Optoelectronics Market Insights by 2025
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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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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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