Automotive Optoelectronics Market

Global Automotive Optoelectronics Market is estimated to grow at a CAGR of 14.2% during the forecast period (2022-2030). Growing number of automobiles is estimated to drive the growth of the market.

It is estimated for the global optoelectronics market to witness growth at a CAGR of 14.2% during the forecast period of 2022 to 2030. Growth in the number of automobiles across the globe is estimated to boost the growth of the market during the forecast period. Optoelectronic devices are usually integrated into the case of automotive safety systems including night vision systems wherein active infrared or passive infrared systems are utilized to raise the distance a driver can see beyond the reach of headlights or also in poor driving conditions.

Global Optoelectronics Market - Overview

The use of optoelectronic devices in a wide range of arenas including that brake lights, puddle lights, hazard lights, warning lights and so on is estimated to drive the growth of the market during the forecast period. The factor also played a major role in the growth of the market during the forecast period of 2018 to 2021.

Apart from this, the growth in the demand for luxury automobiles from developing countries such as Brazil, China and India is also a major factor that is estimated to boost the growth of the market during the forecast period as most of the luxury car manufacturers provide innovative safety options to their customers coupled with options for customization which boosts the demand for global Automotive Optoelectronics market.

However, the increase in the prices of LED lights due to the rising cost of raw materials such as aluminium, automotive plastics, electronic components, steel and other resin material are the factors that are estimated to slow down the growth of the market during the forecast period of 2022 to 2030.

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Key Market Trends

The inorganic compound semiconductors assure enhanced mechanical, optical and electrical features and this factor is estimated to drive the growth of the market during the forecast period.

The growth in the demand for luxury automobiles from developing countries such as Brazil, China and India is also a major factor that is estimated to boost the growth of the market during the forecast period as most luxury car manufacturers provide innovative safety options to their customers coupled with options for customization which boosts the demand for global Automotive Optoelectronics market.

Owing to the rise in demand for luxury vehicles along with growing awareness regarding safety systems among customers, the market of Asia Pacific is projected to be the most lucrative market for automotive optoelectronics during the forecast period.

Global Automotive Optoelectronics Market- Segmental assessment

By vehicle type
• Passenger vehicle
• Light commercial vehicle
• Heavy commercial vehicle
• Others

By product
• LED's
• Infrared component
• Laser diodes
• Optocouplers
• Others

By sales channel
• OEM
• Aftermarket
• Others

By application
• Position sensors
• Convenience and safety
• Backlight control
• Others

Asia Pacific region to witness growth at a the fastest pace

Owing to rise in demand for luxury vehicles along with growing awareness regarding safety systems among customer, the market of Asia Pacific is projected to be the most lucrative market for automotive optoelectronic during the forecast period. The growth in the demand for luxury automobiles from developing countries such as India, China and Korea are estimated to boost the growth of the market during the forecast period.

Competitive Landscape

Some of the prominent companies operating in the market are

• Avago Technologies
• FOSP Optoelectronics Co Ltd
• Foryard Optolectronics Co
• Osram Licht AG
• Sharp Corporation
• Koninklijke Philips
• V. Texas Instrument Inc
• Autoliv Inc
• OSI Optolectronics AS
• Vishay Intertechnology

Major questions answered in this report

• What is the growth rate of the global Optoelectronicss market?
• What are the primary growth determinants of the market?
• Which are the major regions constituting the geographical landscape of the market?
• Which are the prominent companies operating in the market?

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Key takeaways from the report

• It is estimated for the global Optoelectronics market to witness growth at a CAGR of 14.2% during the forecast period of 2022 to 2030. Growth in the number of automobiles across the globe is estimated to boost the growth of the market during the forecast period.
• The growth in the demand for luxury automobiles from developing countries such as Brazil, China and India is also a major factor that is estimated to boost the growth of the market during the forecast period as most of the luxury car manufacturers provide innovative safety options to their customers coupled with options.
• The increase in the prices of LED lights due to rising cost of raw materials such as aluminum, automotive plastics, electronic components, steel and other resin material are the factors that are estimated to slowdown the growth of the market during the forecast period of 2022 to 2030.
• Asia Pacific is projected to be the most lucrative market for automotive optoelectronic during the forecast period.

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