The efficient remote sensing technology called LiDAR is at the core of autonomous driving and other disruptive technologies, such as augmented reality. The application is used in several industries, making manufacturers Velodyne Lidar (VLDR) and Innoviz Technologies (INVZ) enticing bets today. But which of these two names has the potential to deliver market-beating gains consistently to investors? Read on to find out.LiDAR, or Light Detection and Ranging technology, is fast gaining traction in the autonomous vehicle industry, in addition to verticals such as augmented reality. Several electric vehicles (EVs) as well as legacy automobile manufacturers will adopt this technology in the future, making companies that participate in this market solid long-term bets.
The lidar market is forecast to grow at a 22.7% annual clip to hit $6.71 billion by the end of 2026. The technology could very well be the catalyst of the fourth industrial revolution, at least in the autonomous driving segment.
With these factors in mind, let’s evaluate which LiDAR stock—Velodyne (VLDR) and Innoviz Technologies (INVZ)—one should buy right now.