The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s LiDAR Global Market Report 2024, the LiDAR market is expected to show significant growth in the forecast period.

1. Market Momentum

The LiDAR market has been on a rapid growth trajectory, surging from $2.15 billion in 2023 to $2.58 billion in 2024 at an impressive compound annual growth rate (CAGR) of 19.9%. The historic growth can be attributed to various factors, including automotive safety regulations, heightened demand in applications like topographic mapping, agriculture, forestry, military and defense, and the integration of LiDAR in smart cities and infrastructure.

Key Figures:

• Market Size (2023): $2.15 billion
• Projected Growth (2024): $2.58 billion
• CAGR (2023-2024): 19.9%

2. Forecasted Surge and Driving Factors

The LiDAR market is poised for substantial growth in the coming years, reaching $5.23 billion in 2028 with a CAGR of 19.3%. Anticipated factors contributing to this surge include the continued development of autonomous vehicles, rising interest in LiDAR for environmental monitoring, increased integration in robotics and automation, the emergence of innovative LiDAR applications, and the expanding use of LiDAR for 3D scanning and modeling.

Key Growth Drivers:

• Autonomous Vehicle Development
• Environmental Monitoring
• Robotics and Automation
• Innovative Applications
• 3D Scanning and Modeling

Major Trends:

• Solid-State LiDAR
• Multi-Sensor Integration
• Geospatial and Mapping
• Environmental LiDAR
• Artificial Intelligence (AI) and LiDAR

3. 3D Imaging’s Impact on Market Growth

The escalating demand for 3D imaging stands as a significant catalyst in propelling the LiDAR market forward. Utilizing 2D data to create a 3-dimensional format, 3D imaging is gaining prominence. The US government’s 3D Elevation Program (3DEP), initiated in April 2021, exemplifies this trend. The program aims to provide a national baseline of high-resolution 3D data, including bare earth elevations and point clouds collected through nationwide LiDAR acquisition by 2023, fostering the surge in 3D imaging demand.

Driving Force:

• Rise in Demand for 3D Imaging
• Government Initiatives: 3D Elevation Program

4. Strategic Partnerships Steer LiDAR Deployment

Leading companies in the LiDAR market are strategically embracing partnerships to deploy LiDAR effectively. By leveraging each other’s strengths and resources, these partnerships aim to achieve mutual benefits and success. A notable example is the collaboration between a technology company and LOXO, a Switzerland-based automotive company, in June 2023. This partnership focuses on deploying autonomous, zero-emission delivery vehicles using InnovizOne LiDAR technology, optimizing logistics and meeting the growing demand for autonomous last-mile delivery.

Strategic Collaboration:

• Technology Company & LOXO Partnership
• Deployment of Autonomous Delivery Vehicles
• Utilizing InnovizOne LiDAR Technology

5. Aurora Innovation’s Acquisition Enhances LiDAR Expertise

In February 2021, Aurora Innovation, a US-based self-driving technology company, made a significant move by acquiring OURS Technology, a LiDAR startup. This strategic acquisition aims to reduce sensor costs and improve the accuracy of autonomous driving and robotics applications. OURS Technology’s expertise in developing LiDAR chips aligns seamlessly with Aurora Innovation’s goals, accelerating their work in the realm of autonomous technologies.

Strategic Acquisition Highlights:

• Aurora Innovation Acquires OURS Technology
• Cost Reduction and Accuracy Improvement
• Expertise in LiDAR Chip Development

6. Market Segmentation Insights

Understanding the diverse segments of the LiDAR market is crucial for stakeholders. The market is segmented based on components, types, technologies, applications, and end-users.

Market Segmentation:

1. By Component:
   • Laser Scanner
   • Navigation and Positioning Systems
   • Other Components
2. By Type:
   • Terrestrial
   • Aerial
   • Mobile
3. By Technology:
   • 2D
   • 3D
   • 4D
4. By Applications:
   • Mapping and Cartography
   • ADAS (Advanced Driver-Assistance System)
   • Environment
   • Exploration and Detection
   • Other Applications
5. By End User:
   • Defense and Aerospace
   • Civil Engineering
   • Archaeology
   • Forestry and Agriculture
   • Mining
   • Transportation

7. Regional Dynamics

In 2023, North America dominated the LiDAR market, while Asia-Pacific is projected to be the fastest-growing region during the forecast period.

Regional Insights:

• North America: Largest Market in 2023
• Asia-Pacific: Fastest-Growing Region

View More On The LiDAR Market Report 2024 – https://www.thebusinessresearchcompany.com/report/lidar-global-market-report

Request A Sample Of The Global LiDAR Market Report 2024:

https://www.thebusinessresearchcompany.com/sample_request?id=5994&type=smp

The LiDAR Global Market Report 2024  provides an in-depth analysis on the LiDAR market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the LiDAR market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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