CHICAGO — ADAS-equipped vehicles are fueling the growth of LiDAR (light detection and ranging) technology, which is projected to grow at a compound annual growth rate (CAGR) of 21.6% from 2021 to 2026, according to a report by MarketsandMarkets Inc.
In 2020, the ground-based LiDAR accounted for a larger market share of the overall LiDAR market and is projected to witness a high CAGR from 2021 to 2026, the report said.
The automotive sector is emerging as an application area for mobile ground-based LiDAR systems, and the number of premium cars equipped with ADAS (advanced driver assistance systems) is rising every year, according to the report.
Mechanical LiDAR accounts for the largest share of the market during the forecast period. This growth is attributed to the high demand for mechanical LiDAR in applications such as ADAS and driverless cars, as well as corridor mapping and environment surveying, MarketsandMarkets said.
The report said 4D LiDAR is also projected to grow during the forecast period, thanks to the high adoption of 4D LiDAR in applications such as ADAS, driverless cars and robotics.
"ADAS and driverless cars have provided attractive growth opportunities to the LiDAR market," MarketsandMarkets said, as automotive companies and other businesses are increasingly investing in ADAS technology.
"Automotive giants are adopting LiDAR systems for their Level 3 and Level 4 autonomous vehicles, which is expected to boost the sales of these vehicle types, and subsequently, have a positive impact on the LiDAR market," MarketsandMarkets said.
North America is expected to account for largest market share of the LiDAR market during the forecast period.
Growing investments in driverless cars and ADAS and increasing awareness about the benefits of LiDAR systems will boost the growth of the LiDAR market in North America, the report said.
