According to Stratistics MRC, “Global Automotive Optoelectronic Market Outlook (2015-2022)”, The Market is expected to grow at a CAGR of 15.2% during the forecast period. Growing demand for luxury cars from developing countries, rising implementation of automotive safety systems and rising production of automobiles are the key factors driving the market growth. Most of the luxury car manufacturers offer advanced safety options to their customers along with options for customization which ultimately fuels the demand for global automotive optoelectronics market. On the other hand, Cost of LED has increased due to high cost of raw materials such as steel, aluminium, electronic components, automotive plastics and other resin material. Moreover, inorganic compound semiconductors offer superior mechanical, optical and electrical properties and are fostering better prospects for global automotive optoelectronics market.
Global Automotive Optoelectronic Market, By Application is segmented into Convenience and safety, Position sensors and Backlight control. Extensive use of electronic components in automobiles has resulted in a considerable dependence on optoelectronics in almost every vehicle manufactured today. Optoelectronics is increasingly being used in vehicles to automate the vehicle functions such as headlights and brake lights. Optoelectronics is gradually being integrated with automotive safety systems such as night vision systems where infrared sensors and lens capture hard to detect objects in low light environments.
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Global Automotive Optoelectronic Market, By Product is segmented into Image sensors, Optocouplers, LED’s, Laser Diodes, Infrared (IR) component and Others. The LED market will witness steady growth over the forecast period with the higher adoption of smart lighting systems, increased requirement for power-efficient lighting systems across different industries and growing concern over depletion of non-renewable sources of power. Further, manufacturers are expected to come up with UV LED and IR LED lights in the coming years which will augment the market. The IR and sensors market contribute a small portion of the market but is equally important in terms of technological advancement and future market potential.
This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. Asia Pacific will be the most attractive market for automotive optoelectronic due to increase in demand for luxury vehicles and rising awareness of safety systems among customer. The surge in the automotive optoelectronics market is coupled with the rising demand from other nations such as India, Japan, and South Korea, will enable the Asia Pacific market gain significant momentum. Europe followed by North America is the prominent regions as the US federal governments are constantly emphasizing on the concept of energy efficiency in vehicles. The EU has already passed a directive that enforces all new vehicles to be fitted with daylight running lamps. The directive has led to an increased usage of LEDs in headlights in the EU region.
Some of the key players in the market include Autoliv Inc, Vishay Intertechnology, Osram Licht AG, FOSP Optoelectronics Co Ltd, Avago Technologies, Texas Instrument Inc, Sharp Corporation, OSI Optolectronics AS, Foryard Optolectronics Co, Koninklijke Philips N.V., Omnivision Technologies, Inc., Sony Corporation, General Electric, Toshiba Corporation and Samsung Electronics Co., Ltd.
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