Every second BEV sold in the US in Q2 2023 was a Tesla.
BEV sales by foreign brands more than doubled YoY to 81,000 units.
Annual BEV sales are expected to exceed 1 million units by the end of 2023.
New Delhi,London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – September 4, 2023
US passenger battery electric vehicle* (BEV) sales grew 57% YoY in Q2 2023, according to the latest research from Counterpoint’s US Passenger Electric Vehicle Model Sales Tracker. The US maintained its status as the second-largest BEV market, a position it achieved by surpassing Germany in the previous quarter. BEVs constituted more than 7% of total passenger vehicle sales in the US in Q2. During H1 2023, Tesla’s tally exceeded the combined BEV sales of the next 14 automotive groups by 122,000 vehicles.
Commenting on the market dynamics, Research Analyst Abhik Mukherjee said, “Building on the existing momentum, the US automotive industry maintained its upward trajectory in Q2 2023. Total passenger vehicle sales surged by over 16% YoY. BEV sales are on the rise, driven by the EV tax credit and increasing environmental awareness among consumers. US-based brands like Tesla, GM, Ford, Rivian, Lucid and Karma captured nearly three-quarters of total BEV sales. Among foreign-origin brands operating in the US, European manufacturers claimed the largest market share, followed by South Korean and Japanese brands. Total BEV sales by brands of foreign origin, such as Hyundai Kia, Volkswagen Group, Mercedes-Benz, BMW, Volvo, Toyota, Subaru, Jaguar and Land Rover, jumped by more than 100% YoY to nearly 81,000 units.”
The top five best-selling BEV models in the US accounted for more than 60% of the market’s overall BEV sales during the quarter. Tesla’s Model Y and Model 3 together accounted for 55% of the BEV market. The Rivian R1T emerged as the third best-selling model during Q2 2023. This is the first time a Rivian model has secured a position in the top five since the introduction of its first vehicle in late 2021.
Commenting on the market outlook, Research Director Jeff Fieldhack said, “If the current growth trajectory continues, annual BEV sales in the US will exceed 1 million units by the end of 2023. However, rising inventories are expected to become a problem for automakers. EV-related investments by auto OEMs are rapidly growing across the North American continent. These investments, which cover EV production ramps, components and battery, and charging infrastructure, have already crossed $100 billion. Most EV brands are preparing to launch new models or update existing models from 2024 onwards. To address the inventory challenges, OEMs will either need to reduce prices or limit production, both of which will hurt their financial performance.”
*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brand/company.
Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
One in three construction machines sold in 2022 had embedded connectivity.
The connected construction machinery market is expected to see an annual growth rate of 11% over the next eight years.
The top five players – Caterpillar, XCMG, Sany, Komatsu and Volvo – captured 60% of connected construction machine shipments in 2022.
San Diego, Buenos Aires, London, New Delhi, Hong Kong, Beijing, Seoul – April 27, 2023
Global connected construction machine shipments grew 6.7% YoY in 2022 despite a decline in overall construction machine shipments, according to Counterpoint’s latest Global Connected Construction Machine Market report. One in three construction machines sold had embedded connectivity. The slowdown in China’s construction activity impacted the shipments of Chinese players and overall global shipments. However, due to a 10% YoY increase in the average selling price (ASP) in 2022, construction machine revenues grew 3% YoY to reach $213 billion. The ASP increased due to supply shortages and addition of features like electrification and connectivity.
Construction machines refer to equipment, machinery and vehicles specially designed for construction tasks such as excavation, loading and unloading, moving materials, material handling and demolition. The construction machinery also includes mining machinery applications like rock drilling, rock cutting, crushing and tunneling. Engineering and construction projects are complex and difficult to manage. Connected machines help measure construction activity, which is regarded as a barometer of economic prosperity for any region.
