The ranging principle of lidar can be divided into ToF and FMCW. The former is more advanced in the maturity of the industry chain and has become the main method used in the current market. ToF: Time of flight method, which directly measures the time difference between the emitted laser and the echo signal. FMCW: Coherent ranging method, which linearly modulates the optical frequency of the emitted laser and obtains the frequency difference through coherent frequency rejection of the echo signal and the reference light, thereby indirectly obtaining the flight time to reverse the target distance. Aiming at the ToF principle, from the technical realization path, lidar can be divided into mechanical, mixed solid and pure solid. (Huatai Securities report)

Common light sources for lidar include 3 types: edge-emitting lasers, vertical surface-emitting lasers, and fiber lasers. The factors that need to be considered comprehensively when selecting a light source include: 1. Eye protection, 2. Detection distance, and 3. Comprehensive cost. (Huatai Securities report)

According to Frost & Sullivan’s prediction, the global lidar market will reach USD13.54B by 2025, with a compound growth rate of 64.65% from 2020 to 2025. In terms of market segmentation, in the Robotaxi / Robotruck field, with its commercialization, lidar with high-precision surveying and mapping capabilities is expected to usher in a rapid upswing period. Frost & Sullivan predicts that the global market size is expected to reach USD3.5B in 2025. The compound growth rate from 2020 to 2025 is 80.89%. (Huatai Securities report)

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