• Stacy Lawlor

Global Automotive 3D Light Detection and Ranging Market Size to grow USD 1860.6 mn by 2028

The Global Automotive 3D Light Detection and Ranging (LiDAR) Market Size is projected to grow from USD 750.3 million in 2021 to USD 1860.6 million by 2028 at a CAGR of 12.8% during the forecast period.

Global Automotive 3D Light Detection and Ranging Market Size to grow USD 1860.6 mn by 2028

The Global Automotive 3D Light Detection and Ranging (LiDAR) Market Size is projected to grow from USD 750.3 million in 2021 to USD 1860.6 million by 2028 at a CAGR of 12.8% during the forecast period.


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The growing demand for 3D imagery in a variety of applications, including topographical surveys, military and defense, and civil engineering, is expected to drive the market forward. Textured 3D imagery is utilized in 3D mapping, corridor mapping, city planning, and other applications. The number of enhanced safety features being installed is growing at an exponential rate. In countries such as the United States, self-driving cars utilizing LiDAR for GPS and navigation have been certified by the government.

Global Automotive 3D Light Detection and Ranging Market Size

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Furthermore, increased investment in LiDAR start-ups by prominent automotive firms would propel the market forward during the projection period. The use of LiDAR technologies in the automotive industry for a variety of applications, including self-driving taxis, shuttle services, and others. For instance, Argo AI formed a joint venture with Ford and Volkswagen in July 2019 to develop self-driving taxis and ride-sharing services, which are projected to be available by 2021. As a result, the LiDAR industry is expected to increase significantly.


The COVID-19 epidemic has impacted the LiDAR ecosystem's businesses. It has had an impact on both LiDAR end-users and manufacturers all around the world. COVID-19 is predicted to have the greatest influence on the LiDAR industry for exploratory applications. LiDAR's exploratory applications include the use of technology in oil and gas exploration and mining. Globally, the imposed lockdowns have influenced the economics of countries. Fuel consumption has been lowered internationally as a result of public transportation regulations. As a result, crude oil prices have dropped. This has caused a slowdown in the oil and gas industry, which has had a significant influence on the LiDAR market for exploratory applications. This slowdown in the oil & gas sector has resulted in the contraction of the automotive 3d LiDAR market around the globe due to COVID-19.


Rising Demand for Advanced 3d Imaging Technology in Various Applications


LiDAR adoption is gaining steam as the demand for powerful 3D imaging technology from various security and surveillance applications grows. The LiDAR market is also being driven by the increased demand for aerial LiDAR systems from mapping and cartography to exploring and discovering various uncharted regions and historical facts. One of LiDAR's most notable characteristics is its excellent precision in detecting water runoff for agriculture or mining sites, as well as other climatic changes on slopes, inland water flow, and other phenomena. LiDAR is utilized in a variety of applications, including city planning, 3D mapping, corridor planning, and exploration. The number of LiDAR installations in various applications is rapidly growing. With this increase, the 3D light detection and ranging market is predicted to grow at an extraordinary CAGR during the forecast period.


Rising Adoption of LiDAR Systems in Unmanned Aerial Vehicles (UAVs)


LiDAR maps the earth's surface using fast laser pulses. The growing use of LiDAR-based UAVs provides opportunity for surveying applications that may be completed at a lower cost than manual surveying methods. The growing use of Unmanned Aerial Vehicles (UAVs) has given a boost to mapping applications and airborne LiDAR-based surveying. Unmanned vehicles with LiDAR systems provide not just versatility and portability, but also the capacity to reach terrains and circumstances where humans cannot. Professionals are increasingly using unmanned aerial vehicles (UAVs) for landscape mapping, low-altitude photography, and surveying. LiDAR has emerged as one of the most essential techniques in the Automotive drone business for capturing high-quality and accurate evaluation data in recent years.


The government has given its approval to self-driving autonomous cars in a number of countries, including the United States, Japan, and others. These self-driving cars have advanced LiDAR technology that can detect items down to the microscopic level with high accuracy and build a precise 3D representation of the object. With the rising demand for autonomous cars, there will be a subsequent rise in the demand for 3D Light Detection and Ranging (LiDAR) Market during the forecast period.

Global Automotive 3D Light Detection and Ranging Market Size

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North America is the largest market for automotive 3d light detection and ranging due to the expanding adoption of basic 3D and 4D imaging technologies, as well as the emerging adoption of solid-state LiDAR systems across diverse applications, are all contributing to this increase. Key market players in this region are heavily investing in a variety of projects that will help the light detection and ranging market grow significantly. In the United States, "Google Car" is a new initiative based on LiDAR technology. The increased use of integrated LiDAR systems in applications such as ADAS and surveillance is also expected to boost the North American automotive 3d light detection and ranging market.


The Asia-Pacific region is the second-largest market for automotive 3d light detection and ranging due to The increasing need for LiDAR systems in the manufacturing and IT & telecommunication industries is driving this region's growth. To develop and deploy sophisticated LiDAR products, key companies in this region are focusing on acquisitions and cooperation with other players. Due to increased government and international investor investments, market growth in countries such as India and Korea is predicted to expand at an extraordinary CAGR during the forecast period.


KEY INDUSTRY DEVELOPMENTS:


February 2018 - FARO Technologies Inc. developed the Faro Zone 3D platform, which is based on LiDAR technology, to help investigators and security specialists improve the quality of construction sites and evidence acquired, documentation, reconstruction, and field analysis.


September 2017 - Leading firms like Delphi, Osram, Integrated Device Technology, and Magneti Marelli invested a total of USD 130 million in LedderTech. This cash was used to enhance the company's LiDAR development programs and speed up its ASIC development.


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