Commenting on connected construction machine brand dynamics, SeniorResearch Analyst Soumen Mandal said, “Construction machinery is a highly concentrated market with the top five players – Caterpillar, XCMG, Sany, Komatsu and Volvo – capturing 60% of connected construction machine shipments in 2022. Smaller players like Liebherr are aiming to make inroads by providing connectivity in a larger proportion of their SKUs. JCB and Hitachi cater to the lower end of the market by offering cost-effective solutions and have fewer machines with connectivity. We expect significant growth opportunity for connectivity for these brands in the coming years.”
The demand for connectivity is driven by theft prevention, predictive maintenance, automated operations, distance monitoring, AR/VR-based simulation and usage-based applications like insurance, vehicle financing and rental services. The tracking of machine assets also helps schedule construction operations in a better way and complete projects on time. Orbcomm, Teltonika, Calamp, syniotec, Machinemax, Trackunit, VisionTrack, Tenna, Trimble and DPL Telematics are a few among many players embedding connectivity in heavy construction machines while offering complimentary services like connectivity and device management platforms.
Commenting on the market outlook, Associate Director Mohit Agrawal said, “Global construction machine shipments are likely to remain flat and reach 2.33million units by 2030. The current downtrend is expected to last another two to three years. We expect the market to rebound from 2025 onwards. The scarcity of skilled technicians, laborers and drivers will fuel the growth of automated machines. We expect nearly 75% of construction machines to have embedded connectivity by 2030 as the industry shifts towards electrification and autonomous operations. Further, we expect the connected construction machinery market to see an annual growth rate of 11% over the next eight years. Currently, 4G is the leading technology in the connected construction machine market but we expect 5G to be the most preferred technology by the end of the forecast period.”
Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the technology, media and telecom (TMT) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Thailand led the region’s passenger EV sales in 2022 with a 58% share.
Nearly two in three EVs sold in 2022 were BEVs.
Wuling’s newest model Air EV was the region’s bestseller.
New Delhi,London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – March 31, 2023
Passenger electric vehicle (EV*) sales** in Southeast Asia (SEA#) accounted for just under 2% of the region’s total passenger vehicle sales in 2022, according to the latest research from Counterpoint’sGlobal Passenger Electric Vehicle Model Sales Tracker. Thailand was the most advanced, accounting for 58% of the region’s EV sales, followed by Indonesia and Vietnam. Thailand’s government has been pushing EV sales through demand-side incentives and corporate income tax incentives for EV manufacturers.
Wuling’s Air EV was the best-selling model across the region in 2022, being one of the most affordable EV options. In terms of automotive groups, Vingroup led the SEA EV sales, closely followed by Wuling (part of SAIC-GM-Wuling group) and Volvo (Geely Holdings subsidiary). Battery EVs (BEVs) represented 64.6% of the total EV sales while plug-in hybrid EVs (PHEVs) constituted the rest.
Commenting on the market dynamics, Research Analyst Abhilash Gupta said, “Passenger EV demand is increasing gradually across the SEA region but sales are tiny compared to global EV sales, constituting just 0.5% of the global total for 2022. However, as geopolitical tensions are rising between China and the West, SEA is becoming an attractive option for Chinese auto manufacturers looking to expand abroad. Therefore, we can expect to see more production plants in SEA in the longer term, which will help boost EV sales. Thailand has the largest auto manufacturing sector in SEA. It is aiming to leverage its manufacturing expertise to attract automakers to produce and sell EVs there. Indonesia and Vietnam have the advantage of mineral resources, which gives them an edge over others in the region. The SEA countries have set lofty EV targets and have introduced many incentives to promote EV adoption among consumers and to attract EV manufacturers to set up bases.”
Source: Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker, Q4 2022
Commenting on the market outlook, Senior Analyst Soumen Mandal said, “Although EVs are currently a niche market in SEA, we do expect their sales to double in 2023. However, it will be difficult for the SEA countries to achieve their EV targets and increase the share of renewables in the electricity grid at the same time.
