Hesai Tops the Global Automotive Lidar Ranking for the Third Consecutive Year
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PALO ALTO, Calif., July 8, 2024 ~ In the rapidly expanding world of lidar technology, Hesai Technology (Nasdaq: HSAI) has once again solidified its position as the top automotive lidar company. This achievement marks the third consecutive year that Hesai has been named the leader in market share by Yole Group, a global advisory and market analysis firm renowned for its expertise in the semiconductor, photonic, and electronic sectors.

The announcement comes after a successful year for Hesai, which saw record-breaking revenue and shipments, strategic design wins, an expanded product roster, and new partnerships. These accomplishments have further cemented Hesai's dominance in the lidar industry.

According to Yole Group's "Lidar for Automotive 2024" report, which ranks lidar companies based on key indicators of success, Hesai holds the largest market share by revenue in the global lidar market. The report also values the global lidar market for passenger cars and robotaxis at $538 million in 2023, reflecting a significant 79% year-over-year increase.

Hesai's success can be attributed to its strong presence in both passenger cars and robotaxis. The company holds an impressive 37% share of the global lidar market due to its involvement in these two sectors.

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In particular, Hesai has emerged as a leader in the rapidly growing passenger car market. With a remarkable 145% growth from 2022 to 2023, Hesai now holds a 26% market share in this space. This growth can be attributed to an increase in new partnerships with original equipment manufacturers (OEMs) and Hesai's commitment to creating safer driving experiences through its advanced technology.

Hesai's success is further demonstrated by its robust manufacturing and delivery capabilities. The company has shipped over 300,000 units of ADAS lidar to OEM customers and secured design wins with 18 OEMs and Tier 1 suppliers globally, across approximately 70 vehicle models as of Q1 2024.

In fact, Yole Group estimates that in 2023, there were a staggering 762,000 lidar units installed in passenger cars, more than triple the amount in 2022. Hesai was responsible for the highest volume of lidar installations in passenger cars, driven by strong demand from Chinese OEMs such as Li Auto and Lotus.

As the automotive sector continues to evolve with the integration of lidar technology into intelligent vehicles at various price points, Hesai remains at the forefront. The company has 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 offer appealing solutions at different price points to ensure safety becomes a standard feature in every intelligent vehicle.

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Hesai's dominance extends to the robotaxi market as well. The report shows that Hesai holds an impressive 74% share of the global robotaxi lidar market valued at $124 million in 2023. The company maintains strong partnerships with nearly every major player in this sector.

With its strong financial performance and consistent revenue growth since 2022, Hesai is projected to continue leading the market in 2024. As CEO and Co-Founder David Li stated, "Our unique R&D and production capabilities allow us to mass produce high-quality lidar at an unparalleled speed." This advantage will undoubtedly contribute to Hesai's continued advancement of road safety through its best-in-class products.

Pierrick Boulay, Senior Analyst of Yole Group, also recognizes Hesai's position as a leader in both the passenger car and robotaxi markets. "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," he said.

With new design wins and OEM partnerships expected in 2024, Hesai's market leadership position is only expected to strengthen as more vehicles are equipped with its advanced lidar technology. However, it should be noted that the data in this article represents third-party estimates and are not official operational figures of the company. For specific information, please refer to Hesai's financial report.
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