The lidar component market was worth US$682 million in 2020 and is set to grow to be worth $2.932 billion in 2025. This represents a compound annual growth rate of 34 percent.
Lidar components are used in automotive applications – ADAS and autonomous vehicles – and in industrial robotics.
Total automotive lidar revenue is expected to reach $2.434 billion in 2025, with $469 million in industrial automation and $29 million in other applications. TrendForce dubs these other applications smart city.
The automotive CAGR over the period is 43 percent being moderated by 13 percent for industrial applications and 17 percent for smart city applications, TrendForce reckons.
Growth of the industrial automation market has been lacklustre in 2020 due to the Covid-19 pandemic, with most companies deferring expansion plans. The European and North American markets are expected to see better industrial demand for lidar components starting in 3Q21.
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