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Optoelectronics Market Insights by 2025

09-26-2019 01:15 PM CET | Tourism, Cars, Traffic

Press release from: MarketsandMarkets

"Optoelectronics Market for Automotive by Devices (LED, Image Sensor, Infrared, Laser Diode, Optocoupler), Application (Position Sensor, Convenience & Climate, Safety, Lighting), Vehicle (PC, CV), EV Type, Aftermarket, and Region - Global Forecast to 2025", 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. The key growth drivers for the market are the increasing awareness regarding vehicle safety and rising demand for luxury and ultra-luxury vehicles.

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Some of the key manufacturers operating in the market are Osram (Germany), Hella (Germany), Texas (US), Broadcom (US), and Vishay (US).

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.

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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 vehicle safety performance. Also, OEMs are offering vehicles equipped with safety features, which in turn would drive the optoelectronics market.

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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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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Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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