Automotive LiDAR Market - Trend and forecast
Navigating Tomorrow: The Evolution of the Automotive LiDAR Market In a dynamic shift, the automotive sector is propelling forward into a new era, with LiDAR technology taking the lead. LiDAR, an abbreviation for Light Detection and Ranging, utilizes pulsed lasers to form a comprehensive visualization of the vehicle's surroundings, facilitating advanced driver-assistance systems (ADAS) and complete autonomous driving. Buckle Up for a Bumpy Ride: The Road Ahead for LiDAR The automotive LiDAR market is still in its nascent stages, but it's already generating a lot of buzz. According to Persistence Market Research, the global automotive LiDar market is forecast to expand at a CAGR of 28.7% and thereby increase from a value of US$454.3 Million in 2023, to US$2,657 Million by the end of 2030. The increasing integration of LiDAR technology in advanced driver-assistance systems (ADAS) and autonomous vehicles is a key driver for market expansion. This phenomenal growth is fuel