SEA countries have the opportunity to display their manufacturing capabilities and grow, given the interest of many international auto manufacturers to invest in the region. Those that enter the market early will have an edge, allowing them to secure a substantial share of the market. The SEA region could adopt the approaches taken by China and Europe, which provide incentives based on CO2 emission levels. Doing so would encourage both consumers and manufacturers to shift towards more environment-friendly vehicles.”
*For EVs, we consider only BEVs and PHEVs. This study does not include hybrid EVs and fuel cell vehicles (FCVs).
**Sales refer to wholesale figures, i.e., deliveries from factories by the respective brands/companies.
#SEA includes Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
The annual Consumer Electronics Show (CES), held in Las Vegas from January 5 to 8 this year, focused primarily on the automotive, IoT, smart home, healthcare, metaverse and XR, AI and computing segments. Counterpoint’s automotive team analyzed over 150 automotive-related announcements during CES to identify key trends. The main focus of the automotive industry at this year’s CES was on electric vehicles (EV), followed by autonomous vehicles, infotainment, connectivity, components and maps. There was a lot of excitement surrounding autonomous vehicles at the event, but EVs accounted for the biggest share of news flow.
Here are the top 10 automotive announcements from this year’s CES, according to Counterpoint analysts:
1. Qualcomm unveils Snapdragon Ride Flex SoC to bring software-defined vehicles to reality
Qualcomm announced the Snapdragon Ride Flex SoC, a disruptive solution for expanding its low-power, advanced computing capabilities into the automotive space as part of its Snapdragon Digital Chassis initiative. This solution is built on a heterogenous compute architecture that addresses multiple workloads and is pre-integrated with the Snapdragon Ride Vision Stack. This gives automakers the flexibility to use the Ride Vision Stack across all vehicle tiers without sacrificing performance. In addition, its cloud-native architecture enables a smooth workflow for software development and deployment. The Snapdragon Ride Flex SoC is expected to go into production by 2024. Qualcomm is striving to maintain its leadership position in the software-defined vehicle era and make the transition easier for automakers and tier-1 suppliers.
For a more detailed report on CES 2023’s automotive announcements, click here:
2. Sony Honda Mobility introduces Afeela EV brand
Sony Honda Mobility finally announced its JV brand Afeela, which will bring its first EV model to North America in 2026 followed by Japan and Europe. Afeela’s first production model was teased at CES 2023. Sony and Honda announced their JV back in March 2022. Afeela will introduce a series of EV models that will carry Sony’s expertise in IVI systems, ADAS components and in-cabin electronics, while Honda will contribute to the brand’s performance with its e-powertrain system as well as battery sourcing and charging capabilities. According to the announcement, Afeela aims to offer better vehicles at a relatively lower cost. These EVs are expected to be positioned above Honda’s own EVs, but whether Afeela will share the same slot with Honda’s premium Acura brand is yet to be determined.
3. BMW previews next-gen color-changing concept with ‘digital emotional experience’
BWM previewed its next-gen 3 series concept model based on the Neue Klasse platform. The new i Vision Dee concept (Dee stands for ‘digital emotional experience’) showcased a monolithic exterior styling that can be divided into 240 different segments. The whole exterior can support different design styles like stripes, patterns and animation, and can curate up to 32 different colors. Though detailed specifications have not been shared, i Vision Dee features a new OS and a new fully controllable HUD with windscreen projection. Traditional infotainment has been removed. The dashboard conceals various touch sensors which can be used to display content on the HUD. The model will be powered by BMW’s sixth-generation EV powertrain and is expected to enter production in 2025 as a BMW i3 successor.
4. Volkswagen showcases new ID.7 wrapped in electroluminescent camouflage
Volkswagen showcased its sixth all-electric ID model, the VW ID.7, wrapped in special QR code-inspired camouflage to hide the final styling. The camouflage was inspired by electroluminescent technology which lights up 22 different sectors of the car. Volkswagen disclosed some technical details before the model’s final reveal during the second quarter of 2023. Initially, the ID.7 will have a 77kWh battery pack and a claimed 700-km range. The interior will feature a 15-inch touchscreen infotainment system, an AR-based HUD and a smart HVAC system that can automatically modify the cabin temperature when the key fob is close. Volkswagen expects its new model will compete with Hyundai’s Ioniq 6 and Tesla’s Model 3.
