Rise in production of automobiles will lead to the expansion of automotive optoelectronics market globally. Luxury car manufacturers provide high quality safety options to the customers which will stimulate the growth of automotive optoelectronics market globally. Countries such as China, India have high economy which will bolster the growth of automotive optoelectronics market as the demand for luxury cars is increasing day by day.
Increase in production and sales of hybrid and electronic cars will trigger the growth of automotive optoelectronics. Optocouplers are widely used to isolate the high voltage systems and onboard battery within these vehicles. Optocouplers market will grow with the adoption of these vehicles. It is estimated that optocoupler market for automotive sector to nearly double by the end of the decade to USD 151 million.Cost of LED’s are raising due to high cost of raw materials such as aluminum, steel, automotive plastics, electronic components and other resin materials. These factors act as the major barriers for the growth of automotive optoelectronics market.
Our-in depth analysis of the global automotive optoelectronics market includes the following segments:
By Vehicle Type
By Channel Type
Global automotive optoelectronics market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.