth of the Lidar market
• Analysis of the competitive landscape and detailed information on major players
• Comprehensive details of factors that will impede the growth of Lidar major players

Lidar excels in providing high resolution images of the 3D environment and compensates for the limitations of other sensors such as cameras, radar, and ultrasonic systems.  Despite its capabilities, LiDAR faces challenges such as high cost, low maturity compared to other sensors, and technical challenges associated with its design and integration. The MMR report details technology choices, market trends, and evolving industry trends, and provides insights into how LiDAR can enhance safety and performance in AVs, highlighting trends and future opportunities.

MMR research analyst says advancements in optics, including new VCSEL arrays and AR coatings, enhance lidar performance. For example, AI's adaptive lidar system can change scanning patterns in real time, improving safety in both urban and highway vehicles. The commission also noted the addition of lidar to semiconductor technology, which has reduced costs and improved efficiency. Future lidar applications will extend beyond automotive applications, encompassing areas such as architecture and smart city design. Despite ongoing challenges such as achieving long detection ranges, the technology is set to be widely adopted, driven by reduced system integration and improved costs.

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LiDAR Technology Gaining Traction in the Automotive Industry

The lidar market is poised for significant growth, with shipments expected to reach 100 million units by 2030, driven largely by the automotive sector. This increased demand for LiDAR is associated with the increasing adoption of advanced driver assistance systems (ADAS) and driving automation in manned vehicles and robotic wings. Major players like Tesla and Wave are developing autonomous driving solutions without LiDAR, and most automakers like Mercedes-Benz, Nissan, BMW, Stellantis, Volkswagen and Volvo have offered plans to incorporate LiDAR into their sensor suites for cars upcoming varieties have been announced.

Lidar faces competition from new technologies like cameras and sensors, and some manufacturers say vision-based systems alone are sufficient for autonomous driving. Given the relatively low conversion costs associated with acceptably cheap vision-based solutions, this presents a potential barrier to LiDAR development.

There is intense competition in the automotive lidar market, with more than 70-80 companies operating worldwide, targeting different industries and geographies. As of 2020, 9 companies, namely Velodyne, Luminar, AVA, Auster, Innoviz, Aye, Indie Semiconductor, Quanergy and Septon, have announced stock listings through special purpose acquisition company (SPAC) mergers.

Competitive Landscape

The Lidar Market includes the presence of several global as well as regional key players. A few major players that offer Lidar in the market are Lockheed Martin Corporation, Raytheon Technologies Corporation, Israel Aerospace Industries, Thales Group, Honeywell International Inc., Northrop Grumman, Saab AB, Airbus S.A.S. and others.

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Key Offerings by major players:

• Valeo's Scala stands out as the world's first mass-produced lidar for its vehicles. In 2021, Mercedes-Benz and Honda introduced S-Class and Legend Level 3 models, both equipped with Scala LiDAR. Valeo has delivered more than 170,000 LiDAR devices since 2017. According to the MMR study, the automotive LiDAR market would be worth $100 million in 2021, with major automakers such as Toyota, Honda and Chinese companies such as XPeng deploying LiDAR. Many original equipment manufacturers (OEMs) are partnering with LiDAR providers for their upcoming vehicles, with Chinese automakers leading such collaborations.
• Luminar Technologies is positioned to drive significant growth in the LiDAR industry, with a focus on both Advanced Driver Assistance Systems (ADAS) and Full Driving Automation (Level 5). The company's vertical integration strategy, where critical components are manufactured in-house, while other segments are scaled through partnerships, maximizes control and cost savings. Luminar's Iris LiDAR, with its advanced detection capabilities, demonstrates its commitment to the upcoming Iris+ and new next-gen LiDARs. CEO Austin Russell's performance-based compensation aligns his interests with those of shareholders. Despite challenges such as supply chain disruptions, Luminar's strategic manufacturing and product development is poised to take advantage of growing market opportunities.

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The updated report for Global Lidar Market provides comprehensive insights from historical data covering 2017 and 2023 to forecasts up to 2030, with a focus on the CAGR from 2024 to 2030. Key updates include:

Global Lidar Market Overview: Overview of leading patents in Lidar technology, including major companies holding patents & their relevance, Analysis of patent filing trends and emerging technologies in the Lidar sector, Upcoming industry events & exhibitions showcasing Lidar technology advancements, Impact of innovations like miniaturization, solid-state Lidar, & enhanced accuracy., Overview of key end users, including major corporations and government agencies utilizing Lidar technology.

