The automotive optoelectronics market is projected to grow at a CAGR of 14.13% during the forecast period, from an estimated market size of USD 3.88 billion in 2018 to USD 9.80 billion by 2025. The increased demand for high-end vehicles equipped with safety features is driving the market of automotive optoelectronics. Along with this, the leading OEMs are also adopting collaboration strategies with local optoelectronics players to expand their product base and customers. These factors are driving innovations in automotive technologies and products for optoelectronics market.
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The leading players in the automotive optoelectronics market are Osram (Germany), Hella (Germany), Texas (US), Broadcom (US), Vishay (US), Magneti Marelli (Italy), and Grupo Antolin (Spain). Vishay is one of the major automotive optoelectronics suppliers and is engaged in developing advanced optoelectronic components for various automotive applications. In May 2018, Vishay introduced its first Automotive Grade phototransistor optocoupler, which is capable of a high current transfer ratio (CTR), with a low forward current of 5 mA in the compact SOP-4 mini-flat package.
Scope of the Optoelectronics Market Report
Optoelectronics Market, By Devices
- Image Sensor
- IR Component
- Laser Diode
Optoelectronics Market, By Application
- Position Sensor
- Convenience & Climate
- Backlight Control
Available Customizations of Optoelectronics Market
MarketsandMarkets offers the following customizations for this market report:
- Additional country level analysis of automotive optoelectronics market
- Profiling of additional market players (up to 3)
- Competitive Leadership Mapping (Micro-quadrant)
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High demand and increasing sales of luxury and ultra-luxury vehicles
The improving global economic conditions have changed the overall lifestyle of consumers. With increasing disposable income, the demands of consumers have changed in line with new lifestyles, leading to a change in their preferences. This has positively affected the sales of luxury and ultra-luxury cars across the globe. The difference in lifestyle is noticeable, especially in developing countries such as China and India.
The LED devices segment is projected to register the fastest growth, in terms of value, in the automotive optoelectronics market during the forecast period. The growth of the LED segment can be attributed to the increasing demand for ambient lighting to enhance the comfort & convenience in the vehicle.
By application, the safety segment is expected to register the fastest growth, by value, in the automotive optoelectronics market during the forecast period. The increasing number of safety mandates by several governments across the globe along with the high consumer preference for safety applications is driving the growth of the automotive optoelectronics market.
North America accounts for the largest market share in the automotive optoelectronics market, followed by Europe and the Asia Pacific region. The demand for high-end, fast, and technologically advanced optoelectronics is high in the North American region. The US holds the maximum share of the North American market for automotive optoelectronics. Factors such as the rising demand for advanced features to improve vehicle safety performance with comfort & convenience, coupled with the increasing integration of advanced driving functions, have collectively boosted the demand for the optoelectronics market.
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