Volvo, a brand renowned for its commitment to safety, distinguishes itself with the inclusion of lidar technology.
Throughout its history, the Swedish automaker has been at the forefront of implementing innovative safety features, such as the three-point seat belt and side-impact airbags.
Luminar Technologies, a startup specializing in self-driving car sensors, will be supplying Volvo with its cutting-edge Iris lidar and Sentinel software. These components will seamlessly integrate with Volvo’s software in the EX90 model.
The lidar system incorporated into the EX90 is an integral part of the vehicle’s road-monitoring system, which also encompasses cameras, radars, and ultrasonic sensors. Volvo proudly boasts that this lidar system is capable of detection pedestrians up to 820 feet away, even at high speeds on the highway.
“The potential impact of lidar on real-life safety is truly remarkable,” remarked Rowan. “Studies have shown that the addition of lidar can reduce the occurrence of severe accidents by up to 20%, while overall crash avoidance can be improved by as much as 9%.”
Leading research firm, IDTechEx, projects that the automotive lidar market will expand to a staggering $8.4 billion within the next decade. This growth will be fueled by the increasing adoption of autonomous vehicles and advanced driver-assistance systems.
Volvo’s decision to include this sophisticated technology as a standard feature sets it apart from its competitors within the industry.
Lidar components for vehicles with Level 2 autonomous capabilities typically start in the range of $1,500 to $2,000. For cars with Level 3 capabilities, lidar systems can even cost more. Despite the higher price tag, Volvo believes that the inclusion of this safety technology will drive the demand for automated services, and provide an additional revenue stream for the company.
Luminar CEO, Austin Russell, heralds Volvo’s choice to incorporate lidar as a “groundbreaking moment for the industry.”
“You don’t have the option of choosing whether to include airbags or seat belts in your vehicle,” he pointed out. “So, why should you have the option to exclude lifesaving technology?”
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
