Lidar expert Yole Group highlights Hesai's record-breaking revenue and shipments
PALO ALTO, Calif., July 24, 2023 /PRNewswire/ -- Hesai Technology (NASDAQ: HSAI) has been named the top automotive lidar company for the second 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 another year of rapid growth and important milestones for Hesai, including record-breaking numbers of shipments, exceptional financial results, and strategic design wins.
Yole Intelligence, part of the international market research & strategy consulting company Yole Group, has just released its "LiDAR for Automotive 2023" report, which ranks different companies by several key indicators of success. The report shows the rapid expansion of the lidar industry and confirms Hesai's top position in the global lidar market.
Hesai Named No. 1 Global Automotive Lidar Supplier
Yole Intelligence valued the global lidar market for passenger cars and robotic cars, including robotaxis, at around $317M in 2022, which corresponds to a 95% YoY increase, largely driven by high demands from OEMs in the passenger car market.
The report names Hesai as the No. 1 global automotive lidar supplier with the biggest market share by revenue. With strong growth momentum in both passenger cars and robotaxis, Hesai secures close to half of the total global automotive lidar market.
Hesai Named No. 1 Global Automotive Lidar Supplier
Hesai Ranks No. 1 in the Global Robotic Cars Lidar Market
The report also shows Hesai continuing to lead the global robotic cars lidar market in 2022 with an impressive 67% market share of the $147M market. Hesai's success stems from its strong customer base, including almost every key robotaxi and robotruck player, including major industry names such as Zoox and Aurora.
Hesai Ranks No. 1 in the Global Robotic Cars Lidar Market
Hesai's Strong Robotaxi Customer Base
Hesai Leads the Global Passenger Car Lidar Market
Yole Intelligence reports that the global passenger car lidar market, including ADAS applications for L2+ and L3, is increasing rapidly at an impressive rate of 285% YoY growth. Hesai is already at the forefront with 23% market share by revenue and 31% of the design wins in this market.
With the largest projected shipment of ADAS lidar units, Hesai has the greatest potential to lead this market in 2023. Among the 11 OEM customers that Hesai has secured, 6 will begin shipping by the end of 2023, giving it a strong advantage in a competitive landscape.
Hesai Leads the Global Passenger Car Lidar Market
"We are thrilled to be recognized by Yole Intelligence as the leader in the global lidar market for the second year in a row," said Bob in den Bosch, Senior Vice President of Global Sales. "We've set high targets for growth, development, and strategic wins, and we are happy to see our efforts succeed in the market. Our strength in R&D, our ability to fulfill customer orders, and our capacity to produce lidar for both the ADAS and autonomous mobility markets have allowed us to break shipment records and make lidar ready for mass adoption. We are proud of our ongoing success, and we will continue to make roads safer for everyone."
"Hesai at the forefront in both the passenger car and robotaxi lidar markets," said Pierrick Boulay, Senior Analyst of Yole Intelligence. "Their success in both markets, combined with their strong financial performance, puts them in a position to lead the automotive lidar market this year, and likely for years to come."
2022 has seen the lidar markets at the crossroads as the passenger car lidar market surpassed the lidar market for robotaxis, driven by the accelerating adoption of lidar by OEMs. With the push towards the integration of lidar technologies in affordable vehicles, the lidar market will see even faster growth in a dynamic environment.
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, Yole SystemPlus, and Piséo, the group publishes market, technology, reverse engineering, and costing analyses and provides consulting services in strategic marketing and technology analysis. The Yole Group 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 Technology (NASDAQ: HSAI) 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. As of December 31, 2022, Hesai has shipped over 100,000 lidar units in total. 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 and consistent quality. Hesai has established strong relationships with leading automotive OEMs, autonomous vehicle, and robotics companies worldwide, covering over 90 cities in 40 countries.
