The global automotive optoelectronics market accounted for a value of USD 6.1 billion in 2019 and is projected to register growth at a CAGR of 10.1% during forecast period.
COVID-19 has impacted the automotive optoelectronics market. Automotive market has experienced a major hit due to this pandemic and it is expected that after this pandemic, sales of vehicles will be primary concern for OEMs. Due to pandemic there was lockdown all over the world, the companies suffered shutdown because of which the production was stopped. The supply of raw material was on halt which has affected production immensely automotive optoelectronics market is expecting decline due to COVID-19.
For more details, visit: Global Automotive Optoelectronics Market By Device (Laser Diode, IR Component, Others), By Application (Position Sensor, Safety, Others), By Vehicle Type (Trucks, Passenger Car, Others), By Region, Forecast & Opportunities to 2026
The use of LEDs is beneficial for the automotive optoelectronic market. The optoelectronic is also used in hazard lights, puddle lights, brake lights and warning lights etc. The production of automobiles is increasing around the world and this increases the adoption of optoelectronics in automotive and drives growth in automotive optoelectronics market during forecast period.
On the basis of device, the automotive optoelectronics market is segmented into image sensor, IR component, laser diode, LED and optocoupler. The LED device segment is estimated to be fastest growing segment during forecast period. The demand for ambient lighting is increasing as it enhances the convenience in the vehicle. The LED devices provide higher comfort and this increases the adoption of LED devices and drives growth in LED segment during forecast period.
On the basis of application, the automotive optoelectronics market is segmented into position sensor, safety, lighting, convenience & climate and backlight control. The safety segment is estimated register faster growth during forecast period. The number of safety mandates is increasing by governments across various countries around the globe. The preference of consumer is also changing and the demand for more safe application is increasing in vehicles. This drives growth in safety application segment during forecast period.
On the basis of vehicle type, the automotive optoelectronics market is segmented into passenger car, buses, trucks and LCV. The passenger car segment is expected to hold largest market share during forecast period. The sales of passenger cars are increasing across the world and the trend of integrating high-end electronics for in-vehicle features is increasing. This increases the demand for optoelectronics in passenger vehicle segment. Thus, drives growth in passenger vehicle segment during forecast period.
Asia-Pacific region is estimated to be fastest growing segment during forecast period. The adoption of optoelectronics applications such as lighting, safety etc. are increasing in this region. The production and sales of vehicles are immensely increasing in this region. The demand for passenger car is increasing along with the demand for different features. People are looking for various safety features and this increases adoption of optoelectronics devices and drives growth in optoelectronics market in Asia-Pacific region during forecast period.
The key market players in Automotive Optoelectronics sector are Avago Technologies, FOSP Optoelectronics Co. Ltd., Foryard Optoelectronics Co, Osram Licht AG, Sharp Corporation, Koninklijke Philips N.V., Texas Instrument Inc., Autoliv Inc., OSI Optoelectronics AS, Vishay Intertechnology, Hella, Broadcom Stanley Electric, Endicott Research, Proton-Orel, Merck, and Magneti Marelli.
- What are the expected industry trends over the next three to five years?
- Which of the automotive optoelectronics device is likely to lead by 2026?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?