Dual propulsion from intelligent driving and robotics! The lidar industry has quietly surged, with this company rising over 180% this year.

Riding the wave of advancements in autonomous driving and robotics, the LiDAR industry is quietly rising in the capital markets, becoming a key driving force behind the stock price increases of related companies.

Specifically, since the beginning of this year, in the U.S. stock market, $Aeva Technologies(AEVA.US)$ 、 $Ouster(OUST.US)$ 、 $AEye(LIDR.US)$ and $Hesai(HSAI.US)$ companies have shown impressive stock performance. Among them, Aeva peaked with an increase of over four times; as of the time of writing, its cumulative rise for the year still stands at 180%; Ouster's increase has also surpassed 140%, while AEye's stock price has doubled, and Hesai has risen nearly 90%.

LiDAR is at the forefront; what are the strong driving forces behind it? What key companies should be the focus for the next phase of investment? We will analyze these one by one.

What are the strong driving forces behind LiDAR standing at the forefront?

LiDAR (Light Detection and Ranging) is often referred to as the "eye of the machine," as it can measure three-dimensional spatial information with high precision, providing machines with sensory capabilities akin to human eyes, particularly achieving accurate perception in the fields of autonomous driving and robotics.

UBS Group's latest research report predicts that the global LiDAR market will expand from $1.3 billion in 2025 to $6.5 billion in 2030, with a compound annual growth rate of 37%, primarily driven by the following factors:

1) Accelerate the penetration of Advanced Driver Assistance Systems (ADAS) and increase the number of LiDAR units per vehicle;

2) Rapid development of autonomous driving;

3) Application of LiDAR in robotics, especially in robotic lawn mowers (RLM).

In terms of pricing, the institution believes that the downside risks during the 2025-2030 period appear manageable because:

1) The cost reductions brought about by system integration and technological advancements are expected to slow down compared to historical trends;

2) As entry-level LiDAR prices have fallen to around $200, LiDAR is now even affordable for economy cars, thus the institution anticipates a moderation in price-cut requests from original equipment manufacturers (OEMs).

Overall, driven by intelligent driving and the robotics industry, combined with continuous cost reductions, the LiDAR market is experiencing explosive growth.

Which companies are worth paying attention to?

Fellow investors have summarized the current LiDAR-related companies in the Hong Kong and U.S. stock markets for reference:

In this article, we will introduce the more popular LiDAR companies in the U.S. market. $Aeva Technologies(AEVA.US)$ 、 $Ouster(OUST.US)$ 、 $AEye(LIDR.US)$ and the two leading players in China's lidar market $Hesai(HSAI.US)$ and $ROBOSENSE(02498.HK)$ 。

First, before introducing the companies, investors need to understand that lidar technology primarily consists of Time of Flight (ToF) and Frequency Modulated Continuous Wave (FMCW).

According to the distance measurement methods, lidar can be divided into Time of Flight (ToF), Frequency Modulated Continuous Wave (FMCW) based on coherent detection, and triangulation methods. Among these, the ToF and FMCW methods can achieve measurement ranges of 100 to 250 meters under outdoor sunlight and are widely regarded as the preferred solutions for onboard lidar.

Currently in the market, ToF is the mainstream solution for onboard mid-to-long range lidar. With the maturation of FMCW lidar technology, it is likely that a coexistence of ToF and FMCW lidar will emerge in the future market, providing a more comprehensive solution for the development of autonomous driving technologies.

Among the five companies to be introduced today, only Aeva is a pure player in FMCW technology; Ouster, AEye, and RoboSense all have core mass production products based on ToF technology. Hesai Technology is currently the only company mass producing ToF technology on a large scale while also officially launching FMCW products, marking a transitional phase between the two technologies.

Specifically:

1. Next-generation sensing and perception system leader—Aeva Technologies

$Aeva Technologies(AEVA.US)$ Aeva Technologies has shown outstanding market performance in 2025, with its stock price soaring from approximately $4.75 at the beginning of the year to $38.80 by June 30, marking a staggering increase of 716%. This strong performance not only secures its position at the top of the LiDAR field but also establishes it as a focal point in the autonomous driving technology sector.

Founded in 2017, Aeva Technologies is a Silicon Valley startup that has rapidly risen to prominence with its revolutionary "chip-scale 4D LiDAR" technology, having secured early investments from Volkswagen Group and established partnerships with industrial giants such as Daimler Trucks and Nikon.

Aeva's main product is FMCW LiDAR. This product is also the primary driver behind the significant rise in the company's stock price. Compared to traditional LiDAR solutions, FMCW represents a groundbreaking next-generation perception technology expected to address several critical challenges faced by autonomous driving and advanced driver-assistance systems (ADAS).