5. LG, Magna form second JV for ‘executable’ autonomous driving, infotainment solutions
Two of the biggest tech companies LG and Magna have again joined hands to develop solutions for automated driving by leveraging their areas of expertise. LG and Magna already have a JV that manufactures e-powertrain and other hardware like inverters, motors and onboard chargers for EVs. The new JV will explore the ADAS and AV market to develop “executable” automated driving and infotainment solutions to enhance customer experience by addressing the toughest challenges. LG’s vehicle component arm has been eyeing new openings in the automotive market and believes the increased connectivity of cars of the future presents new opportunities.
6. Harman aims to make driving assistance more intuitive, safer
Harman is all set to deliver enhanced in-cabin safety and awareness through its AR-based HUD hardware and AR-based software products. Harman has been a trusted name for vehicle audio for decades but now as the automotive industry makes a transition towards software-based experiences, the company has developed its own technology that enhances the drivers’ experience by bridging the gap between physical and digital worlds in a non-intrusive manner through its AR-based HUDs. Harman’s Ready Vision uses ML-based 3D object detection and computer vision to deliver collision warnings, lane departure, low-speed zone notification, blind spot warnings and lane change assist with high precision without breaking the driver’s concentration. Harman claims Ready Vision works with precision even in the most unfamiliar driving scenarios, making driving safer.
7. BlackBerry has a busy CES with launches, partnerships
BlackBerry’s IVY software platform, developed in collaboration with Amazon, won its first design contract with PATEO for the all-electric VOYAH H97 model’s digital cockpit. BlackBerry also launched QNX Accelerate, which supports the QNX RTOS and QNX OS for safety in the AWS marketplace. Leading tier-1 suppliers like Continental and Marelli are already testing it to create automotive metaverse environments for software-defined vehicles. BlackBerry is partnering with Elektrobit to develop automotive safety solutions using the Rust programming language. It has also formed partnerships with Texas Instruments for embedded software development and with Garmin for improving the in-car experience. These partnerships show that BlackBerry is attempting to regain market presence through its infotainment, security and OS products.
8. Innoviz launches new LiDAR, forms multiple partnerships
Innoviz, a leading player in solid-state LiDAR sensors and perception software, unveiled the Innoviz360, a cost-effective and high-performance LiDAR that will support a range of non-automotive applications such as smart cities, logistics, maritime, heavy machinery, and construction, in addition to Level 4-5 (L4 and L5) autonomy applications. Loxo, a zero-emission autonomous vehicle provider for last-mile delivery, has partnered with Innoviz to use the InnovisOne LiDAR. Deep-tech company EXways, which works in 3D LiDAR processing, has also partnered with Innoviz to leverage the technology for multiple applications.
Innoviz has previously formed partnerships with major automakers such as BMW and Volkswagen, as well as tier-1 supplier Magna. At CES, Innoviz also showcased the InnovizTwo LiDAR, which it claims offers a 30x performance improvement over the InnovizOne and a 70% cost reduction. With the growing adoption of autonomous vehicles, LiDAR technology is expected to be high in demand as major auto OEMs including Mercedes-Benz, Nissan, BMW, Stellantis, Volkswagen and Volvo plan to use it.
NVIDIA is partnering with Hyundai Motor, BYD and Polestar to offer a cloud gaming experience through its NVIDIA GeForce NOW service for cars. GeForce users will be able to access over 1,000 paid and free games through this service. While video games are not new in cars, the addition of GeForce will provide a more PC-like gaming experience. This will also drive the trend of cellular connectivity in the passenger vehicle market, as cloud gaming will require embedded 4G or 5G connectivity.
