Self driving vehicles to drive LiDAR market to $2.932 billion in 2025
LiDAR is one of the key sensor systems used in advanced driver assistance systems (ADAS). Due to the growth in demand for ADAS systems in automotive market, the LiDAR market is also expected to grow faster. Market researcher TrendForce reported due to applications such as ADAS, autonomous vehicles,robotic industrial automation, door delivery, and smart city, the LiDAR market to reach US$682 million in revenue in 2020. TrendForce also projects the total LiDAR revenue to further expand to $2.932 billion in 2025, a 34% CAGR. Total automotive LiDAR revenue is expected to reach $2.434 billion in 2025.
LiDAR systems are becoming essential components in SAE levels 4-5 autonomous vehicles. Automakers are using LiDAR systems in both petrol and diesel cars as well as new electric cars. Not only in cars, automotive LiDARS are used in autonomous buses, robo-taxis, and self-driving trucks. Major automotive LiDAR suppliers listed by TrendForce includes Velodyne, Valeo, Quanergy Systems, Inc., ibeo, Continental, LeddarTech, INNOVIZ, HESAI, LeiShen, and Luminar, while major LiDAR laser suppliers include OSRAM, Laser Components, Excelitas, and Hamamatsu.
Other interesting market for LiDAR includes autonomous delivery robots, bicycle couriers, and self-driving trucks, thereby leading to an increased demand for delivery robots with self-navigation and autonomous decision-making capabilities.
Although industrial automation market hit by Covid pandemic, the European and North American markets are expected to see surging demand for industrial automation applications starting in 3Q21, as per TrendForce. TrendForce forecasts a $469 million revenue for the industry and delivery LiDAR markets in 2025. Major LiDAR suppliers according to TrendForce in these markets currently include SICK, Hokuyo, OMRON, and Velodyne. With increasing market demand on ADAS, autonomous vehicles and industrial automation, LiDAR market value will be encouraged by rising LiDAR usage volume.
Author: Srinivasa Reddy N