The global automotive optoelectronics market is anticipated to grow at a considerable CAGR of 13.9% during the forecast period (2022-2028). Automotive optoelectronics is a branch of technology used in new generation cars to automate several functions, including brake lights, headlights, and interior lighting. The major factor attributing to the growth of the global automotive optoelectronics market includes the increasing number of motor vehicle production across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021.
The application of automotive optoelectronics is also increasing in the safety systems of motor vehicles in infrared lights and night vision due to increasing accidents during the night. According to the National Safety Council (NSC), around 50% of total deaths reported were accident that happen at night due to less visibility in 2020. Thus, propelling the growth of the global automotive optoelectronics market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances, in January 2021, ROHM Semiconductors in collaboration with Sanden Huayu Automotive Air-Conditioning Co. Ltd. opened a new join technical laboratory in Shanghai, China. ROHM Semiconductors is a Japanese electronic parts manufacturer and Sanden Huayu Automotive Air-Conditioning Co. Ltd. is a China-based manufacturer of automotive air-conditioning.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Device
- By Application
- By Vehicle Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Marelli Holdings Co. Ltd., Texas Instruments Inc., ams-OSRAM International GmbH, Hella GmbH & Co. KGaA, and Stanley Electric co. Ltd., among others.
A full report is available at: https://orionmarketreports.com/global-automotive-optoelectronics-market/109281/
Global Automotive Optoelectronics Market Report by Segment
By Device
- LED
- Image Sensor
- Infrared Components
- Laser Diode
- Optocoupler
By Application
- Backlight Control
- Convenience & Climat
- Lighting
- Position Sensor
- Safety
- Communication
- Others
By Vehicle Type
- Passenger Cars
- Commercial vehicles
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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