Optoelectronics Market for Automotive by Devices (LED, Image Sensor, Infrared, Laser Diode, and Opt coupler), Application (Position Sensor, Convenience & Climate, Safety, and Lighting), Vehicle (PC, CV), EV Type, Aftermarket, and Region – Global Forecast to 2025”

Automotive Optoelectronics Market is estimated to be USD 3.88 billion in 2018 and is projected to reach a market size of USD 9.80 billion by 2025, growing at a CAGR of 14.13% during the forecast period. The major factors driving the growth of the global automotive optoelectronics market are the increase in sales of luxury and ultra-luxury vehicles and high demand for LEDs lighting and safety application.

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Key Players in the Optoelectronics Market Are:

The ecosystem of the automotive optoelectronics industry consists of manufacturers such as Texas Instruments (US), Hella (Germany), Osram (Germany), Vishay (US), and Broadcom (US).

The LED segment is estimated to be the fastest growing market in the automotive optoelectronics marketduring the forecast period, by devices

The LED segment is estimated to be the fastest growing segment, by value, of the automotive optoelectronics market during the forecast period. The high demand for aesthetic lighting to improve the comfort and safety inside the vehicle for the occupants is governing the growth of LED segment devices.

The safety application segment is estimated to be the fastest growing market in the automotive optoelectronics market during the forecast period, by application

The safety segmentis estimated to witness the highest growth because of the rising demand for safety features by consumers to enhance the vehicle safety performance. Also, OEMs are offering vehicles equipped with safety features, which in turn would drive the optoelectronics market.

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Asia Pacific is estimated to be the fastest growing regional market for automotive optoelectronics market

The Asia Pacific region is projected to be the fastest growing market for automotive optoelectronics during the forecast period. The market growth in the region can be attributed to the rapid growth of the automotive sector in countries such as China, Japan, India, and South Korea. Moreover, the improved lifestyle of consumers and rapid urbanization have boosted the demand for passenger cars and commercial vehicles, thus, driving growth of the automotive optoelectronics market in the region.