10. Google launches HD maps, partners with Volvo, Polestar
Google announced that it would make HD maps available for Level 2+ autonomous vehicles. The Volvo EX90 and Polestar 3 will use Google’s HD maps service in addition to Google’s Android Auto solution. While Google is gaining some traction in the automotive sector through its Android Auto offerings, it will face strong competition from existing players like HERE and TomTom whose offerings in HD maps and other related services are helping them maintain leadership in the location platform market. To compete with these leading players and local players like Amap, Navinfo, Naver, MapmyIndia and Zenrin, Google is seeking to enhance the user experience in this segment.
Southeast Asia’s electric vehicle sales grew 35% YoY in Q3 2022.
The top five brands accounted for almost 67% of the region’s passenger EV sales.
The sales are expected to cross 3.5 million units by 2030 at a CAGR of 124%.
New Delhi,London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – December 21, 2022
Passenger electric vehicle (EV*) sales** in Southeast Asia (SEA)# grew 35% YoY in Q3 2022, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. Thailand registered the highest EV sales volume in the region, capturing almost 60% share, followed by Indonesia and Singapore. Battery EVs (BEVs) constituted 61% of the sales and plug-in hybrid EVs (PHEVs) the rest. The top five brands accounted for almost 67% of the EV sales in SEA. Wuling emerged as the best-selling EV brand followed by Volvo and BMW.
Commenting on the market dynamics, Research Analyst Abhilash Gupta said, “Although the passenger EV sales in SEA are small compared to other regions, the demand is gradually increasing. Currently, EV sales are just a tad over 2% of total passenger vehicle sales in the region. Many OEMs are setting up or are planning to set up manufacturing plants across the region due to favorable policies, subsidies and incentives by major SEA countries like Thailand, Indonesia, Singapore and Malaysia.”
Market summary
Thailand’s EV market has grown tremendously this year, making it SEA’s undisputed EV leader. The country grabbed almost 60% of EV sales in SEA in Q3 2022. It aims to achieve 100% domestic sales from BEVs by 2035. Subsidies, excise duty waivers and import tax reductions have put Thailand on the right path in its EV journey.
Indonesia took 25% share in the SEA passenger EV market sales for Q3 2022. Also, during Q3, the country registered its highest EV sales volume till now. The Wuling Air EV model launched during this quarter became an instant hit here and was the best-selling EV model. Recently, many companies have announced plans for setting up EV battery production units in Indonesia, which is in line with the country’s target to build 140 GWh of battery capacity by 2030. Indonesia is a major player in vehicle production in SEA.
Singapore, another growing EV market, captured almost 12% share of the SEA EV sales. It has a target to achieve 100% zero-emission vehicle sales by 2030 and has introduced various incentives, policies and schemes to increase EV adoption. Alongside, it is also trying to develop a well-connected network of 60,000 charging points by the end of this decade.
Malaysia only had a 3% share in the SEA EV market in Q3 2022. Nonetheless, the Malaysian government is supporting the adoption of EVs and has exempted EVs from road, import, excise and sales taxes. Further push to develop charging infrastructure will boost EV sales.
Vietnam announced zero registration fee for EVs in March 2022. Vinfast, the major EV brand, recently discontinued its ICE models to focus on EVs. The future looks promising for the EV market to flourish in Vietnam.
Commenting on the market outlook, Senior Analyst Soumen Mandal said, “The SEA region’s automotive sector is mainly occupied by Japanese OEMs. However, with the shift in focus to EVs, they are facing stiff competition from the Chinese, South Korean and few local players. Affordability remains a major bottleneck for the region’s EV growth. But the scenario is changing with the availability of some cheaper EV options by Wuling, BYD, GWM and SAIC. Unlike developed EV markets such as the US and Europe, low-priced EV options are gaining popularity in emerging markets like Thailand and Indonesia. According to Counterpoint’s Global Passenger Vehicle Forecast, the SEA EV market is expected to grow at a fast pace and by the end of this decade EV sales are expected to cross the 3.5-million mark at a CAGR of 124%.”
