Adaptive Cruise Control (ACC) is One of the Key Attributes of LiDAR Systems
" The global LiDAR market is expected to witness a CAGR of above 15% during the forecast period 2019–2025 to reach revenue of ~$3 billion by 2025 "
Bangalore, India, September 25, 2019: Based on our recently published study “Global LiDAR Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for LiDAR is expected to grow, owing to the increasing need to improve driverless cars and enhance safety measures.
LiDAR finds significant interest from the topology & geology departments, and also there is an increasing demand from automobile OEMs. The trend of using LiDAR-based systems is increasing with safer driving provisions and regulations. This trend is fueling the manufacturing of connected vehicles and is helping the market to grow at a CAGR of more than 15% to reach revenue of ~$3 billion by 2025.
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North America is dominant in the adoption of LiDAR, followed by Europe and Asia Pacific. North America is expected to invest more to expedite the level-3 and above autonomous vehicles. The vendors are focusing on early market entry and capitalizing on attracting major market share in this segment. Asia Pacific is poised to grow at the highest CAGR as the region holds great potential, owing to the greater need to ensure safety measures and comfortable ride for passengers.
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Short-range is majorly contributing toward the LiDAR market along with the focus on proximity detection of obstruction suitable for city traffic. The other two shares for the LiDAR market are attributed to medium- and long-range, which focus on overall object detection along with RADAR systems used in vehicles.
“LiDAR is transforming the way driverless or autonomous vehicles are being managed for accident aversion and adaptive cruise control (ACC). The commercial vehicles are expected to adopt LiDAR systems to maintain fleet and vehicle monitoring effectively,” pointed out Swarup Bhowal, Research Analyst, Infoholic Research
Key Segments of the Report Include:
- Corridor Mapping
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East Africa
- South Africa
- Rest of Middle East Africa
- Latin America
- Rest of Latin America
- North America
- Industry outlook: Market trends, drivers, restraints, and opportunities