With the usage of a high-intensity laser tool, a micro-electro-mechanical system (MEMS), and a GPS transceiver, light detection and ranging (LiDAR) technology creates a three-dimensional visual image. As a result, autonomous vehicles can collect data about a vehicle's surroundings, taking over from the driver.
The global LiDAR market is estimated to grow at a CAGR rate of 22.7% between 2019 and 2026, reaching $6.71 billion in the final year, driven by the rising need for Lidar from Unmanned aerial vehicles (UAVs) and autonomous vehicles. Consequently, companies from the given industry should benefit in the long term.