*For EVs, we consider only BEVs and PHEVs. This study does not include hybrid EVs and fuel cell vehicles (FCVs).
**Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.
#SEA here includes Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
LiDAR shipments are expected to cross 100 million units by 2030 driven by the automotive industry. The increase in demand for LiDAR will match the increase in demand for ADAS and automated driving in passenger cars and robotaxis. As the number of LiDAR sensors per car increases, reaching a likely maximum of eight units to enable fully autonomous driving, the LiDAR market is expected to grow at a CAGR of 65.9% to reach $15 billion by 2030.
Level 3 and above automated driving will require a fusion of LiDAR, radar and camera sensors. While a few companies, like Tesla and Wayve, will look to make autonomous driving successful without LiDAR, most car manufacturers, like Mercedes-Benz, Nissan, BMW, Stellantis, Volkswagen and Volvo, have already announced their intention to include LiDAR in their sensor suites for ADAS/AD in upcoming car models.
The biggest threat to LiDAR comes from alternative technologies such as cameras and machine vision. A small number of companies believe that vision-based systems are sufficient to support autonomous driving. This can hamper the growth of LiDAR as the cost of switching to cheaper vision-based solutions is relatively low.
Automotive LiDAR market
The current LiDAR market is crowded as more than 70-80 companies are operating globally, targeting different industries and regions. From 2020 onwards, a total of nine companies – Velodyne, Luminar, Aeva, Ouster, Innoviz, Aeye, Indie Semiconductor, Quanergy and Cepton – have announced listing of stocks through SPAC mergers.
Valeo’s Scala is the world’s first mass-produced LiDAR for cars. In 2021, Mercedes-Benz and Honda introduced Level 3 models S-Class and Legend respectively. Both are equipped with Scala LiDAR. Since 2017, Valeo has shipped more than 170,000 LiDAR units.
According to a Counterpoint study, the value of the automotive LiDAR market reached around $100 million in 2021 as car companies including Toyota, Honda and Chinese companies like Xpeng launched models equipped with LiDAR. Many car OEMs have signed deals with LiDAR suppliers for their upcoming models. Chinese automakers are at the forefront in entering such partnerships.
Future of automotive LiDAR market
According to Counterpoint’s Global Autonomous Passenger Vehicle Forecast, by 2025, 10% of the new cars sold globally will have Level 3 driving capabilities. Developed markets like the US and Europe will have a higher percentage of Level 3 cars and will first see the entry of Level 4 cars (subject to regulatory approval). This suggests LiDAR has a considerable growth opportunity as Level 3 and above cars will reach the mass market in unison by 2030. According to Counterpoint’s Automotive LiDAR Market Trends and Implications, 2022 study, the LiDAR market is expected to grow from $0.1 billion in 2021 to over $15 billion and over 100 million units shipped in 2030.
Conclusion
After the first use of LiDAR in the automotive segment, it took more than five years for LiDAR to make it to a production vehicle and it still has not been successful at achieving broad market penetration. But it is early days and the scope for LiDAR is considerable. We believe that despite the slow initial diffusion, LiDAR adoption will gather pace.
For more insights and analyses on the Automotive LiDAR Market, please refer to Automotive LiDAR Market Trend and Implications, 2022, which captures the current and future LiDAR trends, LiDAR cost, and threats to LiDAR in the automotive industry.
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Commenting on the market outlook, Research Director Jeff Fieldhack said, “If the current growth trajectory continues, annual BEV sales in the US will exceed 1 million units by the end of 2023. However, rising inventories are expected to become a problem for automakers. EV-related investments by auto OEMs are rapidly growing across the North American continent. These investments, which cover EV production ramps, components and battery, and charging infrastructure, have already crossed $100 billion. Most EV brands are preparing to launch new models or update existing models from 2024 onwards. To address the inventory challenges, OEMs will either need to reduce prices or limit production, both of which will hurt their financial performance.”
Future of automotive LiDAR market
