Global Automotive LIDAR Sensors Market To Grow At 25% CAGR By 2023. The global automotive LIDAR sensors market is very dynamic and is expected to witness significant growth over the forecast period. The growth of this market is attributed to the increased integration of LIDAR in advanced driver assistant system, majorly by the original equipment manufacturers.
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The increase in number of automated vehicles and the decrease in the manufacturing cost of the LIDAR sensors, will immensely contribute in the growth of the market. Increase in the manufacturing and adoption of connected cars in the developed economies, is further expected to generate huge opportunities for the growth of the automotive LIDAR sensors market. However, the growth of this market might be restrained by the huge cost associated with the use of expensive components such as navigation systems, laser scanners and high-resolution 3D camera systems.
The key players in the global automotive LIDAR sensors market are adopting mergers and acquisitions, as key strategic developments. For Instance, in October 2016, Infineon Technologies AG acquired Dutch electronics company Innoluce BV, a designer of miniature “lidar” laser-scanning modules. This will help them in developing affordable sensor systems for driverless cars.
The global automotive LIDAR sensors market has been segmented on the basis of application type, image type, placement, end market and region. On the basis of end market, the market has been segmented as OEM and aftermarket. Amongst them, the OEM segment is expected to dominate the global market by end market, in 2016, in terms of market revenue. The growth of OEM has been attributed to factors such as advancement in technology and launch of new advanced LIDAR sensors.
Geographically, the global automotive LIDAR sensors market has been divided into four major regions of North America, Europe, Asia Pacific and Rest of the World. Amongst these, Europe region is expected to dominate the global market owing to the existence of a large number of OEMs and LIDAR manufacturers in the region. The major players in the Europe market are taking initiatives to geographically expand their presence by entering into partnerships and collaborations with both, global and regional players.
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