LiDAR Market Expected to Reach $2.4B by 2026
June 23, 2021—Experts are projecting a significant increase in the financial viability of LiDAR over the coming years.
According to a report from GlobeNewswire, a recent study shows the global automotive LiDAR sensor market is expected to grow to $2.43 billion by 2026, growing around 39 percent annually from 2018. The North American automotive LiDAR market is expected to hold the largest market share globally, though the report projects significant growth in the European market due to "extensive adoption of electric vehicles in the region."
OEMs prefer LiDAR over RADAR, per the report, due to its "expanded characteristics" such as the sensor's ability to create a 3D image of any object its pulses contact. There are still significant issues to work out with the technology, though, such as its tendency to become disoriented in adverse weather conditions.