Core Insights - The global passenger car LiDAR market is expected to grow by 68% year-on-year in 2024, reaching a market size of $692 million, with Chinese brands holding a 92% market share [1] - The penetration rate of L2 and above assisted driving in Chinese passenger cars reached 55.7% last year, with projections suggesting it could approach 65% by 2025 [1] - Short-range radar is anticipated to see significant growth as the industry transitions to L3 autonomous driving, with a potential doubling of penetration rates [2] Market Trends - Flash LiDAR is expected to be the most advantageous solution for short-range radar due to its performance requirements for near-field perception [2] - The market share of Flash LiDAR is projected to increase from less than 5% to around 15% by 2025-2026, driven by its adoption in urban NOA (Navigation on Autopilot) vehicles [2] - L2+ models currently utilize low-cost front-view LiDAR, while L3 models will require multiple LiDAR units for 360° coverage, indicating a shift towards more complex systems [2] Product Developments - The E1 solid-state LiDAR from Suoteng Ju Chuang has already been mass-produced for Didi Autonomous Driving and Xiaoma Zhixing, with plans for further collaborations [3] - The FTX solid-state LiDAR from Hesai Technology features a wide field of view and is designed to cover blind spots effectively [3] - The E1R LiDAR is gaining traction in the robotics market, with a retail price of approximately 4,999 yuan, and is expected to see increased volume in 2024 [4] Strategic Partnerships - Hesai Technology has signed a strategic cooperation agreement with Keting Technology to supply 300,000 JT series LiDAR units for robotic applications [5] - The JT series is expected to deliver significant orders for various robotic applications, including lawn mowing robots, by 2025 [5] - Hesai has established partnerships with over 1,700 robotics companies globally, indicating a strong foothold in the high-margin robotics market [5] Sales Projections - Suoteng Ju Chuang is projected to sell 8,300 units of its LiDAR for robotics applications by Q4 2024, despite some delays in delivery [6] - The long-term outlook for LiDAR in industrial and commercial robotics applications is positive, suggesting substantial market opportunities [7]