The automotive optoelectronics market is projected to grow at a CAGR of 14.13% during the forecast period, from an estimated market size of USD 3.88 billion in 2018 to USD 9.80 billion by 2025. The increased demand for high-end vehicles equipped with safety features is driving the market of automotive optoelectronics. Along with this, the leading OEMs are also adopting collaboration strategies with local optoelectronics players to expand their product base and customers. These factors are driving innovations in automotive technologies and products for optoelectronics market.
North America accounts for the largest market share in the automotive optoelectronics market, followed by Europe and the Asia Pacific region. The demand for high-end, fast, and technologically advanced optoelectronics is high in the North American region. The US holds the maximum share of the North American market for automotive optoelectronics. Factors such as the rising demand for advanced features to improve vehicle safety performance with comfort & convenience, coupled with the increasing integration of advanced driving functions, have collectively boosted the demand for the optoelectronics market.
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The leading players in the automotive optoelectronics market are Osram (Germany), Hella (Germany), Texas (US), Broadcom (US), Vishay (US), Magneti Marelli (Italy), and Grupo Antolin (Spain). Vishay is one of the major automotive optoelectronics suppliers and is engaged in developing advanced optoelectronic components for various automotive applications. In May 2018, Vishay introduced its first Automotive Grade phototransistor optocoupler, which is capable of a high current transfer ratio (CTR), with a low forward current of 5 mA in the compact SOP-4 mini-flat package.
Another important player in the automotive optoelectronics market is Texas (US). The company is engaged in the development and production of automotive optoelectronics for automotive OEMs. Primarily, this company operates in three business divisions-analog, embedded processing, and other. Analog business division includes the development of analog devices that are used to measure real-world signals such as temperature, sound, and pressure. The embedded processing unit includes the development of devices such as connected microcontrollers and processors. Under this segments, the company offers complex devices for infotainment system and ADAS for automotive. In March 2018, the company launched high-speed gallium nitride GaN field-effect transistor (FET) drivers to create more efficient, high-performing designs in speed-critical applications such as light detection and ranging (LIDAR) and 5G radio-frequency (RF) envelope tracking.
Other major players in the optoelectronics market for automotive are focusing on expanding their regional presence to achieve continuous and sustainable development. This is evident from several collaborations and joint venture projects these companies have undertaken in recent years.
Optoelectronics Market for Automotive by Devices (LED, Image Sensor, Infrared, Laser Diode, Optocoupler), Application (Position Sensor, Convenience & Climate, Safety, Lighting), Vehicle (PC, CV), EV Type, Aftermarket, and Region - Global Forecast to 2025
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