LiDAR Sensor Market size was over USD 2.47 billion in 2024 and is poised to exceed USD 13.26 billion by 2037, growing at over 13.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of LiDAR sensor is evaluated at USD 2.76 billion.
The growth of the market can be attributed to the growing usage of LiDAR sensors in self-driving cars, and rising mechanization of agricultural machinery across the globe. Along with these, LiDAR is an active remote sensing technology that uses optical amplification on stimulated emission of electromagnetic radiation. Integration of this technology allows collection of more accurate and precise real time data, which in turn is also expected to drive significant growth to the market in the forthcoming years. Furthermore, increasing level of automation and digitalization around the world is projected to offer lucrative opportunities to the market in the near future. As of January 2021, 4.5 billion people around the world used internet actively, whereas more than 4 billion people were evaluated as active mobile internet users.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
13.8% |
|
Base Year Market Size (2024) |
USD 2.47 billion |
|
Forecast Year Market Size (2037) |
USD 13.26 billion |
|
Regional Scope |
|
The market is segmented by application into vehicle automation, forest planning and management, surveillance technology, transport planning, cellular network planning, and others. Out of these, the vehicle automation segment is anticipated to hold the largest share in the global LiDAR sensor market. This can be accounted to the high applicability of LiDAR technology in autonomous and electric vehicles to provide functionalities such as 3D mapping and car surround sensors. Apart from this, growing demand for advanced driver assistance systems is also predicted to fuel the growth of the market segment in the future. Additionally, on the basis of technology, the solid state segment is assessed to acquire the largest share during the forecast period owing to the cost effectiveness, high reliability and simpler driving operations provided by LiDAR sensors equipped with this technology.
Our in-depth analysis of the global market includes the following segments:
|
By Type |
|
|
By Technology |
|
|
By Application |
|
Regionally, the global LiDAR sensor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific industry is predicted to account for largest revenue share by 2037, propelled by high production of electronic components, especially in China and Japan, and easy availability of raw materials in the region. Moreover, the market in North America is expected to gather the largest share during the forecast period, which can be credited to the increasing demand for LiDAR sensors in the United States for autonomous vehicle delivery. In addition, government’s emphasis to shift towards net zero gaseous emissions is projected to boost the production of electric vehicles, which in turn is anticipated to boost the market growth in the region. As per the International Council on Clean Transportation, about 315,000 electric vehicles were sold in the US from 2018 to 2020. In 2020, the share of electric vehicles sold in the country was 2.4%, which increased by about 2% from 2019.
September 2021- Bosch announced that it is working on the series development of a LiDAR sensor that can be used in automotive. The technology measures the distance and generates a 3D representation of the vehicle’s surroundings.
Otober 2020- Continental signed an agreement for an investment in LiDAR company AEye to jointly develop a high-performance long-range LiDAR sensor based on AEye’s patented 1550nm agile architecture.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?