Vikas Maximize Submitted 2018-11-30 06:25:35 Automotive Optoelectronics Market is projected to be US$ 4.01 Bn in 2018 and is estimated to reach a market size of US$ 10.02 Bn by 2026 Lazar Markovic Jersey UK , at a CAGR of 15.13% during the forecast period. Optoelectronics components occupy the potential to source, indentify and control light in an automotive. Electronics components majorly are used in power train systems to improve their function and efficiency. These components assist power train systems of an automobile to sense signals and control their operations. Optoelectronics is progressively being used in modern cars for advanced automated services.
Automotive optoelectronics is regularly being integrated with automotive safety systems such as night vision where infrared sensors and lens detect objects in dim light. Extensive use of electronic components in automobiles have effected in a significant dependence on optoelectronics in each vehicle manufactured today. The automotive optoelectronics market is expected to witness a healthy growth rate over the forecast period with the increase in penetration rate of image sensors and high capacity batteries in cars coupled with energy efficient LEDs. Optoelectronics are used to isolate the on-board batteries and high-voltage components in vehicles. The growth of the automotive optoelectronics market is directly related to the growth of the global automobiles market. Rise in regard for road safety and increase in stringent automobile standards and guidelines are another major driving factor for the automotive optoelectronics market. However, the high cost of raw material is discouraging the growth of the automotive optoelectronics motive Optoelectronics MarketAutomotive optoelectronics market is segmented into vehicle type, product Kamil Grabara Jersey UK , sales channel, application, and region. On the basis of vehicle type, the passenger vehicles segment is expected to be the largest segment of the automotive optoelectronics market from 2018 to 2026. The increases in sales of passenger vehicles globally are leading to the exponential growth of the automotive optoelectronics market. Also Jordan Henderson Jersey UK , the growing fashion of integrating high-end electronics for in-vehicle features is inflating the demand for automotive optoelectronics. Based on product, The LED segment is expected to be the firmly growing segment of the automotive optoelectronics market during the forecast period. The high demand for aesthetic lighting to develop the comfort and safety inside the vehicle for the occupants is governing the growth of LED segment devices. By application, the Convenience and safety segment is expected to witness the highest growth because of the rise in demand for safety features by consumers to enhance the vehicle safety performance. On the basis of sales channel, OEMs are offering vehicles furnished with safety features Joel Matip Jersey UK , which in turn would drive the optoelectronics market.
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