Global LiDAR Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
The market research report by IHR Insights includes a detailed segmentation of the global LiDAR market by range (short, medium, and long), by application (corridor mapping, engineering, environment, ADAS, and others), and by region (North America, Europe, Asia Pacific, Middle East Africa, and Latin America). This market research report identifies Trimble, Velodyne LiDAR, Faro Technologies, Leica Technologies, Geokno, Sick AG, Geodigital, Innoviz Technologies, Quantum Spatial, and Reigl Laser Measurement Systems as the market leaders operating in the global LiDAR market.
Overview of the Global LiDAR Market
IHR Insights’s market research report predicts that the global LiDAR market will grow at a CAGR of more than 15% during the forecast period. The market for LiDAR is determined by the increased interest among automakers to make it connected and autonomous driving capabilities.
The LiDAR system is changing the collision detection and emergency braking systems as well. With a focus on safe driving and automated drive control, the adoption of LiDAR systems has increased among the automotive industry and auto suppliers.
LiDAR Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global LiDAR market. The key players in the LiDAR market are adopting various organic as well as inorganic growth strategies such as collaborations & partnerships, joint ventures, and few other strategies to be in a strong position in the market.
These companies are striving in the market sphere by acquiring clients across regions to stay ahead in the competitive world. For instance, Trimble is focusing on transforming the engineering systems with improved tools and analytical systems.
There are few other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
LiDAR Market Segmentation By Range
The short-range segment majorly contributes to market growth. The long-range segment is expected to grow at the highest CAGR during the forecast period 2019–2025.
LiDAR Market Segmentation By Application
The ADAS segment is estimated to hold the largest market share in 2019, and this trend will continue during the forecast period 2019–2025.
LiDAR Market Research Benefits
The report provides an in-depth analysis of the global LiDAR market. LiDAR combines various technologies for improving, improvising, and offer better results for engineering in various industries such as agriculture, mining, and others. It analyzes multiple customer application areas, intelligent features, and automated controls in the LiDAR market. LiDAR is expected to offer a next-generation image detection system and majorly help the automotive OEMs to provide better connected and intelligent vehicles.