The Optoelectronics Market Is Expected To Grow At A Rate Of 15%, Driven By The Increasing Sales Of Luxury Vehicles As Per The Business Research Company's Optoelectronics Global Market Report 2022
TBRC’s market research report covers optoelectronics market size, optoelectronics market forecasts, major optoelectronics companies and their market share, key strategies to undertake, and more.
/EIN News/ -- LONDON, Aug. 17, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the optoelectronics market, the increasing demand for the increasing sales of luxury and ultra-luxury vehicles is expected to propel the growth of the optoelectronics market. Luxury vehicles refer to vehicles that provide comfort, luxury, and quality. The motivation to improvise the safety and lighting of the vehicles and the continuous focus on R&D activities will lead to the growth of optoelectronics in luxury vehicles. Optoelectronics are used in new cars to automate the vehicle's functions, such as brake lights and headlights. As a result, increasing sales of luxury and ultra-luxury vehicles increase the demand for the optoelectronics market. According to the Federation of Automobile Dealers Associations (FADA), a national body representing automobile dealers in India, in Dec 2021, retail luxury car sales increased by 19.7% due to the growth of high inventory and dealerships with the OEMs. Therefore, the increasing sales of luxury and ultra-luxury vehicles drive the optoelectronics market.
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The global optoelectronics market size is expected to grow from $5.13 billion in 2021 to $5.99 billion in 2022 at a compound annual growth rate (CAGR) of 16.7%. The global optoelectronics industry growth is expected to reach $10.78 billion in 2026 at a CAGR of 15.8%.
Strategic partnerships are shaping the optoelectronics market. Many companies operating in optoelectronics are undergoing partnerships to meet customer demands. For instance, in 2019, LITE-ON Technology Corporation, an optoelectronics components manufacturing company, signed a strategic partnership agreement with II-VI Incorporated, one of the leading manufacturers of optical materials and semi-conductors in America. This partnership is expected to manufacture at high volume and commercialize packaged semiconductor lasers for capturing the mass market of light detection and ranging (LiDAR). Similarly, in the year 2021, Global Foundries, a semiconductor manufacturing company, has improved and continued its strategic partnership with Raytheon, a commercial electronics manufacturing company, to develop a new gallium nitride on silicon.
Major players in the optoelectronics market are General Electric Company, Panasonic Corporation, Samsung Electronics, Omnivision Technologies Inc., Sony Corporation, Cree Inc., Sharp Corp., Rohm Co., Ltd., Renesas, Vishay Intertechnology Inc., Hamamatsu Photonics K.K., Osram Licht AG, ON Semiconductor, TT Electronics, Broadcom, Texas Instruments, Micropac Industries, Avago Technologies, Fujitsu, Oplink Communications LLC, Broadex Technologies, Finisar, Oclaro Inc., Toshiba Corp., Accelink Technologies, NeoPhotonics, BetaLED, Browave, and Philips.
The global optoelectronics market segmentation is categorized by component into Light-Emitting Diode (LED), laser diode, image sensors, optocouplers, photovoltaic cells, others; by device material into gallium nitride, gallium arsenide, gallium phosphide, silicon germanium, silicon carbide, indium phosphide; by end-user into automotive, aerospace and defense, consumer electronics, information technology, healthcare, residential and commercial, industrial, others.
Asia-Pacific was the largest region in the optoelectronics market in 2021. North America is expected to be the fastest-growing region in the global optoelectronics market during the forecast period. The regions covered in the global optoelectronics market overview are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Optoelectronics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide optoelectronics market overviews, market analyze and forecast market size and growth for the whole market, optoelectronics market segments and geographies, optoelectronics market trends, optoelectronics market drivers, optoelectronics market restraints, optoelectronics market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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