The rising demand for automotive electronics is expected to boost the global automotive LiDAR market during the forecast period. Automotive electronics such as thin-film transistors, clusters, lane departure warning camera, reverse parking camera, and front camera are increasingly being adopted by end users across the globe. This factor is expected to create potential growth opportunities for players in the automotive LiDAR market. Some other application areas of the LiDAR technology are robo-taxies for ride-sharing services, shuttle services, on-demand car services, mobility-on-demand (MOD) fleets, etc.
In addition, rise in popularity of automotive electronics, owing to the emergence of advanced technologies, is expected to drive the global automotive LiDAR market in the upcoming years. LiDAR technology is lucratively used in the electronic components such as tire pressure monitoring systems (TPMS), power steering, heat control infotainment, and anti lock braking system. Sensors, actuators, and micro-controllers make use of LiDAR, which, in turn, drives the automotive LiDAR market.
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The solid-state LiDAR system ensures superior performance, higher resolution quality, and cost-efficiency. The increasing popularity of autonomous vehicles is also contributing to the rapid expansion of the automotive LiDAR market. Increasing disposable income, technological advancements in automobiles, and rising rules & regulation on minimizing emission by governments in various developing countries are some of the factors expected to augment the global automotive LiDAR market.
The growing demand for autonomous vehicles is more likely to accelerate the demand for LiDAR system in order to enhance driving experience. Increasing investments in LiDAR technology by various automotive OEMs is propelling the market for automotive LiDAR market. The future of the automotive LiDAR market is bright as the LiDAR technology is widely accepted in next generation autonomous vehicles.
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