The automotive LiDAR market is projected to surpass US$ 3 BN by the end of the forecast period of 2021–2031.
New approaches for inexpensive architecture are likely to prove helpful in addressing the steep cost curve of production of products in the automotive LiDAR market. A case in point is LiDAR based on continuous wave frequency modulation (CWFM) is gaining popularity in 3D imaging. Advancements in sensors and actuators in LiDAR systems have set the stage for product innovation over the years, notes the TMR study on the automotive LiDAR market.
Ongoing R&D on self-driving technologies is expanding the horizon for revenue generation in the automotive LiDAR market. Growing sales of semi-autonomous and autonomous vehicle cars in developing regions of the world have spurred the expansion of lucrative avenue. Vehicle owners are becoming increasingly aware of advanced driver assistance systems (ADAS).
