The LiDAR market is rapidly maturing as developers improve functionality and cut costs. The remote sensing technology is a key enabler of advanced driver assistance systems (ADAS) and autonomous vehicles (AVs), and several suppliers are competing for a slice of the market. It’s a growing field; a projected CAGR of 19.27% puts its potential value at US$6.93bn by 2030. That’s a big prize for those developers that manage to secure a solid foothold. Israeli start-up Innoviz believes that by the end of 2023, almost all vehicle manufacturers will have made their decision on which LiDAR to use in future highly automated vehicles.
“Because the automotive industry operates on notoriously long timelines, the decisions made in 2023 will impact the way cars are designed and built for the next decade,” says Innoviz Chief Executive Omer Keilaf. As a result, the market for automotive LiDAR will thin out substantially. Innoviz works directly with OEMs representing about 15% of the global light vehicle market and counts global heavy-weights BMW and Volkswagen among its customers. Keilaf speaks to Automotive World about the reasons behind his confidence in upcoming growth both for the LiDAR segment and Innoviz in particular.