Lidar Industry Enters Mass Adoption Phase, Hesai Remains Leader In Global Market Share

Core Insights - Hesai Group has been recognized as the top automotive lidar company by market share for the fourth consecutive year by Yole Group, highlighting its leadership in the global lidar industry [1][2][6] - The company captured 33% of the global lidar market by revenue in 2024, with the overall market experiencing a significant growth of 60% year-on-year, reaching a value of $859 million [2][6] - In the robotaxi market, Hesai holds a commanding 61% market share, supplying major industry players [5][6] Market Position and Growth - Hesai's design wins with 22 OEMs across over 120 models have solidified its position as a top supplier in the automotive lidar segment [2][4][6] - The ADAS-enabled passenger vehicle market is expanding rapidly, particularly in China, with a year-on-year growth of 68% in 2024 [3][4] - The adoption of lidar technology is moving beyond luxury vehicles to more affordable models, indicating a democratization of the technology [3][4] Strategic Partnerships and Innovations - Strategic partnerships with leading global OEMs and ongoing technological innovations have bolstered Hesai's market leadership [1][5][6] - Industry leaders such as BYD and Li Auto are driving momentum, with BYD's intelligent driving system now available in mass-market models [4][5] Future Outlook - Yole Group anticipates that the adoption of lidar-based ADAS systems will push installations beyond three million units by 2025, further solidifying Hesai's leadership position [5][6] - The company has achieved full-year non-GAAP profitability and reported the strongest revenue among competitors, indicating a robust business model [6]