The core advantage of FMCW LiDAR lies in its unique detection mechanism. Unlike traditional time-of-flight (ToF) LiDAR, FMCW emits laser beams with continuously varying frequencies and analyzes the frequency difference of the reflected signals to simultaneously calculate distance and speed. This method not only achieves millimeter-level high-precision ranging but also directly acquires instantaneous speed information of the target object—a capability that traditional ToF technology cannot directly achieve. Aeva's 4D LiDAR is based on this principle and can synchronously output high-resolution position and velocity information, providing more comprehensive environmental perception for autonomous vehicles.

Another significant advantage is FMCW's strong anti-interference capability. In dense traffic scenarios with multiple vehicles, traditional ToF LiDAR is easily affected by signals from other on-board LiDAR. However, FMCW, due to its unique frequency modulation method, can effectively distinguish its own signals from external noise, thereby maintaining high reliability even in signal-dense environments—something crucial for the large-scale deployment of future autonomous vehicle fleets.

Furthermore, FMCW technology excels under adverse weather conditions. Rain, snow, fog, and other weather conditions can significantly scatter laser pulses, reducing the detection performance of ToF systems. The coherent detection mechanism employed by FMCW exhibits greater tolerance to signal attenuation, allowing it to maintain stable operation in more challenging meteorological environments, further enhancing the safety of autonomous driving systems in all-weather scenarios.

The FMCW+OPA LiDAR solution adopted by Aeva, with its excellent anti-interference capability, miniaturized design, high precision, and high reliability, perfectly aligns with the iterative direction of the LiDAR industry. Consequently, Aeva has successfully secured multiple orders and achieved rapid mass production, marking a significant event in the industry.

In March of this year, Aeva reached its first major breakthrough: successfully entering the supply chain system of one of the world's top ten passenger car manufacturers, participating in the design and development of its new automotive platform. Subsequently, the company formed partnerships with the autonomous vehicle fleet Inyo and received strategic investments and product orders from an LG subsidiary, further expanding its market influence.

It is noteworthy that FMCW LiDAR is not only used for autonomous driving; Aeva is also aggressively targeting the industrial automation market. The company's EVE ONE sensor series has also gained favor in industrial inspection, robot navigation, and other scenarios.

However, Aeva Technologies currently has a market capitalization of less than $1 billion, and small-cap stocks can experience significant volatility; investors should proceed with caution.

2. Ouster - The largest lidar company in the United States

$Ouster(OUST.US)$ Ouster is a U.S. lidar technology company that provides high-resolution digital 3D lidar sensors, used extensively in automotive, industrial, robotics, and smart infrastructure applications. Ouster is currently utilizing Time-of-Flight (ToF) lidar. This year, it has recorded a cumulative increase of up to 140%.

By focusing on industries outside of automotive, Ouster is rapidly becoming a leader in the lidar sector. The company has begun to report substantial manufacturing orders in the robotics field and has made progress in software, hoping to steer sales growth towards higher targets.

Noteworthy, Ouster has also entered the drone market, with the U.S. Department of Defense selecting Ouster's OS1 digital lidar sensor for Unmanned Aircraft Systems (UAS) and listing it on the Defense Innovation Unit's 'Blue UAS' compatible components list, marking a significant milestone for the company in defense-grade drone technology.

The OS1 is currently the only high-resolution 3D lidar selected for this list, having demonstrated significant advantages in size, power consumption, and durability through rigorous testing. This achievement not only establishes Ouster's technological edge over competitors but also indicates that its sensors meet strict military standards, including cybersecurity and defense-grade performance.

Following recognition from the Pentagon, Ouster is expected to further accelerate its business expansion in the defense and public sector markets. The company's sensors have been trialed by institutions such as the U.S. Army and NASA, and receiving official recognition in the defense domain is anticipated to bring more military contracts and a consistent revenue stream, while also enhancing investor confidence in its long-term growth prospects.

However, Ouster's current challenge lies in its losses and insufficient scale, having recorded a net loss of $21 million in Q2.

3. AEye - A Pioneer in High-Performance Lidar Technology

$AEye(LIDR.US)$ AEye is a supplier of high-performance, active lidar systems for vehicle autonomous driving, Advanced Driver Assistance Systems (ADAS), and robotic vision applications. This company has recorded a cumulative increase of over 140% this year.

The main reason driving this year's rapid growth is that the company's flagship product, the Apollo LiDAR, has been integrated into NVIDIA's DRIVE AGX platform. This platform is a crucial component of NVIDIA's highly acclaimed autonomous vehicle ecosystem.

AEye stated that NVIDIA's certification allows the company to directly connect with leading global automotive manufacturers, who are currently collaborating with NVIDIA to jointly develop autonomous driving and next-generation driver assistance technologies. This represents an important step for AEye to apply its technology to millions of passenger vehicles in the coming years.

4. Hesai - A Domestic LiDAR Giant

$Hesai(HSAI.US)$ Hesai Technology is a global leader in autonomous driving and advanced driver assistance systems (ADAS) LiDAR. As a leading player in the LiDAR industry, the company empowers safer and smarter autonomous driving and robotic applications through high-definition three-dimensional perception technology, with patent achievements spanning worldwide, continuously pushing the boundaries of LiDAR technology. The company's stock has risen by over 90% this year.

