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Extensive development of electronic components in automobiles has resulted in a considerable dependence on electronic components in vehicles. Technavio market research analysts predict the global automotive optoelectronics market to grow at a CAGR of over 17% from 2015 to 2019.
The optoelectronics market is expected to witness a rapid growth rate over the forecast period with the increasing penetration rate of image sensor systems and high-capacity batteries in cars coupled with the exploration of energy efficient LEDs. Regulatory support in the form of mandatory use of LEDs is expected to immensely benefit the optoelectronics market over the next four years.
The growing use of optocouplers in hybrid and electric vehicles to isolate the onboard battery and other high voltage systems is another emerging market trend that is expected to positively impact the optoelectronics market over the same period.
Electronic components are typically used in powertrain systems to improve their functioning and efficiency. The optoelectronic components assist powertrain systems to exchange messages, sense signals and control signals for their operations.
There are different types of sensors that are used in powertrain systems such as speed sensor, throttle position sensor, turbine speed sensor, and transmission fluid temperature sensor. Optoelectronics is increasingly being used in vehicles to automate the vehicle functions such as headlights and brake lights. Optoelectronics is gradually being integrated with automotive safety systems such as night vision systems where infrared sensors and lens capture hard to detect objects in low light environments.
Applications of Optoelectronics:
The IR and sensors market constitute a small portion of the market but is equally important in terms of technological advancement and future market potential. Infrared components, such as light sensors, are used to detect light to determine whether to switch on or off headlamps. Sensors are used in a variety of applications such as occupant detection sensors, brake lights, tunnel sensors, daylight sensors, and indicator lamps.
The EMEA leads the global optoelectronics market in terms of revenue. The EU and the US federal governments are constantly emphasizing on the concept of energy efficiency in vehicles. The EU has already passed a directive that enforces all new vehicles to be fitted with daylight running lamps. The directive has led to an increased usage of LEDs in headlights in the EU region.
Though the initial investment to set up an automotive optoelectronics manufacturing unit is fairly high, the growth prospects of this industry are attractive. Many new entrants are expected to foray into the market during the forecast period.
Other prominent vendors of the market include Autoliv, Foryard Optoelectronics, FOSP Optoelectronics, OSI Optoelectronics, and Vishay.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product type
PART 07: Geographical segmentation
PART 08: Market growth drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: Explore Technavio
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