This Self-Driving Car Stock Just Got a Major Vote of Confidence

Light detection and ranging (LiDAR) technology is one of the core components of autonomous vehicl development. LiDAR uses laser precision to map surroundings and detect obstacles in real-time. In fact, it is often the backbone of self-driving vehicles, enabling them to safely navigate roads by identifying other cars, pedestrians, and potential hazards with accuracy. 

Thanks to the soaring interest and investments in self-driving technology, the global LiDAR market is on the fast track for massive growth. Projections call for this market to surge from just $2.9 billion in 2025 to a staggering $15.8 billion by 2034, expanding at an impressive CAGR of 20.9%. As competition heats up in this critical, fast-evolving market, one early pioneer is Luminar Technologies (LAZR).