Optoelectronics Market by Osram (Germany), Hella (Germany), Texas (US), Broadcom (US), and Vishay

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 The increased demand for high-end vehicles equipped with safety features is driving the market of automotive optoelectronics. Along with this, the leading OEMs are also adopting collaboration strategies with local optoelectronics players to expand their product base and customers. These factors are driving innovations in automotive technologies and products for optoelectronics market.

The automotive optoelectronics market is projected to grow at a CAGR of 14.13% during the forecast period, from an estimated market size of USD 3.88 billion in 2018 to USD 9.80 billion by 2025.

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North America accounts for the largest market share in the automotive optoelectronics market, followed by Europe and the Asia Pacific region. The demand for high-end, fast, and technologically advanced optoelectronics is high in the North American region. The US holds the maximum share of the North American market for automotive optoelectronics. Factors such as the rising demand for advanced features to improve vehicle safety performance with comfort & convenience, coupled with the increasing integration of advanced driving functions, have collectively boosted the demand for the optoelectronics market.

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The increasing consumer preference for connectivity features in vehicles and the increasing automation in the driving functions have accentuated the need for high-end electronics architecture in the vehicles. The growing electrification of various features in the vehicle would also act as a catalyst to the growing demand for optoelectronics automobiles. Rapid urbanization, especially in developing countries, has inflated the demand for commercial vehicles, which in turn would drive the growth of the automotive optoelectronics market.

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The automotive optoelectronics market for safety application segment is estimated to grow at the highest rate during the forecast period. It is projected to grow at a promising CAGR from 2018 to 2025. The increasing mandates related to safety features in automotive across the globe along with high consumer preference for safety application have accelerated the growth of the automotive optoelectronics market. Leading automakers such as Honda (Japan), Ford (US), Hyundai (South Korea), Nissan (Japan), Toyota (Japan), and Daimler (Germany) offer various safety features that integrate optoelectronics devices for their smooth functioning. In addition, these manufacturers are consistently improving their technology with a strong focus on R&D.

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The LED segment is expected to be the largest and fastest growing segment of the automotive optoelectronics market, by devices. The increasing demand for ambient lighting to enhance comfort and safety is the key factor driving the growth of the segment. Also, major automakers prefer LEDs for the exterior lighting of the vehicles as they work in all environmental conditions and offer effective results. Low power consumption and longer span are also driving the growth of the LED segment in the automotive optoelectronics market.

The automotive optoelectronics market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Osram (Germany), Hella (Germany), Texas (US), Broadcom (US), and Vishay (US).

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