There is an urgency to develop and enter in the market for Advanced Driver Assistance Systems (ADAS) and autonomous vehicles. OEMs are accelerating their efforts to develop and manufacture advanced level of vehicles to tap into the ever-growing demand of enhanced vehicles with additional driving and safety features such as adaptive cruise control, automatic parking, collision avoidance system, lane departure warning system, night vision, surround view system, and parking sensors, among others. Along with these trends, a lot of disruptive newcomers and traditional OEMs are trying to develop their own fleet of Robo-taxis, to tap into the huge market of Mobility-as-a-Service.
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The market values of different LiDAR types segregated by application for Robo-Taxis and ADAS and autonomous vehicles. At present, LiDARs in Robo-Taxis hold the maximum share in the global automotive LiDAR market with a revenue of $XX million as compared to revenue of $XX million for LiDARs in ADAS and autonomous vehicles. Both the markets are expected to increase due to the higher adoption of robo taxis and ADAS and autonomous vehicles, which will help to increase the amount of LiDARs fitted in the vehicles. The following figure illustrates the volume of LiDARs in both robo-taxis and ADAS vehicles. Volume of LiDARs in Robo-Taxis is currently high, but due to the onset on autonomous vehicle, specially after 2023, there will be an increased demand for LiDARs in ADAS and autonomous vehicles.
In both ADAS and Robo-taxis, there is a need for advanced sensors, such as RADARs, Camera Sensors, and LiDARs. These sensors are used to provide real-time data to the vehicles system for self-driving features.
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