There has been a paradigm shift in automotive technologies that has given rise to the extensive development of electronic and safety components in automobiles. The dependence of vehicles on electronic components and safety devices has increased rapidly over the past few years, resulting in an increased use of electronic components in vehicles. Optoelectronic components possess the capability to source, detect and control light in an automotive. Electronic components majorly are used in powertrain systems to improve their function and efficiency. These components assists powertrain systems of an automobile to exchange messages, sense signals and control their operations. There are various types of sensors that are used in powertrain systems such as turbine speed sensor, transmission fluid temperature sensor and throttle position sensor.
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Optoelectronics are increasingly being used in new cars to automate the vehicle functions such as brake lights and headlights. Optoelectronics is gradually being integrated with automotive safety systems such as night vision where infrared sensors and lens detect objects in low light. Extensive use of electronic components in automobiles has resulted in a considerable dependence on optoelectronics in almost every vehicle manufactured today. The global automotive optoelectronics market is anticipated to witness a healthy growth rate over the forecast period with the increasing penetration rate of image sensors and high capacity batteries in cars coupled with energy efficient LEDs. Regulation supporting the use of LEDs expected to immensely benefit the automotive optoelectronics market over the forecast period. The global automotive optoelectronics market is likely to accelerate with greater use of electronic and hybrid vehicles. Optoelectronics are widely used to isolate the on-board batteries and high-voltage components in vehicles.
Global Automotive Optoelectronics Market: Drivers & Restraints
Increasing production of automobiles globally to drive the growth of global automotive optoelectronics market over the forecast period. 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. The increase in demand for luxury cars from emerging economies such as Brazil, China and India will contribute to market growth during the forecast period.
Apart from this increase adoption of automotive safety systems globally to fuel the demand for global automotive optoelectronics market over the forecast period. Moreover the cost of LED have also increased due to high cost of raw materials such as steel, aluminium, electronic components, automotive plastics and other resin material. This acts as a major restraint to the growth of global automotive optoelectronic market. 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: Segmentation
On the basis of vehicle type, the global automotive optoelectronic market is segmented into
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
On the basis of product type,the global automotive optoelectronic market is segmented into
- Infrared component
- Image sensors
- Laser Diodes
On the basis of application, the global automotive optoelectronic market is segmented into
- Position sensors
- Backlight control
- Convenience and safety
On the basis of channel type, the global automotive optoelectronic market is segmented into
Global Automotive Optoelectronic Market: Region-wise Outlook
In terms of geography, the global automotive optoelectronic market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. The global automotive optoelectronic market is anticipated to witness a double digit CAGR over the forecast period. Asia Pacific to be the most attractive market for automotive optoelectronic due to increase in demand for luxury vehicles and rising awareness of safety systems among customer. Western Europe followed by North America are other prominent regions to showcase promising future for automotive optoelectronics by the end of 2025.
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Global Automotive Optoelectronics Market: Key Players
Key players in the global automotive optoelectronics market include Avago Technologies, Osram Licht AG, Sharp Corporation, Koninklijke Philips N.V. Texas Instrument Inc, Autoliv Inc, Foryard Optolectronics Co, FOSP Optoelectronics Co Ltd, OSI Optolectronics AS and Vishay Intertechnology