Global Optoelectronics Market Report and Forecast 2024-2032

Global Optoelectronics Market Size

The global optoelectronics market value reached approximately USD 7.31 billion in 2023. The market is further projected to grow at a CAGR of 14.8% in the forecast period of 2024-2032, reaching a value of around USD 25.31 billion by 2032.

Global Optoelectronics Market Growth

Optoelectronics, often known as optronics, is a field of technology that integrates the use of electronics with optics or light, employing electrical systems and devices that identify, detect, and manipulate light. Electronics capable of emitting or detecting light use various wavelengths of light, allowing for new applications, which drives the demand of the optoelectronics market.

Global Optoelectronics Market Analysis

The growing consumer electronics market, fuelled by rising disposable incomes, is driving up global demand for optoelectronics, particularly high-quality displays. Global trends of smaller consumer electronics items and more integration inside systems are projected to drive the demand of optoelectronics, ensuring the continued optoelectronics industry growth.

The growing development of autonomous vehicles is a crucial trend driving the optoelectronics market, since optoelectronics are utilized to automate many processes in automobiles, such as brake signals and headlights. Rising sales of luxury vehicles equipped with various optoelectronics which further enables the growth of the optoelectronics industry.

Global Optoelectronics Industry Outlook

According to industry forecasts, the global vehicle market grew in 2023, with China dominating by a large margin, selling 30,094,767 units, an increase of 28%. VW, Toyota, and Geely dominated the Chinese market. The United States followed with 15,604,278 units, a 14% increase, with Ford, Toyota, and Chevrolet being the top sales. Toyota, Suzuki, and Daihatsu led the way in Japan's market, which increased by 14% to 4,779,639. Maruti Suzuki, Hyundai, and Tata drove India's 9% rise, totalling 4,108,263 units. Germany sold 2,845,764 vehicles, up 7%, with Volkswagen, Mercedes, and Audi leading the way, demonstrating growth in the optoelectronics market.

In 2024, vehicle sales in important countries remained strong, with Australia selling 97,202 units in April, Brazil selling 144,027 units in May, and Chile selling 23,337 units in May. China's remarkable market remained strong, with 2,420,000 units sold in May, while Colombia's April sales were 4,275 units further enhancing the optoelectronics market revenue.

Parallel to this, the top ten electronics firms for 2022-2023 demonstrate considerable global contributions. China leads the market with USD 1,368 billion, accounting for 33% of the worldwide total, followed by Taiwan at USD 507 billion (12%) and South Korea at USD 321 billion (8%). Vietnam's electronics sector totalled USD 213 billion (5%), while Malaysia's was USD 190 billion (5%). Japan constituted USD 170 billion (4%), while the United States provided USD 166 billion. Germany is estimated at USD 151 billion (4%), followed by Mexico at USD 150 billion (4%), and Thailand at USD 114 billion (3%).

These market dynamics have a direct impact on the global optoelectronics market, as increased vehicle production and sales drive demand for advanced optoelectronic components such as LEDs, sensors, and display technologies, which are critical to automotive applications for lighting, safety, and infotainment systems. Similarly, the significant contributions of key electronics manufacturers demonstrate the importance of optoelectronics in consumer electronics, communications, and medical equipment. Advancements in these areas, particularly in China, Taiwan, and South Korea, are driving the growing demand for high-performance, energy-efficient optoelectronic components.

The global Optoelectronics industry is being driven by rising demand across several industries and significant advancements in technology.

• Light-emitting diode (LED) technology has transformed the global LED lighting and display market with enhanced retina displays that provide increased brightness and colour exposure.

• The increased demand for sophisticated electronic components that improve performance and efficiency is driving the growth of the optoelectronics market.

The market is challenged by high manufacturing costs and rigid regulatory policies.

• The rising compactness of electronic devices necessitates more compact optical components, which require significant investment and research to generate new products.

• The optoelectronics market is subject to stringent restrictions about product safety, environmental impact, and energy efficiency.

Emerging trends and increasing application in medical field present an expansion of optoelectronics market opportunities.

• Optoelectronic applications in endoscopic treatment and surgery are likely to progress positively.

• The expanding use of smart technologies and the Internet of Things (IoT) is increasing demand for optoelectronic sensors and components.

The market is characterized by rapid technical advancement and fierce rivalry.

• The optoelectronics industry is extremely competitive, with several companies fighting for market share.

• The fast pace of technological improvements in the display and electronic information instrument industries places strain on the electronics sector and might affect product demand.

Key Players in the Global Optoelectronics Market and their Key Initiatives

Samsung Electronics Co., Ltd.

• Invested heavily in R&D to develop cutting-edge optoelectronic components, enhancing performance in consumer electronics and telecommunications.

• Expanded global manufacturing facilities to increase production capacity and reduce costs, ensuring competitive pricing and timely delivery to meet the growing demand of optoelectronics market.

Panasonic Corporation

• Focused on sustainable technologies, launching eco-friendly optoelectronic products to meet rising environmental standards and consumer demand.

• Strengthened global partnerships and collaborations to accelerate innovation and market penetration in diverse regions.

Sony Corporation

• Innovated in high-resolution image sensors for mobile and professional cameras, solidifying market leadership in imaging technology.

• Enhanced product diversification, offering advanced optoelectronic solutions for automotive, healthcare, and industrial applications to capture the optoelectronics market opportunities.

OSRAM GmbH

• Advanced miniaturization and integration of optoelectronic components, driving adoption in compact and wearable devices.

• Acquired strategic companies to bolster technology portfolio and expand into new market segments, ensuring long-term growth.

OMNIVISION Technologies, Inc.

• Pioneered in developing AI-driven image sensors, providing superior performance for smart devices and security systems.

• Expanded demographic reach through targeted marketing and localized support services, increasing market share in emerging regions.

Global Optoelectronics Industry Segmentation

“Global Optoelectronics Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component 

• Image Sensors

• Laser Diode

• LED

• Optocouplers

• Photovoltaic Cells

• Others

Market Breakup by End Use

• Automotive

• Aerospace and Defence

• Consumer Electronics

• Information Technology

• Healthcare

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Optoelectronics Market Share

The growth of the optoelectronics market may also be ascribed to the optical information instruments segment, which is expected to increase gradually. This is due to the growing adoption of 5G technology and electronics, which use optoelectronic components for retina display solutions in mobile phones and electronic devices. Furthermore, the growing use of image sensors in medical imaging applications such as optical coherence tomography (OCT) and endoscopy increases product demand.

The optoelectronics market dynamics and trends are shaped by growing demand for energy-efficient solutions, as well as the rapid adoption of smart technologies across numerous industries.

Favourable government measures, such as the development of smart city projects and severe energy efficiency laws, are also expected to propel the optoelectronics demand growth.

Leading Companies in the Optoelectronics Market

These companies specialize in the design and manufacture of a diverse variety of optoelectronic components, such as LEDs, sensors, image sensors, and display technologies. Their products are used in a wide range of applications, including consumer electronics, automotive, telecommunications, and industrial.

• Samsung Electronics Co., Ltd.

• Panasonic Corporation

• Sony Corporation

• ams-OSRAM International GmbH 

• OMNIVISION Technologies, Inc. 

• General Electric Company 

• Micropac Industries, Inc. 

• Mitsubishi Electric Corporation 

• Optoi Srl 

• Rohm Co., Ltd

• Others

Key Highlights of the Report

Optoelectronics Market Report Snapshots

Optoelectronics Market Size

Optoelectronics Market Growth

Optoelectronics Market Analysis

Optoelectronics Market Share

Optoelectronics Companies