The automotive LiDAR systems market is expected to grow 28,4% in five years, as stated in a recent market study by Precedence Research. This study locates the highest growth rates of this technology in Europe, which are linked to the development of the connected and autonomous car. The LiDAR market will grow up to 3.21 billion dollars until 2027, with The United Kingdom and Germany leading the European market. The main goal of this technology is the reduction in the number of traffic accidents. However, its need for periodic calibration means a business opportunity for paint and body shops/garages.
The Light Imaging Detection and Ranging (LiDAR) for automotion is a measuring system that uses laser lights in order to determine the distance between two vehicles. This distance is measured by illuminating the target vehicle or object and measuring the reflection using a sensor. The LiDAR solution in automobile applications helps to control the speed and the vehicle’s braking system in response to sudden variations in traffic conditions. Before LiDAR, radars and sonars were used to detect distance in more advanced vehicles. The benefits offered by LiDAR, such as real time determination of data and higher accuracy, have pushed its market growth over radars and sonars.
The increased awareness amongst drivers regarding safety, combined with the safety regulations enacted by global regulatory organizations, are key factors which promote the automotive LiDAR market. In addition, it is expected that the increasing incorporation of electric and autonomous vehicles will mean an enormous growth in the application of advanced safety components for vehicles, such as LiDAR automotive. It is likely that the rising insistence by governments, over the past few years, for vehicles to incorporate ADAS, due to safety concerns, will increase the demand of LiDAR automotive during the forecasted period. LiDAR automotive has proven to be the decisive technology for autonomous vehicles, due to the high precision and accurate detection in real time of the lasers emitted by the device.
However, the high cost of this technology makes its market growth difficult. Some makers are working to reduce the price of the LiDAR sensor in the automotive sector by reducing the laser transmitter. Because LiDAR automotive is currently quite expensive, it faces hurdles in becoming frequently adopted by many makers.
With that said, the body shops that are first prepared and have the adequate equipment to perform this type of maintenance will take a big advantage.