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Europe automotive LIDAR market will grow at a CAGR of over 60% during the projected timeline. The autonomous industry in the region will grow at a very high pace due to its well-maintained transportation infrastructure and supportive government policies.North America is dominating the automotive LiDAR market and accounts for over 70% of the total market. This growth can be attributed to the presence of a large number of automakers and tech giants. They have adopted various strategic initiatives to advance the automotive LIDAR technology.
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The companies operating in the automotive LiDAR market are LeddarTech, Continental, Luminar Technologies, Aptiv, Uber, Blackmore Sensors and Analytics, Trilumia, ZF, Magna, Innoviz Technologies, Oryx Vision, BMW, Nissan, Mercedes-Benz, Volvo, RoboSense, Audi, Velodyne, and Quanergy. There has been a significant growth in the number of start-ups working on self-driving technology. These tech giants and auto manufacturers are facing a stiff competition from start-ups which are looking to capitalize on various opportunities.
The autonomous vehicle market is anticipated to grow at a CAGR of more than 65% over the forecast timespan. The growing demand for the LiDAR sensors among the automotive manufacturers for self-driving cars is the primary factor driving the automotive LiDAR market. The LiDAR sensors are being widely used in autonomous vehicles to create a 3D model of its surrounding environment using light pulses. It assists vehicles in measuring the accurate distance from any objects within its vicinity. Its superior property and high accuracy as compared to other alternative products such as radar, imaging sensors, and ultrasonic are augmenting its demand.
The semi-autonomous vehicle market accounted for over 40% of the total revenue in the automotive LiDAR market in 2017. The market is driven by the increasing number of automotive safety regulations across the globe.
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The solid-state automotive LiDAR market is projected to grow significantly over the projected time period. This technology is in the development phase and is expected to be commercialized by 2020. However, the technology is gaining a lot of traction from the automakers due to its cost-effective nature and compact size. Its entire assembly is built on a silicon chip. Hence, there are no moving components present, making the system more resilient to vibrations. This allows the manufacturers to produce smaller parts at a lower price.
The mechanical LiDAR holds the majority share in the automotive LiDAR market. This growth is attributed to the widespread adoption of the technology in various advanced driver assistance system applications.
Browse key industry insights spread across 150 pages with 216 market data tables & 33 figures & charts from the report, “Automotive LiDAR Market Size, By Type (Mechanical, Solid-State), By Vehicle (Autonomous, Semi-Autonomous), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Netherlands, Sweden, China, India, Japan, South Korea, Singapore, Brazil, Mexico, UAE), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-lidar-market
Table of Contents (ToC) of the report:
Chapter 6. Automotive LiDAR Market, By Vehicle
6.1. Key trends, by vehicle
6.2. Autonomous vehicle
6.2.1. Market estimates and forecast, 2016 - 2024
6.2.2. Market estimates and forecast, by region, 2016 - 2024
6.2.3. Autonomous vehicle market, by type, 2016 – 2024
6.3. Semi-autonomous vehicle
6.3.1. Market estimates and forecast, 2016 - 2024
6.3.2. Market estimates and forecast, by region, 2016 – 2024
6.3.3. Semi-autonomous vehicle market, by type, 2016 - 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/industry-analysis/automotive-lidar-market
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