Automotive Optoelectronics Market is estimated to be USD 3.88 billion in 2018 and is projected to reach a market size of USD 9.80 billion by 2025, growing at a CAGR of 14.13% during the forecast period. The major factors driving the growth of the global automotive optoelectronics market are the increase in sales of luxury and ultra-luxury vehicles and high demand for LEDs lighting and safety application.
Objectives of the Optoelectronics Market Report
- To define, describe, and project the automotive optoelectronics market (2018–2025), in terms of value (USD million)
- To provide detailed information regarding the major factors influencing the growth of the automotive optoelectronics market, such as drivers, restraints, opportunities, and industry-specific challenges
- To analyze and forecast the automotive optoelectronics market and estimate the market size, by value, based on devices, application, EV type, vehicle type, market channel type, and region
- To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product developments, and expansions.
Target Audience of Optoelectronics Market
- Automotive optoelectronics manufacturers
- Raw material suppliers
- Component manufacturers
- Distributors and suppliers of automotive optoelectronics components/parts
Key Players in the Optoelectronics Market Are:
- Osram (Germany)
- Texas (US), Vishay (US)
- Broadcom (US)
- Hella (Germany)
- Magneti Marelli (Italy)
The LED segment is estimated to be the fastest growing market in the automotive optoelectronics market during the forecast period, by devices
The LED segment is estimated to be the fastest growing segment, by value, of the automotive optoelectronics market during the forecast period. The high demand for aesthetic lighting to improve the comfort and safety inside the vehicle for the occupants is governing the growth of LED segment devices.
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The safety application segment is estimated to be the fastest growing market in the automotive optoelectronics market during the forecast period, by application
The safety segment is estimated to witness the highest growth because of the rising demand for safety features by consumers to enhance the vehicle safety performance. Also, OEMs are offering vehicles equipped with safety features, which in turn would drive the optoelectronics market.
Asia Pacific is estimated to be the fastest growing regional market for automotive optoelectronics market
The Asia Pacific region is projected to be the fastest growing market for automotive optoelectronics during the forecast period. The market growth in the region can be attributed to the rapid growth of the automotive sector in countries such as China, Japan, India, and South Korea. Moreover, the improved lifestyle of consumers and rapid urbanization have boosted the demand for passenger cars and commercial vehicles, thus, driving growth of the automotive optoelectronics market in the region.
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