Northbrook, IL -- (SBWIRE) -- 09/24/2019 -- The Optoelectronics Market for automotive is estimated to be USD 3.88 billion in 2018 and is projected to reach USD 9.80 billion by 2025, at a CAGR of 14.13% from 2018 to 2025.
Growth Drivers:
1 High Demand and Increasing Sales of Luxury and Ultra-Luxury Vehicles
2 Increase in Awareness About Vehicle Safety
3 Long Life and Low Power Consumption of Optoelectronics Devices
The key players in the automotive optoelectronics market are Osram (Germany), Texas (US), Vishay (US), Broadcom (US), Hella (Germany), and Magneti Marelli (Italy).
Opportunities:
Increasing R&D in the field of optoelectronics technology-
The research and development programs in the optoelectronic components market are focused more on the development of technology to meet the growing consumer demand and enabling integration of these devices into various automotive components. Various R&D communities are investigating optical and optoelectronic approaches for high-speed optical computing and next-generation communication networks. These research divisions are also trying to obtain the optimal combination of materials and devices to make functional elements that perform advanced optoelectronic functions, which will ultimately be used in photonic systems.
Rising demand for electric vehicles-
According to the US Environmental Protection Agency, the transportation sector was responsible for nearly 28% of the total greenhouse gas emissions in 2016, becoming one of the leading causes of the increase in global temperature. Hence, various governments are promoting the use of electric vehicles for transportation as they significantly reduce automotive emissions.
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The North American region is projected to be the largest market for automotive optoelectronics by 2025. The increasing production of automobiles and a significant rise in demand for premium segment passenger cars are driving the market growth in this region. The Asia Pacific region is anticipated to register the fastest growth in automotive optoelectronics by 2025. The adoption rate of applications such as safety and lighting in vehicles is expected to show incremental growth in the region in the coming years. The increased adoption rate makes the Asia Pacific region the fastest-growing market during the forecast period.
The passenger car segment is estimated to hold the largest market share during the forecast period. The increasing sales of passenger cars globally are leading to the exponential growth of this market. Also, the growing trend of integrating high-end electronics for in-vehicle features is inflating the demand for automotive optoelectronics.
The LED devices segment is projected to register the fastest growth, in terms of value, in the global 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.
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By application, the safety segment is expected to register the fastest growth, by value, in this 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 market.
By market channel, OE market segment is estimated to be the largest segment of the market during the forecast period. The growth of this segment can be attributed to the offering of features such as ambient lighting, convenience & climate features, and safety features as standard fitment by the automakers. OE is expected to remain an attractive market in the near future due to the increase in demand for such features by the consumers.