The 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.
Market Dynamics-
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
Restraints
1 Easily Available and Affordable Substitutes for the Technology
Opportunities
1 Increasing R&D in the Field of Optoelectronics Technology
2 Rising Demand for Electric Vehicles
3 Advent of Semi-Autonomous and Autonomous Vehicles
Challenges
1 Aftermarket Installation
2 High Raw Material Cost
“High demand and increasing sales of luxury and ultra-luxury vehicles are likely to drive the automotive optoelectronics market”
The automotive optoelectronics market is estimated to be USD 3.88 billion in 2018 and is projected to grow at a CAGR of 14.13% during the forecast period, to reach a market size of USD 9.80 billion by 2025. The increasing sales of luxury and ultra-luxury vehicles would drive the growth of automotive optoelectronics market. However, the high cost of raw material is inhibiting the growth of the automotive optoelectronics market.
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“The passenger car segment is estimated to be the largest segment of the automotive optoelectronics market, by value”
The passenger car segment is estimated to be the largest segment, by value, of the automotive optoelectronics market from 2018 to 2025. The increasing focus of vehicle manufacturers on R&D activities to enhance the safety and lighting application is fostering the growth of automotive optoelectronics market.
“North America is estimated to account for the largest market share and Asia Pacific is estimated to be the fastest growing region in the automotive optoelectronics market”
The North American market for EV segment is estimated to have the largest share, by value, of the automotive optoelectronics market during the forecast period. Increasing number of optoelectronics components in EVs, coupled with the high demand for safety features, is likely to drive the North American EV optoelectronics market. The manufacturers of EVs such as Tesla (US), Waymo (US), and Toyota (Japan) have introduced various EVs, thereby pushing the growth of the optoelectronics market. The Asia Pacific market is estimated to grow at the highest CAGR, by value, during the forecast period from 2018 to 2025. The increase in installation of LED for various safety applications in countries such as China, India, Thailand, and others would drive the automotive optoelectronics market in the region.
The automotive optoelectronics market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Osram (Germany), Hella (Germany), Texas (US), Broadcom (US), and Vishay (US).
