ALBANY, New York, Aug. 29, 2019 /PRNewswire/ -- Fatalities involved in road accidents has risen considerably with an increase in the number of vehicles and rising cases of drunk driving. Fluctuations in this case exist but overall road safety is majorly hampered all over the globe. Owing to these factors, governments have incorporated some stringent regulations for automobile manufacturers to incorporate advanced safety systems such as LiDAR sensors. Following a market analysis of these sensors along with various other factors, a report by Transparency Market Research states that global automotive LiDAR market is expected to witness a substantial growth during the forecast period of 2018 to 2026.
- Technological Developments Prime Reason for Expansion of the Market
According to the report, the global automotive LiDAR market is expected to witness a staggering 35% CAGR during the forecast period. This rate of expansion is the outcome of innovative products launches, trend of miniaturization, and growing vehicle safety awareness across the globe.
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At this rate the global automotive LiDAR market is expected to reach to the mark of US$ 2 Bn by 2026. The revenue generation of market is expected to be the generated from opportunities such as demand of LiDAR in smart cars and development of hybrid variants by multiple car manufacturers across the globe.
- Bumper and Grill Location Segment Poses Maximum Potential
A majority of the accidents occur when the driver is unable to see objects that are below the line of vision. For example, cars might pass over objects below the engine compartment or boot of the car. If these objects are large and sharp enough, they can pose maximum danger to a vehicle and its occupants. As a result, automobile companies are incorporating LiDAR sensors. These devices can be placed in the bumper and grill sections of the vehicle. These sections provide real-time imaging on the monitors placed inside the car. As a result of the incorporations of LiDAR sensors in bumper and grill locations, the segment is expected to witness a substantial growth in the projected time-frame.
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- North America Emerging as Leading Region in the Market
Rising number of automobile companies developing LiDAR solutions have a dominant presence in the U.S. The country is home for automobile giants like Ford and General Motors who are pioneers of developing quality vehicles brands. Owing to the presence of these companies, North America is expected to showcase maximum potential for the players of global automotive LiDAR market.
Europe is expected to follow North America in terms of growth opportunities for the players. Countries like Germany and U.K. are incorporating IoT along with real-time image processing technologies to their LiDAR solutions. This opens the doors for numerous opportunities for players to offer solutions that are enabled with trending technologies such as AI and machine learning. This can help them to acquire a strong grip for securing top positions in the emerging regional market.
- Policies Like European New Car Assessment Program to Accelerate the Growth
While analyzing the global automotive LiDAR market, the experts at Transparency Market Research discovered that the policies like Vehicle and Driver Safety Policy and European New Car Assessment Program are implemented by governments of different countries. Complying with the use of LiDAR as mandatory safety measure in vehicles, these policies are the prime reasons that are driving the global automotive LiDAR market.
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Also, emerging autonomous vehicles depends primarily on sensors have potentially elevated the implementation of sensors, which is another factor that drives the growth of global automotive LiDAR market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, "Automotive LiDAR Market (Location - Roof, Headlights and Taillights, Bumper and Grill; Application - Adaptive Cruise Control, Automatic Emergency Braking, Semi-autonomous Car, Autonomous Car; Vehicle Type - Passenger Vehicle, Commercial Vehicle; Image Projection - 2D, 3D; Type - Mechanical, Solid State; Range Type - Short Range, Medium & Long Range; Sales Channel - OEMs, Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026."
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The global Automotive LiDAR Market is segmented on the basis of:
- Headlights and Taillights
- Bumper and Grill
- Adaptive Cruise Control
- Automatic Emergency Braking
- Semi-autonomous Car
- Autonomous Car
- Image Projection
- Sales Channel
- Original Equipment Manufacturers (OEMs)
- Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
- Solid State
- Range Type
- Short Range
- Medium & Long Range
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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