In the ever-evolving landscape of automotive technology, one of the most promising innovations that has gained significant traction is the LiDAR (Light Detection and Ranging) System-on-Chip (SoC). As autonomous vehicles become more than just a futuristic concept, the Automotive LiDAR SoC market is poised to play a pivotal role in reshaping the future of transportation.
The automotive LiDAR system-on-chip (SoC) market is expected to be valued at $29.3 million in 2024, which is anticipated to grow at a CAGR of 24.30% and reach $207.5 million by 2033. The growth in the automotive LiDAR system-on-chip (SoC) market is expected to be driven by technological advancements in autonomous vehicles and extensive use of LiDARs in highly automated vehicles, tremendous advancement in automotive LiDAR research and development (R&D) to improve the features of the LiDAR system, and an anticipated decline in LiDAR manufacturing costs after the start of mass production.
Passenger Cars Expected to Dominate the Automotive LiDAR System-on-Chip (SoC) Market (by Vehicle Type)
Governments worldwide are focusing more on safety and regulations related to passenger and vehicle safety, which is driving the market demand for vehicle safety features in the detection of pedestrians and other vehicles by sensors and advanced driver assistance systems (ADAS) in new vehicles. Production and sales of passenger vehicles are anticipated to be higher than that of commercial vehicles and robo taxis, as more users are rapidly adopting passenger cars due to their cost efficiency and various government subsidies, among others. The passenger cars segment is expected to lead the market as the sales of passenger cars are anticipated to increase globally.
Electric Vehicles Segment Anticipated to Grow at a Significant Growth Rate in the Forecast Period
Electric vehicles (EVs) require more advanced technology as compared to internal combustion engine (ICE) vehicles. The increasing popularity of small and medium sized electric vehicles has resulted in an increase in the use of automotive LiDAR system-on-chip. Moreover, the automotive LiDAR system-on-chip (SoC) market for EVs is expected to grow mainly due to factors such as growing demand for EVs for low-emission commuting and governments supporting long-range, zero-emission vehicles through subsidies and tax rebates, which have compelled the manufacturers to provide electric vehicles around the world.
Request A Free Deatiled Sample on Automotive LiDAR System-on-Chip Market!
Semi-Autonomous Segment Expected to Lead the Automotive LiDAR System-on-Chip (SoC) Market (by Level of Autonomy)
Consumer demand for semi-autonomous vehicles has increased due to the rise in public safety and security concerns. The engines of semi-autonomous vehicles are productive and use less fuel, and there are fewer accidents. These are a few possible advantages that are anticipated to boost demand for these automobiles and propel the market's expansion. Also, fully autonomous vehicles are not yet ubiquitous on the road. Although, LiDAR will become increasingly important to manufacturers as they go toward Level 4-Level 5 autonomy; for now, the automotive industry is shifting from Level 2 to Level 3 autonomy in the upcoming year.
Medium-to-Long Range LiDAR Expected to Dominate the Automotive LiDAR System-on-Chip (SoC) Market (by Range Type)
Medium-to-long range LiDAR has an extremely high resolution, a long range, and a broad field of view. As a result, even non-metallic items like rocks can be consistently found at a considerable distance using the laser-based distance measurement instrument. So, there is ample time to start performing driving maneuvers like braking and swerving. Medium-to-long range LiDAR not only meets all safety standards for automated driving; in the future, but it will also make it possible for automakers to successfully incorporate the technology into a very broad range of vehicle types.
North America Expected to Dominate the Automotive LiDAR System-on-Chip (SoC) Market
North America is home to a number of automotive LiDAR system-on-chip manufacturers. The region is expected to dominate the automotive LiDAR system-on-chip (SoC) market during the forecast period 2024-2033. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and presence of major autonomous vehicle manufacturing companies are some of the major drivers that are propelling the growth of the automotive LiDAR system-on-chip (SoC) market in the region.
To gain market share, major automotive LiDAR manufacturing companies and automotive LiDAR system-on-chip manufacturers are making various kinds of strategic moves. Some key highlights from BIS Research with respect to manufacturers of the automotive LiDAR system-on-chip market are as follows:
indie Semiconductor, Inc., Mobileye, RoboSense, Ouster, Inc., and Aeva Inc. are some of the leading players globally.
SiLC Technologies, Inc., Scantinel, and Voyant Photonics, Inc. are some of the emerging private companies.
Partnerships, collaborations, and joint ventures have been the most preferred strategy in the market.
Apart from Partnerships, collaborations, and joint ventures, expanding business and new product launches are the other strategies being implemented.
Most of the players have tie-ups with various autonomous vehicle OEMs.