LiDAR Sensors Market Size

LiDAR Sensor Market size was valued at USD 2.17 billion in 2023 and is likely to reach USD 11.65 billion by 2036, registering around 13.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of LiDAR sensor is assessed at USD 2.41 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.