PALO ALTO, Calif., July 8, 2024 /PRNewswire/ -- Hesai Technology
(Nasdaq: HSAI) has been named the top automotive lidar company by
market share for the third consecutive year by Yole Group, a global
advisory and market analysis firm recognized for its expertise in
the semiconductor, photonic, and electronic sectors. This
achievement comes after a strong year of record-breaking revenue
and shipments, strategic design wins, an expanded product roster
and new partnerships.
Yole Group, an international market research and strategy
consulting company, has released its "Lidar for Automotive 2024"
report, which ranks lidar companies by several key indicators of
success. The report highlights the rapid expansion of the lidar
industry and reaffirms Hesai's continued leadership position in the
global lidar market.
Hesai Named No. 1 Global Automotive Lidar Supplier
Yole Group valued the global lidar market for passenger cars and
robotaxis at $538 million in 2023,
reflecting a 79% YoY increase, largely driven by the strong
dynamics in the passenger car market.
The report identifies Hesai as the top global automotive lidar
supplier with the largest market share by revenue. With strong
involvement in both passenger cars and robotaxis, Hesai holds 37%
of the global lidar market.
Hesai Leads Passenger Car Market Share
The lidar market for passenger cars continues to grow rapidly,
with a 145% growth from 2022. Hesai jumped ahead in 2023 to be one
of the leaders in this space, holding a 26% market share. This
growth can be attributed to an uptick in new OEM partnerships and
Hesai's commitment to creating a safer driving experience through
its advanced technology.
Hesai's robust manufacturing and delivery capabilities have also
contributed to its success. The company has shipped over 300,000
units of ADAS lidar to OEM customers and secured ADAS design wins
with 18 OEMs and Tier 1 suppliers globally, across approximately 70
vehicle models as of Q1 2024.
Yole Group estimates 762,000 lidar were installed in passenger
cars in 2023, which is more than triple the amount in 2022. Hesai
achieved the highest volume of lidar installed in passenger cars as
a result of strong demand from Chinese OEMs such as Li Auto and
Lotus.
The automotive sector continues to evolve with the increasing
integration of lidar technology into intelligent vehicles across a
broader spectrum of price ranges. To navigate this trend, Hesai
maintains dual strategic development pathways for its ADAS product
roadmap: ultimate performance and ultimate value-to-cost. This is
exemplified by its two latest long-range ADAS products, the AT512
and ATX, which provide appealing solutions at different price
points, ensuring that safety becomes a standard feature in every
intelligent vehicle.
Hesai Dominates the Robotaxi Lidar Market
The report also shows Hesai holding the majority of the global
robotaxi lidar market in 2023, with an impressive 74% share of the
$124M market. Hesai continues to hold
strong partnerships with nearly every major robotaxi player.
Hesai Projected to Lead the Market in 2024
With the largest cumulative lidar volume, Hesai has the greatest
potential to lead this market in 2024. Hesai has reported the
strongest revenue amongst its competitors since 2022 and is the
only company to achieve positive cash flow in 2023, giving it a
strong advantage in a competitive landscape.
"We are honored to be recognized by Yole Group as the leader in
the global lidar market for the third year in a row," said
David Li, CEO & Co-Founder of
Hesai. "Our unique R&D and production capabilities allow us to
mass produce high quality lidar at an unparalleled speed. As a
result, Hesai will continue to advance road safety through our
best-in-class products."
"Hesai is paving the way in both the passenger car and robotaxi
lidar markets," said Pierrick
Boulay, Senior Analyst of Yole Group. "The company's
consistent financial performance is a testament to its resilience
in the market and will likely keep the company at the forefront of
the industry for the foreseeable future."
As Yole Group notes, with new design wins and OEM partnerships
in 2024, Hesai's market leadership position is expected to be
further enhanced as more vehicles are scheduled in the coming
years.
Note: The data in this article represents third party
estimates and are not official operational figures of the company.
Please refer to the company's financial report for specific
information.
About Yole Group
Yole Group is an international company recognized for its
expertise in the analysis of markets, technological developments,
and supply chains, as well as the strategy of key players in the
semiconductor, photonics, and electronics sectors.
With Yole Intelligence and Yole SystemPlus, the group publishes
market, technology, performance, reverse engineering, and costing
analyses and provides consulting services in strategic marketing
and technology analysis. Yole Group's Finance division also offers
due diligence assistance and supports companies with mergers and
acquisitions.
Yole Group benefits from an international sales network. The
company now employs more than 180+ people. More information on
www.yolegroup.com
About Hesai
Hesai is the global leader in three-dimensional light detection
and ranging (lidar) solutions. The Company's lidar products enable
a broad spectrum of applications across passenger and commercial
vehicles with advanced driver assistance systems (ADAS) and
autonomous vehicle fleets (autonomous mobility). Hesai's technology
also empowers robotics applications such as last-mile delivery
robots and logistics robots in restricted areas. The Company's
commercially validated solutions are backed by superior research
and development capabilities across optics, mechanics, electronics,
and software. Hesai integrates lidar designs with an in-house
manufacturing process, facilitating rapid product development while
ensuring high performance, consistent quality and affordability.
Hesai has established strong relationships with leading automotive
OEMs, autonomous vehicle, and robotics companies worldwide,
covering over 40 countries as of December
31, 2023.
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SOURCE Hesai Group