PALO ALTO, Calif., July 10, 2024 /PRNewswire/ -- For the third consecutive year, Hesai Technology (Nasdaq: HSAI) has secured the top ranking among automotive lidar companies in terms of market share, as awarded by Yole Group, an international market research and strategy consulting company, in its recent "Lidar for Automotive 2024" report. The report highlights the rapid expansion of the lidar industry and reaffirms Hesai's continued leadership position in the global lidar market.
Hesai Tops the Automotive Lidar Ranking Globally
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.
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.
Hesai is Named No.1 Global Automotive Lidar Company
Hesai Leads ADAS Passenger Car and Robotic Car Markets
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 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.
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.
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 is the Only Lidar Company to Achieve Positive Cash Flow
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 (Nasdaq: HSAI) has established strong relationships with leading automotive OEMs, autonomous vehicle, and robotics companies worldwide, covering over 40 countries. It is the global leader in three-dimensional light detection and ranging (lidar) solutions. 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.