In terms of core business, Hesai Technology has made significant progress in both the ADAS (Advanced Driver Assistance Systems) and robotics LiDAR sectors.

Specifically, in the second quarter, Hesai delivered a total of 352,100 LiDAR units, marking a year-on-year increase of 306.9%. Among these, the delivery volume for ADAS was 303,564 units, reflecting a year-on-year growth of 275.8%. In the first half of the year, the total delivery volume for Hesai's LiDAR reached 547,900 units, up 276.2% year-on-year, surpassing the total for the entire year of 2024. Of this, the ADAS delivery volume amounted to 449,700 units, showing a year-on-year increase of 237.5%.

As a fundamental tool for AI to perceive the physical world, LiDAR provides robots with a three-dimensional vision that enables direct "touch" with the world. In the second quarter, Hesai delivered 48,500 units in the robotics sector, representing a significant year-on-year growth of 743.6%. For the first six months of 2025, Hesai's delivery in the robotics domain reached 98,300 units, reflecting a year-on-year increase of 692.9%, confirming that Hesai LiDAR is becoming the preferred choice among leading global robotics manufacturers.

Interestingly, in January 2025, Hesai continued to launch the JT series, JT16, and JT128, establishing its footprint in the robotics sector. Currently, the JT series primarily serves smart lawnmower robots and Agtonomy's unmanned agricultural vehicles (with a focus on JT16 shipments), and it has yet to be applied to industrial robots or humanoid robots in broader areas.

In the lawnmower robot scenario, Hesai's JT series exceeded 100,000 units in cumulative deliveries within less than five months of its launch, setting a record for the fastest delivery globally. In other aspects of embodied intelligence, Hesai has announced deep collaborations with Vitar Power and Star Dynamics to jointly explore new applications.

According to research by QYResearch, the global market size for LiDAR lawnmower robots is expected to be approximately $0.55 billion in 2024 (about 3.95 billion yuan), and it is projected to reach $2.21 billion by 2031 (approximately 15.87 billion yuan). This suggests that LiDAR has the opportunity to break through the threshold of a 10-billion-dollar market once again.

In response to the strong demand for intelligent lawn mowers, Hesai's shipment of LiDAR units in the robotics sector will exceed 0.2 to 0.3 million units in 2025, surpassing the total of the past few years and indicating explosive growth.

Guosheng Securities expressed optimism regarding the robust demand for LiDAR as a 'safety component' for assisted driving and as a visual sensor for robots. They are also optimistic about the potential for monetization driven by cost innovation and operational leverage at Hesai, reiterating a 'buy' rating.

RoboSense - Leading Vehicle LiDAR Manufacturer

$ROBOSENSE(02498.HK)$ RoboSense is a global leader in intelligent LiDAR system technology. The company focuses on complete vehicle LiDAR systems and is developing mobile and operational solutions for robots.

According to a report from Founder Securities, in the rigorous automotive market for mass production and delivery of mobile robots, the company has established partnerships with over 290 automotive manufacturers and tier-one suppliers globally. In the intelligent robot market, the company has provided incremental components and solutions to more than 2,600 clients in the robotics and other industries, with customers spread across more than 40 countries and regions worldwide. The company continuously develops innovative products around the demand of the intelligent robot market, actively serving robot developers and promoting the development of the intelligent robot technology ecosystem.

The company currently offers three main types of products: robot LiDAR, vehicle LiDAR, and solutions.

Robot LiDAR: includes solid-state LiDAR E1R and mechanical LiDAR Airy, among others;

Vehicle LiDAR: includes mechanical LiDAR Ruby Plus, semi-solid LiDAR MX/M1P/EM4, solid-state radar E1, with primary application areas in L4 commercial operations, onboard forward-facing systems, and blind spot detection;

Solutions: include solid-state LiDAR perception fusion solution P6, truth generation & assessment toolchain Reference, intelligent transportation system solutions V2X, etc.

In the Advanced Driver Assistance Systems (ADAS) sector, RoboSense has consistently maintained a leading edge. The YOLE Group's '2025 Global Automotive LiDAR Market Report' indicates that RoboSense captured the largest market share for passenger vehicle LiDAR in 2024 and was the annual sales champion for ADAS LiDAR, as well as the cumulative sales champion for ADAS from 2018 to 2024.

According to a previous research report by Tianfeng Securities, the company, as a leading laser radar firm, is expected to benefit significantly from the increasing penetration of ADAS in the automotive industry's trend toward intelligence. The company's robot business has a solid customer base, with a significant increase in order volume, and is poised to become a new growth point for the company.

Overall, as market demand continues to expand and the intelligent process in the automotive sector deepens, the service robotics and general robotics fields are also experiencing explosive growth, and embodied intelligence is showing vast development prospects. The journey of laser radar is still accelerating, and a wide future is just beginning to unfold.