The increasing consumer preference for connectivity features in vehicles and the increasing automation in the driving functions have accentuated the need for high-end electronics architecture in the vehicles. The growing electrification of various features in the vehicle would also act as a catalyst to the growing demand for optoelectronics automobiles. Rapid urbanization, especially in developing countries, has inflated the demand for commercial vehicles, which in turn would drive the growth of the automotive optoelectronics market.
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The automotive optoelectronics market for safety application segment is estimated to grow at the highest rate during the forecast period. It is projected to grow at a promising CAGR from 2018 to 2025. The increasing mandates related to safety features in automotive across the globe along with high consumer preference for safety application have accelerated the growth of the automotive optoelectronics market. Leading automakers such as Honda (Japan), Ford (US), Hyundai (South Korea) Derek Stepan Olympics Jersey , Nissan (Japan), Toyota (Japan), and Daimler (Germany) offer various safety features that integrate optoelectronics devices for their smooth functioning. In addition, these manufacturers are consistently improving their technology with a strong focus on R&D.
The LED segment is expected to be the largest and fastest growing segment of the automotive optoelectronics market, by devices. The increasing demand for ambient lighting to enhance comfort and safety is the key factor driving the growth of the segment. Also, major automakers prefer LEDs for the exterior lighting of the vehicles as they work in all environmental conditions and offer effective results. Low power consumption and longer span are also driving the growth of the LED segment in the automotive optoelectronics market.
The passenger car segment is expected to be the largest as well as fastest growing segment of the automotive optoelectronics market Paul Stastny Olympics Jersey , by vehicle type. Increase in LED lighting and demand for safety application in passenger car are anticipated to drive the passenger car optoelectronics market. Thus, the increasing consumer base for passenger cars coupled with high demand for premium passenger cars has contributed to the growth of automotive optoelectronics market.
The Asia Pacific region is projected to be the fastest growing market for automotive optoelectronics during the forecast period. The market growth in the region can be attributed to the rapid growth of the automotive sector in countries such as China, Japan, South Korea, and India. Moreover, the improved lifestyle of consumers and rapid urbanization have boosted the demand for passenger vehicles Joe Pavelski Olympics Jersey , which, in turn, would trigger the growth of the automotive optoelectronics market in the region.
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