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With the global automotive market for LiDAR expected to grow to $2.8 Billion by 2027 — use ReportLinker’s learning algorythm trained for MI to overview the advances in LiDAR sensors, evaluate the market growth projections and gain market insights into the competition to capitalize on these new opportunities.
- What is LiDAR’s market share?
- What are LiDAR’s insights and revenue forecasts?
- What are the market trends and opportunities?
The future of automobiles is clearly autonomous
Light Detection and Ranging (LiDAR) technology is becoming increasingly popular in self-driving cars due to its reliability and accuracy – the two most important drivers of safety in autonomous vehicles (AVs). LiDAR bounces lasers off objects at extremely high rates—millions of pulses every second—to generate three-dimensional images of its surroundings. The ability to ‘see’ physical assets clearly in 3D gives it an edge over competing technologies such as radars and cameras.
Industry analysts state the global automotive market for LiDAR, amid the COVID-19 crisis, is set to hit a revised size of $780 Million by 2027, growing at a CAGR of 25.2% since 2020. The Global LiDAR Market is set to stand at a larger $2.8 Billion by 2027.
Access to in-depth research, data, and analytics on LiDAR can provide you a competitive edge in the market.
Leveraging Smart Insight—ReportLinker’s smart search capabilities
Sourcing relevant information on developing technologies like LiDAR is complex. There is little or no access to open or public data by international or national institutions. The only access to them is through private and expensive reports.
ReportLinker uses advanced search capabilities to give you access to a wealth of relevant information. The Smart Insights feature delivers key insights gleaned via industry-leading intelligent search capabilities and using Natural Language Processing (NLP), as shown in Figure 1. The intelligent search algorithm throws up in-depth reports specific to your query, including the latest news reports.
Figure 1. Search results for forecast market for LiDAR, based on ReportLinker’s NLP-based smart search capabilities.
For example, a search for insights into LiDAR’s projected growth includes not only the regular forecasts but also revised projections amid the COVID-19 crisis. In Figure 2, the article mentions that the Automotive LiDAR market was expected to reach USD 1092.5 Million by 2027, while Figure 3 considers the revised rate of USD 780.6 Million amid the global crisis.
Figure 2. Each search results bring up several relevant reports.
Figure 3. Insights into LiDAR’s projected growth in the next five years.
The search categories have additional filter options such as country, topic, and publication date, to draw up only the most relevant data for you (Figure 4).
Once the information pertinent to your market analysis is identified, ReportLinker provides four options:
- Download the report
- Add a link to a ReportLinker’s folder for future referral
- Share the report via email
- Export the data tables to Microsoft Excel
Figure 4. Filtering news through different categories.
Identifying competitors by manufacturers and industry
One of the greatest advantages of LiDAR over its competitors is its ability to generate images up to an accuracy of two centimeters – at the speed of light. Neither radars nor cameras can claim to be as exact. The current LiDAR sensors are so advanced that they can detect pedestrians, figure out what direction they are facing, and predict where they will walk. This level of precision allows it to even see hand signals from bicyclists and drive accordingly, making it the next best thing to human eyes. It’s no surprise that manufacturers are pouring money into its research.
Keeping a tab on the leading market players investing in LiDAR gives you a better position to evaluate the areas that represent the best opportunities. One way to navigate the most relevant research areas is using specific keywords such as “LiDAR manufacturer”.
In this instance, the search throws up engine-generated economic reports on companies including Lumotive and Alphabet Inc. They reveal that while the Bill Gates-funded startup Lumotive is developing a LiDAR system that aims to significantly improve the performance, reliability, and cost of the system, the Waymo funded Alphabet Inc is manufacturing its own LiDAR sensors to bring down the unit price and create unprecedented disruption in the market.
Figure 5. Search results on LiDAR by manufacturers.
The LiDAR age is here, and its sensors are being used across various industries and fields, including agriculture, astronomy, archaeology, climate monitoring, city planning, meteorology, mining, and more. Developers are looking at smart cities with LiDAR sensors on robo-taxis, self-driving trucks, delivery drones, parking garages, mass transit, traffic lights, and utility poles.
The list is long, but the sectors that are forecast to be the most promising for LiDAR applications can be graphically viewed using the NLP sector tags, as shown in Figure 5.
Figure 6. Search results on LiDAR by industry.
Gleaning additional insights using ReportLinker’s AI-based forecasts
The “Market Trends” feature on ReportLinker gains information on sectors that are fueling demand for LiDAR. Based on a proven forecast methodology considering historical data, sector knowledge, and recent trends, the site provides exclusive forecasts for each sector, with regular updates on the factors contributing to the market’s growth.
The “Market Trend” smart insight answers industry-defining questions, including:
- What are the innovations leading LIDAR research and applications?
- What is the data on the highest growth markets around the world?
- How can I maximize revenue?
Figure 7. Search results on LiDAR by insights.
Autonomous vehicles using LIDAR have already hit the streets in the US and some European countries. LiDAR is a technology that is superior to cameras and other detection methods, and LiDAR in AVs is becoming a significant factor in determining market trends of the automobile industry in the near future.
ReportLinker’s new features, brought about by its continuously improving AI-driven engine, display only the most essential and relevant data in what is still a niche topic. It is the fastest, easiest way to find answers to your questions based on a vast pool of information sources, all in one place.