激光雷达行业简析报告

Investment Rating - The report indicates a strong growth potential for the LiDAR industry, with a projected market size increase from $300 million in 2020 to $17.1 billion by 2029, reflecting a compound annual growth rate (CAGR) of 60.6% [4]. Core Insights - The global LiDAR market is experiencing rapid growth, transitioning from mechanical to semi-solid and eventually to fully solid-state technologies, with costs significantly reduced to the "thousand-yuan level," facilitating adoption in mainstream vehicles and expanding into robotics and industrial automation [4]. - The upstream core components (lasers, detectors) have a low domestic production rate, dominated by companies from Europe, the US, and Japan, while the midstream market is primarily occupied by Chinese firms, which hold over 60% of the global market share [4]. - The primary application of LiDAR is in the automotive sector, with increasing demand driven by the penetration of L2+ intelligent driving systems, while robotics is emerging as a second growth driver, expected to reach a market size of $5.1 billion by 2029 [4]. Summary by Sections 1. Introduction to LiDAR - LiDAR is a sensing technology that uses pulsed laser beams to measure distances, providing high-resolution data unaffected by lighting or weather conditions [5]. 2. Advantages of LiDAR Products - LiDAR excels in three-dimensional perception and all-weather night vision capabilities, outperforming other sensors like millimeter-wave radar and cameras in terms of resolution and adaptability [11]. 3. Technological Pathways - The technology has evolved from mechanical scanning to semi-solid and fully solid-state systems, with significant improvements in size, cost, and performance [14]. 4. Industry Development - The LiDAR industry has progressed through four phases: technology emergence (pre-2007), automotive-driven growth (2010-2021), cost reduction and expansion (2022-2024), and the transition to fully solid-state technology (2025 and beyond) [17]. 5. Market Size - The global LiDAR market is expected to grow from $300 million in 2020 to $1.6 billion by 2024, with a CAGR of 52%, and further to $17.1 billion by 2029, indicating a high growth phase [18]. 6. Industry Value Chain - The LiDAR industry encompasses upstream components, midstream product integration, and downstream applications, with a focus on ADAS and robotics [24]. 7. Upstream Industry - The upstream segment is characterized by low domestic production rates of core components, with most high-end parts sourced from foreign companies [25]. 8. Midstream Industry - The midstream sector is highly concentrated, with four out of the top five global suppliers being Chinese companies, reflecting a significant shift in market leadership [26]. 9. Downstream Applications - Automotive applications dominate the LiDAR market, with the share of automotive use expected to rise from 50% in 2022 to over 63% by 2024, driven by the adoption of intelligent driving technologies [32]. 10. Future Opportunities - The industry is poised for growth due to economies of scale, policy support for intelligent driving, and advancements in digital chip technology [49]. 11. Challenges Ahead - Despite significant cost reductions, LiDAR remains more expensive than alternatives like millimeter-wave radar, posing challenges for broader adoption [51].