Automotive Optoelectronics Market
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Automotive Optoelectronics Market is projected to be US$ 4.01 Bn in 2019 and is estimated to reach a market size of US$ XX Bn by 2027, at a CAGR of XX % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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 strict automobile standards and guidelines are some of the driving factor behind the growth of the global automotive optoelectronics market.
An extensive usage 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 exptential growth rate during the forecast period because of the rise in penetration rate of image sensors and high capacity batteries in cars coupled with energy efficient LEDs.
On the other hand , An increase in price of LED because of high cost of raw materials like aluminium, automotive plastics, electronic components, steel and other resin material are expected to limit the market growth.
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 driving the growth of LED segment devices.
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Last Update : 19 November 2020 4:42 AM
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