With the growth of autonomous vehicle technology, the market for automotive LiDAR sensors will reach $818 million by 2022, growing at a compound annual growth rate of 47%, according to a recent Technavio Research Report “Automotive LiDAR Sensors Market by application.”
According to the report, automotive OEMs are racing to develop fully functioning autonomous vehicles and capture the market. Companies such as Delphi, Intel, Mercedes-Benz, and Ford are among the major OEMs and Tier-1 suppliers that have invested heavily in autonomous vehicles. This will in turn trigger increasing demand for automotive LiDAR sensors.
“Apart from the rising development of autonomous vehicle technology, factors such as the key role of LiDAR sensors in ADAS and the development of more versatile solid-state LiDAR sensors will fuel the growth of the global automotive LiDAR sensors market during the forecast period,” says a senior analyst at Technavio.
Just last week, Analog Devices Inc. announced a collaboration with First Sensor AG to develop products aimed at speeding the launch of autonomous sensing technology. Under the collaboration, Analog Devices and First Sensor are developing offerings that shrink the LiDAR signal chain to enable higher system performance as well as reduce size, weight, power and cost for manufacturers designing sensing and perception technology into their autonomous safety systems. The companies also plan to develop other LiDAR products that will serve automotive and industrial manufacturing applications.
According to the report, the Americas region held the largest share of the market in 2017, accounting for more than 48% share, followed by the Europe, Middle East, Africa, and Asian-Pacific regions, respectively. Although the Asian Pacific region held the smallest share of the market in 2017, it is expected to register the highest incremental growth during the forecast period.