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New York, United States, Wed, 11 Nov 2020 04:55:00 / Comserve Inc. / — Global automotive optoelectronics market is expected to a notable CAGR of 17% during the forecast period. Moreover, the global automotive optoelectronics market is expected to grow with high pace during the forecasting period
The global automotive optoelectronics market is segmented into vehicle type such as passenger cars, low commercial vehicles (LCV) and heavy commercial vehicles (HCV). Among these segments, passenger cars segment is expected to dominate the overall automotive optoelectronics market. Furthermore, growing urbanization, advancement in technology in automobile industry, rising demand for automobiles and various other factors has trigger the growth of automotive optoelectronics market during forecasting period.
Global automotive optoelectronics market is expected to a notable CAGR of 17% during the forecast period. Moreover, the global automotive optoelectronics market is expected to grow with high pace during the forecasting period. Additionally, continuous enhancements and research & development in automotive optoelectronics are the major dynamic factor behind the expansion of automotive optoelectronics. Demand for luxury vehicles and awareness among customers regarding the safety measurements will trigger the growth of automotive optoelectronics market.Request Sample Pages
In terms of regional platform, Asia Pacific countries such as China, India, etc. accounted for the largest market of global automotive optoelectronics in terms of revenue in 2017. China and India are the important contributors to the boom of automobile market due of the presence of principal passenger automobiles. It is expected that automotive optoelectronics market in China will grow at the CAGR of around 12.10% due to rise in population and growing commercial, residential and consumer electronics sectors.
Western Europe is expected to witness a rapid growth over the forthcoming period due to rise in production of passenger cars. Apart from this, North America showcases lucrative growth over the forecast period i.e. 2017-2027 due to rise in vehicle production.
Rising Demand for Passenger and Driver Safety Features in Vehicles
Automotive optoelectronics market is greatly benefited by the use of LED’s. LED’s are used for puddle lights, brake lights, warning lights and in various other components of vehicle. Many luxury car manufacturers provide innovative safety options to their customer with options for customization which increase the demand for automotive optoelectronics market. Request Sample Pages
Government has made certain safety norms mandatory in all the segments of automobile that make driving a safer experience for the driver as well as passengers. So it was easy for the middle class family to buy a passenger car with all the essential safety features which increases the demand of passenger cars.
India and China will be the major factors driving the growth prospects of the automotive optoelectronics market as increasing production of automobile, rise in population and sale of large number of automobiles.
The report titled “Automotive Optoelectronics Market: Global Demand Analysis & Opportunity Outlook 2027″ delivers detailed overview of the global automotive optoelectronics market in terms of market