Competitive Landscape: Common revenue models in the Lidar industry, including product sales, service contracts, and licensing agreements, Analysis of leading companies & their business strategies in the Lidar market, Notable collaborations, joint ventures, and partnerships driving innovation and market growth.

Product Portfolios: Includes updated company profiles with financial details and product portfolios.

Recession Impact: Analysis the impact of the recession on regional markets, North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Segment Overview

MMR has segmented the market based on

By Platform       

• Airborne
• Land
• Naval

By Range            

• Short
• Medium
• Long
• Very Long

By Component 

• Transmitter
• Antenna
• Receiver
• Duplexer
• Others

By Frequency   

• C-band
• S-band
• X-band
• L-band
• Others

By Application 

• Weapon Guidance
• Airspace Monitoring & Traffic Management
• Airborne Mapping
• Ground Surveillance & Intruder Detection
• Navigation
• Others

Based on Installation, the LiDAR market is sub-segmented into airborne and Ground-Based. The airborne segment is expected to hold for the largest proportion of the market, which is expected to grow at a CAGR of xx% during the forecast years as more aerial mapping equipment are adopted.  Aerial LiDAR replaces photogrammetry as an accurate and thorough way of constructing digital elevation models. Compared to its terrestrial counterparts, the technology offers improved accuracy and greater area coverage. This allows detailed field mapping to be done in a short period of time. Ground-based lidar systems can be stationary or mobile. With the help of a tripod and balance harness, it is mounted on mobile platforms such as an SUV or an all-terrain vehicle (ATV). Ground-based lidar costs less than airborne lidar. The automotive industry is growing as a potential application for ground-based lidar systems, and the number of high-end vehicles equipped with Advanced Driver Assistance Systems (ADAS) is increasing every year.

Detailed segmentation values for each segment and explanations for growth are provided in the final report.
https://www.maximizemarketresearch.com/market-report/global-lidar-market/15107/ 

Geography Overview

In 2023, North America asserted its dominance in the LiDAR market, commanding a significant revenue share of XX%. This was largely due to the company's increasing compliance with regulatory mandates mandating the inclusion of specific vehicle safety technologies in light and heavy vehicles. Asia Pacific is poised to emerge as the fastest growing region, with a expected compound annual growth rate (CAGR) of 14.4% during the forecast period.  Asia-Pacific has witnessed outstanding growth opportunities in the automotive industry, fuelled by the increasing adoption of technologies such as Advanced Driver Assistance Systems (ADAS) and Autonomous Emergency Braking (AEB). China and India are expected to maintain their appeal as attractive markets, driven by capital investments from domestic and international players.

In the final report, past and future numbers and explanations are incorporated seamlessly to provide a comprehensive understanding of the Global Lidar market.

Related Reports:

LiDAR Drone Market size was valued at USD 3.9 Billion in 2023 and the total LiDAR Drone revenue is expected to grow at a CAGR of 6 % from 2024 to 2030, reaching nearly USD 4.46 Billion by 2030.

Airborne LiDAR (Light Detection and Ranging) Market was valued US$ 683.33 Mn in 2023 and is expected to reach US$ 1952.34 Mn by 2030 at a CAGR of 16.18% during the forecast period.

Remote Sensing Technology Market size was valued at US$ 18.49 Bn. in 2023 and expected to reach US$ 36.96 Bn. by 2030 at a CAGR of 10.4 % during the forecast period.

Automotive Radar Sensors Market is expected to reach US$ 3.67 Bn. by 2029, at a CAGR of 14.6% during the forecast period.

Automotive LiDAR Sensor Market is expected to grow at a CAGR of 24.55% during the forecast period. Global Automotive LiDAR Sensor Market is expected to reach US$ 2.60 Bn. by 2030.

Drone Sensor Market was valued at US$ 3.58 Bn. in 2023. The Global Drone Sensor Market size is estimated to grow at a CAGR of 23.5 % over the forecast period.

Military Radar Market size was valued at USD 15.11 Bn in 2023 and the total Military Radar Market revenue is expected to grow by 4.97% from 2024 to 2030, reaching nearly USD 21.22 Bn.

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