Dublin, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Head-Up Display Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Technology, Product Type, Dimension Type, Vehicle Type, Sales Channel and Region" report has been added to ResearchAndMarkets.com's offering.
Global Automotive Head-Up Display (HUD) Market is estimated to have grown to a size of ~US$ 1,000 million in 2022 from ~US$ 500 million in 2017.
The market is expected to grow further to a size of ~US$ 4,000 million by 2028 at a CAGR of ~20% during the forecast period of 2022-2028, owing to the enhanced demand for connected vehicles and increased adoption of advanced safety features, the growing demand for luxury vehicles across the globe, the surge in focus on improving the in-vehicle experience, and the availability of cutting-edge technologies helping produce head-up displays at low cost.
According to estimates published in Forbes in 2021, the global sales of connected vehicles were expected to cross the mark of 76 million units within the next two years. The estimates implied that around 70% of new light-duty cars and trucks shipped worldwide would have embedded connectivity.
Growth in the number of connected vehicles would also mean a growth in diverse advanced technology features, including head-up displays. Automotive HUDs are known for presenting crucial traffic information and data to the driver and with the growth in the sales of connected vehicles, data traffic is expected to exceed 1,000 times the present volume. The in-vehicle experience of these connected vehicles is expected to become more immersive in nature, and automotive HUDs are expected to play a big role in that.
According to the Economic Intelligence Unit (EIU) insights, the sales of luxury cars managed to defy the global slump and continued to increase, especially on the back of demand from emerging markets. Automotive HUDs are a vital component of any luxury vehicle and any growth in the luxury cars segment would reflect positively on the automotive HUD market.
The sales of luxury cars have also witnessed promising growth in large economies like China. According to the data presented by the China Passenger Car Association in 2021, the cumulative sales of luxury car brands, such as Tesla, crossed the mark of 2.6 million units, resulting in a year-on-year increase of 5 percent. This growth boosts the automotive HUD market significantly.
One of the most prominent challenges faced by the automotive HUD market stems from its design limitations. For instance, windshield HUDs take up a significant volume of automotive cockpit space. Especially the hardware components of a full windshield augmented reality HUD consumes a significant part of the cockpit space, forcing the OEMs to drastically redesign the driver's space altogether.
Although the development of ultra-thin HUD looks promising in its efforts to reduce the space consumed, reducing the augmented reality head-up display could mean reduced clarity of image and illegibility for the driver. A proper balance has to be struck between the size of the HUD and its clarity of the image for the market to keep growing at a substantive pace.
Like many other industries, the automotive HUD industry also had to lower production due to supply-chain disruptions and a reduced number of employees coming to work owing to the physical distancing regulations put in place because of COVID-19.
The export of vital components also witnessed disruption. However, with the gradual easing of regulations, the market has gotten back on track, powered by the strong demand for luxury vehicles even during the pandemic.
The Global Automotive Head-Up Display (HUD) market has ~100 players, including globally diversified players, regional players, and country-niche players having expertise in addressing the exact needs for country-specific vehicle types and traffic conditions.
Large global players constitute ~20% of the market in terms of the number of competitors, while regional players hold the largest share. Some of the major players in the market include Robert Bosch GmbH, Continental AG, Denso Corporation, Visteon Corporation, Nippon Seiki Co., LTD., Panasonic, Pioneer Corporation, Yazaki Corporation, Garmin, LG Display, etc.
Recent Developments Related to Major Players
In January 2022, Panasonic introduced its Augmented Reality HUD 2.0 at CES 2022, one of the most influential tech events in the world. The HUD comes with a patented eye-tracking technology that significantly improves the augmented reality experience of the vehicle. The technology, as claimed by Panasonic, helps optimize the AR imagery for clarity and accuracy.
In February 2022, Continental announced its head-up display for trams. According to Continental, the HUD will help better intra-urban traffic by ensuring that drivers are able to focus their full attention on what is happening on the road.
The Global Automotive Head-Up Display (HUD) market is expected to grow at a rapid pace during the forecast period.
Multiple factors will drive growth in this segment, including a steady rise in the adoption of connected vehicles that come with advanced safety features, the growing demand for luxury vehicles across the globe - especially in the emerging auto markets, the surge in focus on improving the in-vehicle experience, and the availability of cutting-edge technologies helping vehicle manufacturers to reduce head-up display manufacturing cost.
Key Topics Covered in the Report
Snapshot of the Global Automotive Head-Up Display (HUD) Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Automotive
Historic Growth of the Overall Global Automotive Head-Up Display (HUD) Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Automotive Head-Up Display (HUD) Industry
Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
COVID-19 Impact on the Overall Global Automotive Head-Up Display (HUD) Market
Future Market Forecast and Growth Rates of the Total Global Automotive Head-Up Display (HUD) Market and by Segments
Market Size of Application Segments with Historical CAGR and Future Forecasts
Analysis of the Global Automotive Head-Up Display (HUD) Market
Major Production/Supply and Consumption/Demand Hubs within Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region
Notable Key Players Mentioned in the Report
Robert Bosch GmbH
Nippon Seiki Co., Ltd
Raythink Technology Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/qe0j73
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