The global optoelectronics is a branch of electronics which deals with study and applications of electronic devices and systems that source, detect and control light. Optoelectronics are progressively being utilized in cars in order to automate the vehicle operations such as headlights, brakes, etc. In addition, optoelectronic is also gradually being incorporated in case of automotive safety systems such as night vision systems wherein active infrared or passive infrared systems are used in order to increase the distance a driver can see beyond the reach of headlights or also in poor driving conditions.
Moreover, the use of LEDs is projected to greatly benefit the Automotive Optoelectronic market over the forecast period. For instance, they are used for brake lights, puddle lights, hazard lights, warning lights, etc. The factors that propel the growth of the global Automotive Optoelectronic market include growing production of automobiles all over the world. In addition, rise in demand for luxury cars from developing economies such as Brazil, China and India will drive the growth of market during the forecast period.
Moreover, most of the luxury car manufacturers provide innovative safety options to their customers coupled with options for customization which boosts the demand for global Automotive Optoelectronics market.
On the other hand, there are also factors that hamper the growth of the market such as rise in price of LED because of high cost of raw materials such as aluminum, automotive plastics, electronic components, steel and other resin material. In addition, inorganic compound semiconductors provide enhanced mechanical, optical and electrical properties which significantly fuel the growth of the global Automotive Optoelectronics market.
The global Automotive Optoelectronic market is classified on the basis of vehicle type, product type, application, channel type, and geography. On the basis of vehicle type, the global Automotive Optoelectronic market is classified as passenger vehicle, light commercial vehicle (LCV) and heavy commercial vehicle (HCV). On the basis of product type, the global Automotive Optoelectronic market is classified as LED’s, infrared component, image sensors, laser diodes and optocouplers. On the basis of application, the global Automotive Optoelectronic market is classified as position sensors, backlight control and convenience and safety. On the basis of channel type, the global Automotive Optoelectronic market is classified as OEMs and aftermarket.
On the basis of geography, the global Automotive Optoelectronic market is classified as North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. The North American region comprises the U.S., and Canada. Latin America comprises Mexico and Brazil. The Western European region comprises Germany, Italy, France, England, and Spain. The Eastern European region comprises Poland, and Russia. Asia Pacific region comprises China, India, ASEAN, and Australia & New Zealand. The Middle East and Africa region comprises GCC, South Africa, and North Africa.
In case of geographical region, Asia Pacific is projected to be the most lucrative market for automotive optoelectronic owing to rise in demand for luxury vehicles along with growing awareness regarding safety systems among customer. On the other hand, Western Europe followed by North America is other significant regions to positively influence the growth of the global Automotive Optoelectronics market in the coming years.
Some of the prominent players that fuel the growth of the global Automotive Optoelectronics market include Avago Technologies, FOSP Optoelectronics Co Ltd, Foryard Optolectronics Co, Osram Licht AG, Sharp Corporation, Koninklijke Philips N.V. Texas Instrument Inc, Autoliv Inc, OSI Optolectronics AS, and Vishay Intertechnology.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.