The report suggests that the market is expected to grow at a CAGR of 24.30% between 2024-2033
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Automotive LiDAR System-on-Chip (SoC) Market – A Global and Regional Analysis.
According to this study, the global automotive LiDAR system-on-chip (SoC) market was valued at $29.3 million in 2022 and is projected to reach $0.20 billion by 2033, growing at a staggering CAGR of 24.30%.
The following factors are responsible for the increase in demand for global automotive LiDAR system-on-chip:
- Rapid technological advancement in LiDAR in the automotive industry
- Surge in investments and funding in LiDAR system-on-chip manufacturing startups for R&D activities
- cost-effectiveness of LiDAR system-on-chip
- Growing demand for the miniaturization of products
The detailed study is a compilation of 228 market data tables and 71 figures spread through 264 pages.
Check out the detailed table of content here:
Analyst’s Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “The market is in a nascent phase, but with the ongoing technological developments, it is anticipated to spur in the coming years. Businesses are developing innovative systems and introducing new products in the market. Product developments and partnerships are key strategies assisting the market’s growth. The massive shift in consumer preferences has provided a viable opportunity for automotive LiDAR manufacturers to gain substantial ground in this domain. Moreover, increasing awareness regarding autonomous cars and growing safety concerns are expected to increase the adoption of automotive LiDAR system-on-chip (SoC) globally.”
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Major Existing Industry Leaders in the Global Automotive LiDAR System-on-Chip (SoC) Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- Indie Semiconductor, Inc.
- Ouster, Inc.
- Aeva Inc.
- SiLC Technologies, Inc.
- Voyant Photonics, Inc.
- Quaenergy Systems, Inc.
- Velodyne Lidar, Inc.
- Innoviz Technologies Ltd
- Luminar Technologies, Inc.
- General Motors
- Volkswagen AG
- Ford Motor Company
- BMW Group
Recent Industry Developments in the Global Automotive LiDAR System-on-Chip (SoC) Market
- In November 2022, Aeva Inc. expanded its presence internationally with the hiring of new teams in Germany, India, and Thailand, as well as the appointment of industry veteran Clement Kong to oversee sales in the Asia-Pacific region. The new teams will assist in sales, technological development, and production to hasten the advancement of Aeva Inc.’s 4D LiDAR’s next-generation technology and strengthen customer relations in the Europe and Asia-Pacific regions.
- In May 2022, SiLC Technologies, Inc. collaborated with AutoX Inc., which is the leader in China’s robo-taxi market, to deploy SiLC’s Eyeonic Vision Sensor for its fleet of robotic taxis.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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