The Automotive LiDAR Market is expected to reach 28.2% during the forecast period. The COVID-19 outbreak has affected industries across the globe. The automotive industry is one of the significant adopters of LiDAR. The outbreak has resulted in shutdown of various production plants impacting the demand. Semiconductor materials scarcity has further aggravated the situation.
The China Association of Automobile Manufacturers revised its predictions for 2020, forecasting a 10% drop in sales for the first half of the year and 5% for the full year, on account of the coronavirus outbreak According to the SMMT, car output would fall by 18% in 2020 as a result of COVID-19 closing all major UK plants.
The competitive rivalry in this industry is primarily dependent on sustainable competitive advantage through innovation. The market penetration of this technology is moderate, with many industries exploring the potential of this technology. This is providing an opportunity for companies to attract new markets, thus driving the competition. The levels of marketing and advertising in this industry are high, while the firm concentration ratio is moderate and growing.
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