The Automotive Optoelectronics Market market is estimated to be USD 3.88 billion in 2018 and is projected to grow at a CAGR of 14.13% during the forecast period, to reach a market size of USD 9.80 billion by 2025.
The increasing sales of luxury and ultra-luxury vehicles would drive the growth of automotive optoelectronics market. However, the high cost of raw material is inhibiting the growth of the automotive optoelectronics market.
"The passenger car segment is estimated to be the largest segment of the automotive optoelectronics market, by value"
The passenger car segment is estimated to be the largest segment, by value, of the automotive optoelectronics market from 2018 to 2025. The increasing focus of vehicle manufacturers on R&D activities to enhance the safety and lighting application is fostering the growth of automotive optoelectronics market.
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"North America is estimated to account for the largest market share and the Asia Pacific is estimated to be the fastest growing region in the automotive optoelectronics market"
The North American market for EV segment is estimated to have the largest share, by value, of the automotive optoelectronics market during the forecast period. Increasing number of optoelectronics components in EVs, coupled with the high demand for safety features, is likely to drive the North American EV optoelectronics market. The manufacturers of EVs such as Tesla (US), Waymo (US), and Toyota (Japan) have introduced various EVs, thereby pushing the growth of the optoelectronics market. The Asia Pacific market is estimated to grow at the highest CAGR, by value, during the forecast period from 2018 to 2025. The increase in installation of LED for various safety applications in countries such as China, India, Thailand, and others would drive the automotive optoelectronics market in the region.
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The key players in the automotive optoelectronics market are Osram (Germany), Texas (US), Vishay (US), Broadcom (US), Hella (Germany), and Magneti Marelli (Italy).
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