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The automotive LiDAR market, which held a net worth of US$ 430 million in 2020, is slated to surge to an estimated valuation of US$ 3 billion by the end of 2031.
Technology has become a crucial aspect of all industry verticals, and this trend is highly prevalent in the automotive industry. Increasing demand for autonomous vehicles is a major trend that is driving automotive LiDAR (light detection and ranging) market growth.
Rising use of advanced driver assistance systems, collision warning systems, lane-departure warning systems, etc., will also favour automotive LiDAR demand growth potential. However, the high costs of automotive LiDAR are anticipated to slow down market growth to some extent over the forecast period.
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Automotive LiDAR companies are expanding their business scope by investing in the research and development of new technologies to create better product offerings.
“Increasing technological proliferation and rising demand for autonomous vehicles will propel demand for automotive LiDAR through 2031,” says a Fact.MR analyst
Key Takeaways from Market Study
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Key Segments Covered in Automotive LiDAR Industry Research
Automotive LiDAR Market by Technology:
Automotive LiDAR Market by Location:
Automotive LiDAR Market by Image Projection:
Automotive LiDAR Market by Range Type:
Automotive LiDAR Market by Vehicle Type:
Automotive LiDAR Market by Application:
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Winning Strategy
Automotive LiDAR companies are investing in the research and development of more advanced LiDAR technologies to create better offerings. Increasing popularity of autonomous vehicles will further bring in new opportunities for automotive LiDAR providers over the coming years.
Increasing use of automotive LiDAR in safety systems such as advanced driver assistance systems (ADAS) and collision warning systems will also help automotive LiDAR market players increase their sales potential.
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