Automotive LiDAR Market Trends and Detailed Strategic Insights Report by 2024 “High-end demand for automation in booming automobile industry at various levels of vehicle production is expected to draw huge investment from industry participants, thereby propelling market growth across the globe in the years to come. Globally, the automotive LiDAR industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.�
The global Automotive LiDAR Market size is expected to value at USD 223.2 million by 2024. The market is subject to witness a substantial growth due to the increasing demand for advanced safety features in both lightweight and heavyweight vehicles, and mandatory administrative regulations for incorporation of safety measures such as AEB braking systems installations, majorly in the developed economies such as U.S. and the UK. Rise in the integration of safety systems in both autonomous and semi-autonomous vehicles owing to increasing demand from end-user is expected to drive the growth of automotive LiDAR market over the forecast period. High-end demand for automation in booming automobile industry at various levels of vehicle production is expected to draw huge investment from industry participants, thereby propelling market growth across the globe in the years to come. Globally, the automotive LiDAR industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market. LiDAR or LADAR is widely accepted surveying method that determines target distance by exemplifying the target area with pulsed laser light. LiDAR, which stands for light detection and ranging measures the reflected pulses from target location with a sensor. LiDAR displays digital 3-D representations of the target to the user. LiDAR is also used for laser scanning and 3-D scanning for application such as automotive and mobile applications. These factors are expected to offer high market potential in the Asia Pacific countries. The stringent government laws & regulation in regards to incorporation of safety systems in a vehicle is critical factor for market growth, in the recent years. Automotive LiDAR along with advanced driver-assistance system offer a full-proof collision avoidance system, which is consists of software and hardware interfaces. With reduction in the cost of hardware and addition of advanced front & rear cameras and radar is anticipated to drive demand for automotive LiDAR. Advent of cost-efficient software solution is estimated to offer an alternative source of revenue for service providers in automotive LiDAR industry.
Request Sample Copy of This Market Research @ https://www.millioninsights.com/industry-reports/automotive-lidar-market/request-sample