According to a new market research report “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”, published by MarketsandMarkets, the 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. The major factors driving the growth of the global Automotive Optoelectronics Market are the increase in sales of luxury and ultra-luxury vehicles and high demand for LEDs lighting and safety application.
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 the 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.
Asia Pacific is estimated to be the fastest growing regional market for Automotive Optoelectronics Market.
The Asia Pacific region is projected to be the fastest growing market for automotive optoelectronics during the forecast period. The market growth in the region can be attributed to the rapid growth of the automotive sector in countries such as China, Japan, India, and South Korea. Moreover, the improved lifestyle of consumers and rapid urbanization have boosted the demand for passenger cars and commercial vehicles, thus, driving growth of the Automotive Optoelectronics Market in the region.
The key players in the Automotive Optoelectronics Market are Osram (Germany), Texas (US), Vishay (US), Broadcom (US), Hella (Germany), and Magneti Marelli (Italy).