Due to rapid technological advancements, the implementation of strict safety regulations and policies regarding vehicles by the governments of several countries, and the superior detection ability of LiDAR (light detection and ranging), the global automotive LiDAR market is predicted to register huge growth in the coming years. Many public and private organizations are making huge investments in the development of LiDAR sensors, on account of excellent performance of these sensors in various automotive applications.
Similarly, in the U.S., the National Highway Traffic Safety Administration (NHTSA), proposed in 2018 that the vehicles should be equipped with automatic emergency braking features. These safety features and systems are heavily dependent on LiDAR sensors for functioning. As a result, the increasing enactment of such safety policies is positively impacting the sales of LiDAR sensors. The deployment of level 4 and level 5 autonomous cars will offer growth opportunities to the automotive LiDAR market players in the future.
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This would be because the fully autonomous vehicles would be equipped with advanced driver assistance system (ADAS) sensors, which require LiDAR sensors for functioning. Depending on vehicle autonomy, the automotive LiDAR market is bifurcated into fully-autonomous and semi-autonomous vehicle. Of these, the fully-autonomous vehicle bifurcation is predicted to demonstrate higher CAGR in the market in the forthcoming years, on account of the rising adoption of level 4 and level 5 autonomous cars in sharing services.
Many automakers and technology developers such as Waymo LLC and Tesla Inc. are working on robotaxis. These taxis are predicted to be launched in 2025. They will be mainly used for ride hailing services, which would push up the deployment of fully-autonomous cars and subsequently boost the sales of LiDAR sensors in the coming years. Geographically, the automotive LiDAR market would register rapid advancement in Asia-Pacific in the future, as per the estimates of the market research firm, P&S Intelligence.
The rapid development of autonomous technologies is the main factor fueling the expansion of the automotive LiDAR market in the APAC region. Autonomous technology is rapidly becoming a huge trend in the transportation sector, with self-driving cars already running on the streets of the APAC countries. Moreover, China is launching pilot projects and tests which, if successful, would result in the large-scale deployment of autonomous vehicles in the country in the upcoming years.
Hence, it can be said with complete surety that the market will surge sharply throughout the world in the years to come, primarily because of the rising adoption of ADAS and other safety systems in vehicles and the growing usage of connected cars and autonomous vehicles across the world.