Automotive Optoelectronics Market to Record Sturdy Growth by 2024

Automotive optoelectronics deals with application of electronic system and devices in automobiles, which use, detect and control light. Optoelectronics is increasingly being used in modern cars for advanced automated services. Automated headlights for better visibility, automatic brakes for higher safety, advanced driving assistance systems, night vision systems and active or passive infrared systems are some of the major applications of automotive optoelectronics in automobiles. The major components of automotive optoelectronics are infrared emitters, photo detectors, LEDs, solid state relays, optical interrupters and ambient light sensors. Infrared emitters are used in night time illumination for heads-up displays, occupant sensing arrays, driver assist systems and rain sensors. Ambient light sensors allows the headlights, backlights and other automotive systems to sense and respond to light just like a human eye. Optical interrupters are used for gear shift position sensors, climate and radio control knobs, and in steering wheel sensor.

The automotive optoelectronics market can be classified by components, by application and by geography. The component segment can be classified into infrared emitters, photo detectors, LEDs, solid state relays, optical interrupters and ambient light sensors. By application, the market can be segregated as passenger vehicles, light commercial vehicles and heavy commercial vehicles. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

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The growth in the global automotive optoelectronics market is directly related to the growth of the global automobiles market. In addition, increasing production and usage of hybrid and electric vehicles are set to increase the application areas of automotive optoelectronics, globally. Therefore, with the increasing sales of automobiles globally, the demand for automotive optoelectronics are set to grow.

In regions such as Asia Pacific and Latin America, an immense rise in the usage of passenger vehicles is expected over the forecast period, which is set to bolster the growth of the automotive optoelectronics market in such areas. In addition, economic reforms in countries coupled with growth in the automotive sector and increasing private equity investments in automotive optoelectronics manufacturing companies are crucial factors influencing the growth of global automotive optoelectronics market. Rising concern for road safety and increasing stringent automobile standards and guidelines is another major driving factor for the automotive optoelectronics market.

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In the automotive optoelectronics market, Asia Pacific holds the largest market share in terms of revenue followed by Europe, North America, Latin America and, Middle East and Africa (MEA). In the Asia Pacific region, countries such as China and India has been witnessing heavy demand and production for passenger vehicles.

This in turn is increasing the application of automotive optoelectronics in passenger vehicles of above mentioned countries. The market in North America and Europe tends to be a bit saturated but the market is expected to remain stable during the forecast period. By the end of the forecast period, Middle East and Africa, and Latin America are expected to show significant growth, considering the growth in automotive sector and rising demand for passenger and commercial vehicles in the regions.

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The report also provides company market share analysis of the various industry participants. Acquisition is the main strategy being widely followed by leading market players. In case of an acquisition, the acquirer takes advantage of existing synergies. As a result, both companies are expected to emerge more profitable and stronger than before. Key players in the global automotive optoelectronics market have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: Osram Licht AG, Avago Technologies, Sharp Corporation, Texas Instrument Inc., Koninklijke Philips N.V., Autoliv Inc., FOSP Optoelectronics Co Ltd., Foryard Optolectronics Co., Vishay Intertechnology and OSI Optolectronics AS among others.

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