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The Optoelectronics Market for Automotive is estimated to be USD 3.88 billion in 2018 and is projected to reach USD 9.80 billion by 2025, at a CAGR of 14.13% from 2018 to 2025. The key growth drivers for the market are the increasing awareness regarding vehicle safety and rising demand for luxury and ultra-luxury vehicles.
Some of the key manufacturers operating in the market are Osram (Germany), Hella (Germany), Texas (US), Broadcom (US), and Vishay (US).
The North American region is projected to be the largest market for automotive optoelectronics by 2025. The increasing production of automobiles and a significant rise in demand for premium segment passenger cars are driving the market growth in this region. The Asia Pacific region is anticipated to register the fastest growth in automotive optoelectronics by 2025. The adoption rate of applications such as safety and lighting in vehicles is expected to show incremental growth in the region in the coming years. The increased adoption rate makes the Asia Pacific region the fastest-growing market during the forecast period.
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The LED devices segment is projected to register the fastest growth, in terms of value, in the global market during the forecast period. The growth of the LED segment can be attributed to the increasing demand for ambient lighting to enhance the comfort & convenience in the vehicle.
By application, the safety segment is expected to register the fastest growth, by value, in this market during the forecast period. The increasing number of safety mandates by several governments across the globe along with the high consumer preference for safety applications is driving the growth of the market.
By market channel, OE market segment is estimated to be the largest segment of the market during the forecast period. The growth of this segment can be attributed to the offering of features such as ambient lighting, convenience & climate features, and safety features as standard fitment by the automakers. OE is expected to remain an attractive market in the near future due to the increase in demand for such features by the consumers.
The passenger car segment is estimated to hold the largest market share during the forecast period. The increasing sales of passenger cars globally are leading to the exponential growth of this market. Also, the growing trend of integrating high-end electronics for in-vehicle features is inflating the demand for automotive optoelectronics.
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