2025 car optoelectronics market is expected to reach 9.8 billion US dollars
According to the report of the company, the automotive optoelectronic market in 2018 is 3.88 billion US dollars, and is expected to reach 9.80 billion US dollars by 2025. The compound annual growth rate is 14.13% during the forecast period. The growing awareness of consumer vehicle safety and the growing demand for luxury and ultra-luxury vehicles are the main drivers of growth in this market.
Segmented by vehicle type, passenger cars are expected to occupy the largest market share. The increasing sales of passenger cars worldwide is driving the automotive optoelectronics market to grow exponentially. In addition, the integration of vehicle interior functions into high-end electronic products, the demand for automotive optoelectronic products is further increasing.
By device breakdown, light-emitting diodes (LEDs) are expected to be the fastest growing devices in the automotive optoelectronics market. The LED market growth is mainly attributable to the increase in comfort and convenience within the vehicle to promote the increase in demand for ambient lighting.
Segmented by application, security applications are expected to be the fastest growing application in the automotive optoelectronics market. The continuous introduction of safety regulations by many governments around the world and the high propensity of consumers for safety applications are driving the growth of the automotive optoelectronics market.
Segmented by market channels, the auto parts (OE) market is expected to occupy the largest share of the automotive optoelectronics market. Meeting the needs of standard configuration functions provided by automakers, such as ambient lighting, amenities and climate, and safety features, is the main reason for the growth of this segment. As consumers' demand for these features increases, OE continues to be an attractive market in the near future.
LED lights are the latest innovation in automotive lighting technology. Compared to xenon/HID lamps, LEDs can better reflect road signs. In vehicles, LEDs can be used for lighting, security, convenience, and climate applications. LEDs are mainly used for headlights, daytime running lights (DRL), side indicators and ambient lighting. Continued innovation in the field of lighting has led to the adoption of new technologies such as adaptive LED lighting.
The lighting technology developed by Audi and Hella is also eye-catching. The headlights of the four-door coupe are LED, matrix LED and laser beam high-brightness matrix LED high beam. The system uses a new control unit that can be applied to all lighting functions. The two sides also jointly developed a new concept of interior lighting.