Source: Fact.MR announcement
ROCKVILLE, Md. — As per a new report by Fact.MR, the global LiDAR sensor market is anticipated to be valued at $5.6 billion by 2031, expanding at an impressive compound annual growth rate of 12.5 percent during the forecast period of 2021 to 2031.
The global automotive industry is experiencing revolutionizing changes with integration of IoT devices. Self-driving (AV) and connected cars are boosting demand for LiDAR sensors, as these helps self-driving vehicles identify obstacles in their path. Vehicle automation and transportation planning will play a key role in the transformation of the automotive industry over the coming years.
Adoption of LiDAR technology in the automotive industry has been restricted due to the high cost involved. In recent times, companies have been trying to cut down on this high cost, which play a huge role in bolstering demand.
LiDAR sensor technology is becoming more advanced and cheaper per day, thanks to innovations and technological changes happening in this industry. Even though adoption is taking place at a snail’s pace, introduction of 3D, and most recently, 4D, would drive market expansion.
Key Takeaways from Market Study
• North America dominated the industry and accounted for around $400 million of the overall market share in 2020, which was nearly 26 percent.
• The market is expected to grow exponentially during the forecast period, as sensors are
Who is Winning in this Space?
The global LiDAR sensor market is highly competitive in nature with the presence of numerous manufacturers across the globe. However, the market is seen as a consolidated space as a few players such as Trimble Inc., Hexagon AB, Sick AG, Topcon, and Velodyne LiDAR account for a lion’s share.
LiDAR sensor manufacturers are making use of ML algorithms to track data with the help of sensing technology and its integration with the Internet. Prominent automobile players are concentrated on strategic collaborations and partnerships with LiDAR sensor manufacturers across the globe to leverage their technology and services.