MEMS LiDAR market is projected to grow at a CAGR of 110.50% during the forecast period, reaching a total market size of US$56.173 million in 2024 from US$0.646 million in 2019. MEMS LiDAR market is driven by increasing demand from the automobile industry. With the increasing demand for automated vehicles, the demand for LiDAR is increasing. MEMS helps in the manufacturing of cost-effective and smaller LiDAR. However, the presence of substitutes and lack of awareness about technology can hamper the growth of the market. Geographically, North America and the European region are expected to have a significant market share on account of the growing automobile sector and adaptation of technology in the region. Moreover, demand for automated vehicles is also increasing in the region which is further uplifting the growth of the market.
The “MEMS LiDAR market – Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key markets, drivers, restraints, and opportunities in the current market. The report analyzes key opportunities in regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by component, application, and geography.
The MEMS LiDAR market has been segmented based on component, application, and geography. Based on components the market has been segmented into transmitter and receiver. Based on application the market has been classified into automotive, space applications, wind velocimetry, and robotics.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, Europe, Asia Pacific, and the rest of the world. The report provides a thorough analysis and forecast along with prevailing market trends and opportunities which each of these regions presents for the manufacturers.
Major players in the MEMS LiDAR market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the MEMS LiDAR market.
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Frequently Asked Questions (FAQs)
Q1. What will be the MEMS LiDAR market size by 2024?
A1. MEMS LiDAR Market is projected to reach a total market size of US$56.173 million in 2024.
Q2. What is the size of the global MEMS LiDAR market?
A2. The MEMS LiDAR market was valued at US$0.646 million in 2019.
Q3. What are the growth prospects for the MEMS LiDAR market?
A3. The global MEMS LiDAR market is projected to grow at a CAGR of 110.50% during the forecast period.
Q4. Which region holds the largest market share in the MEMS LiDAR market?
A4. Geographically, North America and Europe region are expected to have a significant share in the MEMS LiDAR market on account of the growing automobile sector and adaptation of technology in the region.
Q5. What factors are anticipated to drive the MEMS LiDAR market growth?
A5. MEMS LiDAR market is driven by increasing demand from the automobile industry.
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