Optoelectronics - Worldwide | Statista Market Forecast (2024)

The optoelectronics market is expected to continue to grow in the next five years, driven by the increasing demand and technological advancements in consumer electronics, communication electronics, and healthcare device electronics. The increasing demand for technologically advanced and efficient optoelectronics in automotive electronics applications would further add to this growth.

The market is expected to grow with a CAGR of more than 3 % in the next five years, slowly recovering from the issues in the fabrication of devices in this market due to COVID-19 and the trade war between the U.S. and China. The Asian region, especially China, is expected to remain the largest market.

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the money spent at the manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use the annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.