Sign up for our weekly emails to stay up to date on the latest news!
For the third year in a row, Hesai Technology (Nasdaq: HSAI) has been recognized as the top global automotive lidar company in market share by Yole Group’s “Lidar for Automotive 2024” report. The report underscores the rapid growth of the lidar industry and confirms Hesai’s dominant position.
Key Highlights
- Hesai holds 37% of the global lidar market.
- Yole Group values the 2023 lidar market for passenger cars and robotaxis at $538 million, a 79% YoY increase.
- Hesai has shipped over 300,000 ADAS lidar units and secured design wins with 18 OEMs and Tier 1 suppliers globally.
- Hesai leads the robotaxi lidar market with a 74% share of the $124 million market.
- Hesai is the only lidar company to achieve positive cash flow in 2023.
Hesai Tops the Automotive Lidar Ranking Globally
Hesai Technology has been named the top global automotive lidar supplier by revenue, with significant involvement in both passenger cars and robotaxis. The company commands 37% of the global lidar market, showcasing its strong market presence and leadership.
Hesai Leads ADAS Passenger Car and Robotic Car Markets
Yole Group’s report estimates that 762,000 lidar units were installed in passenger cars in 2023, more than triple the number from 2022. Hesai led in volume for passenger cars, driven by strong demand from Chinese OEMs like Li Auto and Lotus. The market for passenger cars grew by 145% from 2022, with Hesai holding a 26% market share.
Hesai’s success is attributed to 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, spanning approximately 70 vehicle models as of Q1 2024.
To navigate the evolving automotive sector, 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 offer appealing solutions at different price points.
Hesai Dominates Robotaxi Lidar Market
In the robotaxi lidar market, it holds an impressive 74% share of the $124 million market, maintaining strong partnerships with nearly every major robotaxi player.
Hesai Achieves Positive Cash Flow
Since 2022, the company has reported the strongest revenue among its competitors and is the only lidar company to achieve positive cash flow in 2023. This financial strength gives Hesai a significant advantage in the 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.”
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.
About Yole Group
Yole Group is renowned for its expertise in analyzing markets, technological developments, and supply chains. With divisions like Yole Intelligence and Yole SystemPlus, the group provides comprehensive market and technology analyses, reverse engineering, and strategic consulting services. Yole Group’s Finance division offers due diligence assistance and supports companies with mergers and acquisitions.
About Hesai
Hesai has established strong relationships with leading automotive OEMs and autonomous vehicle companies worldwide. It is a global leader in three-dimensional lidar solutions, known for its superior R&D capabilities and in-house manufacturing processes, ensuring high performance, consistent quality, and affordability.
Sign up for our weekly emails to stay up to date on the latest news!
