The Optoelectronics Market for automotive was valued at USD 5922.3 million in 2020 and is projected to reach USD 15687 million by 2027, at a CAGR of 14.9 % during the forecast period.The global optoelectronics market is expected to gain substantial popularity with surging applicability of optoelectronic equipment in consumer electronic goods segment such as in flat and flexible television display panels, sophisticated cameras, CD-DVD & Blu-ray storage technologies, Xerox machines, and smartphones.
Optoelectronics device denotes numerous functional manoeuvres fabricated through the electricity-photon conversion effect, widely used in solar energy, communications, LED, industrial laser, and other fields. Optoelectronics has gained widespread acclaim due to their small size, diverse functionality, and numerous advantages such as utility in infotainment devices, healthcare monitoring devices, and collision prevention devices. The advent of information and communication technology phase has seen elevation in dynamic applicability areas of optoelectronic appliances. Optoelectronics market paraphernalia is expected to have pervasive solicitation in entertainment, automotive, oil & gas, and cinematography arenas over the forecast period.
Growing demand for consumer electronic devices with advanced features and technological advancement is expected to drive the optoelectronics market. Several favorable areas of application for optoelectronic devices include LED lighting, optical interconnects, optical sensors, and photonic cells. Optoelectronic devices are foreseen to replace traditional electronics by surpassing the contemporary expedients in cost, performance, and consistency. Surging demand for sophisticated devices delivering efficient solutions, dynamics application areas, and portable devices adoptability are major factors anticipated to drive the market.
On the other hand, low customization rate, complex operational usage, and high deployment costs, and are foreseen to act as major factors impeding the growth of optoelectronics appliances market. High acquisition cost, physical & thermal testing precincts, and economic limits to optoelectronic device integration are anticipated to be major challenges to the smart sensors industry.
As Original Equipment Manufacturers (OEMs) do not provide optoelectronics devices for all vehicles, consumers generally get them installed from the aftermarket. OEMs provide LED lighting, digital display, and LED ambiance lighting in the top variants only. Consumers prefer to install LED display and ambiance lighting in the aftermarket as these are not provided as a standard feature by OEMs. Thus, the aftermarket for automotive optoelectronics is significantly large. OEMs generally have specifications for the production of optoelectronic devices; this aspect cannot be regulated when they are manufactured as an aftermarket accessory. The aftermarket installation is thus a major challenge for the growth of the OEM automotive optoelectronics market.
The global optoelectronics market is expected to be steered by few top players such as, Avago Technologies, JDSU, Fujitsu, Oplink Communications LLC, Broadex Technologies, Sony Corp., Finisar, Sharp Corp., Oclaro Inc., Toshiba Corp., Accelink Technologies, Panasonic Corp., Avago Technologies, NeoPhotonics, BetaLED, Browave, and Philips.
The global optoelectronic maneuver fabricators are concerted in a trickle of countries or regions such as Japan, the United States, China, and Taiwan. North American region is foreseen to emerge as a major region in global optoelectronics market growth on account of thriving consumer electronics and the fact that majority population is acquainted with sophisticated electronic appliances. Use of optoelectronic in cinematography, avionic, and industrial applications would drive the concerned market growth in European continent. In Asia Pacific, China is foreseen to continue on a trajectory of high-growth on account of surging expenditure on sophisticated electronic gadgets by the tech-savvy population.
Report : Optoelectronics Market - By Devices (Image Sensor, IR Component, Laser Diode, LED, Optocoupler) By Application (Position Sensor, Convenience & Climate, Safety, Lighting, Backlight Control) By Market Channel (OEM, AfterMarket) By Region (Asia Pacific, Europe, North America, Rest of the World) - Industry Analysis, Opportunity and Forecast 2020 To 2027