Global Market Insights, Inc. provides a detailed overview of automotive LiDAR market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.
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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In accordance with the increasing popularity of autonomous and connected vehicles, automotive LiDAR market has emerged as one of the most lucrative business spheres of the last half a decade. The rise in the number of pedestrian and road accidents pertaining to driver distractions is one of the major factors influencing the demand for autonomous and connected vehicles. In these vehicles, LiDAR is integrated as a prominent technology feature which analyses the surrounding and sends thousands of pulses to the vehicular system that can assist for safe driving.
Considering the extensive scope for LiDAR in the automotive sector, several technology companies have been investing in automotive LiDAR market lately. In addition, numerous startups have also been tapping LiDAR technology developments for automotive applications. An overview of the contribution of some of the pivotal companies such as Cepton Technologies, TriLumina, and Innoviz has been outlined below:
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 market size, which is touted to be seemingly pegged at over USD 3 billion by the end of 2024.
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Enumerating the stance Innoviz holds in automotive LiDAR market:
Armed with the intention to remain dominant in the industry, Innoviz has been working on the development of affordable and fast working LiDAR sensors and has been selected as the future mobility platform among 300 startup companies that participated in Europe’s largest innovation platform, Startup Autobahn in 2017.
In addition, recently, this Israeli startup collaborated with Magna to work on its self-driving vehicles. Magna will utilize Innoviz’s high definition solid-state LiDAR sensors in its autonomous vehicles to integrate complete sensor solution package.
Enumerating the stance Trilumina holds in automotive LiDAR market
The United State based automotive company, Trilumina has been recognized for its laser-based low-cost variants for Lidar sensors that are mainly used in the automotive applications. In order to optimize autonomous vehicles, the company has developed Drive Monitoring System (DMS) incorporated with the lasers instead of conventional LEDs.
Apart from this, in order to enhance its portfolio, in 2017, TriLumina Corp has collaborated with Analog Devices, Inc. (ADI). With the help of ADI’s driver technology, it has developed a high range of FLASH LiDAR systems. The incidence vividly bears testimony to the commitment of TriLumina toward the development of next-generation automotive LiDAR systems.
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The major players in the global market are Leddertech, Quanergy, Continental, Velodyne, Luminar Technologies, Innoviz Technologies, Aptiv, Magna, Uber, ZF, Blackmore Sensors and Analytics, Trilumia, Oryx Vision, Audi, BMW, Nissan, Mercedes-Benz, Tesla, and Volvo
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.