Research Nester published a report titled “LiDAR Sensors Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global LiDAR sensors market in terms of market segmentation by type, technology, application, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global LiDAR sensors marketis estimated to occupy a substantial revenue by growing at a CAGR of ~12% during the forecast period, i.e., 2022 – 2031, ascribing to the rising use of LiDAR sensors in self-driving cars, and growing mechanization of agricultural machinery worldwide. Along with these, escalating level of automation and digitalization across the globe, and the ability of LiDAR technology to offer more accurate and precise real-time data are also expected to accelerate the growth of the market in the forthcoming years.

The market is segmented by type, technology and application. Based on type, the solid state segment is anticipated to acquire the largest share during the forecast period on the back of the high reliability, cost effectiveness and simpler driving operations provided by LiDAR sensors equipped with this technology. Additionally, by application, the vehicle automation segment is projected to grab the largest share over the forecast period attributing to the high applicability of LiDAR technology in autonomous and electric vehicles for providing functionalities such as 3D mapping and car surround sensors.

Geographically, the global LiDAR sensors market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific is evaluated to witness noteworthy growth in the market during the forecast period, which can be attributed to the surging production of electric components, and easy availability of raw materials in the region. Moreover, the market in North America is assessed to acquire the largest share over the forecast period ascribing to the rising demand for LiDAR sensors in the US for the purpose of autonomous vehicle delivery.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Growing Utilization of these Sensors in Self-Driving Cars Globally to Propel Market Growth

The emergence of autonomous and electric vehicles is predicted to accelerate the demand for LiDAR sensors as a result of its high applicability, reliability and efficiency. In addition, LiDAR technology is extensively being integrated with functions such as 3D mapping and car surround sensors. This is assessed to raise the demand for these sensors in self-driving cars, which in turn is expected to boost the market growth in the near future.

However, high cost of LiDAR senor-based systems is expected to operate as key restraint to the growth of the global LiDAR sensors market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global LiDAR sensors market which includes company profiling of Continental AG, Robert Bosch GmbH, Denso Corp., First Sensor AG, Hella KGaA Hueck & Co., LeddarTech Inc., Novariant, Inc., Hexagon AG, Quanergy System Inc, SICK AG, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global LiDAR sensors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.