According to ESOMAR-certified Future Market Insights’ (FMI) latest research report, in 2021 the automotive HUD market grew by 11.5% year on year, bucking initial skepticism about how the market would perform during a global pandemic. As per the study, the global automotive HUD market is anticipated to grow at around 14.4% CAGR throughout the forecast period from 2021 to 2031.
Vehicle crash accidents are one of the leading causes of deaths across the globe. Increasing urbanization and high sales of automotive vehicles has led to spike in road accident related deaths in emerging countries like India. As per the Ministry of Road Transport and Highway, in 2019, 449,002 accidents took place in India leading to 151,113 deaths and 451,361 injuries.
Leading market players are developing low cost and compact automotive head-up display systems to promote and enable safer driving experience, reduce the number of road accidents, and improve the safety of driver and passenger in the vehicle. This factor is expected to increase the sales of head-up displays over the forecast period.
For instance, Jaguar Land Rover is currently developing its next-gen 3D head-up display technology which will offer a personalized experience to the driver and will also allow everyone in the vehicle to independently select their own infotainment. The developed HUD will beam real-time safety information in front of the driver and passengers can stream 3D movies directly from their seats.
Increasing government investment in developing electric vehicles and surge in demand for electric vehicles in emerging economies along with strict regulation implemented by developed countries regarding safety standards of automobile will fuel the growth of the automotive HUD market.
Growing awareness regarding reducing carbon emission and increasing efforts to reduce traffic congestion will promote the sales of electric vehicle. This is expected to positively influence the growth of the automotive HUD market.
Key Takeaways from FMI’s Automotive HUD Market Study
• U.S is anticipated to lead the automotive HUD market, showcasing the growth of 13.6% CAGR in 2021. The growth can be attributed to rise in car accidents and demand for advance navigating system in the region.
• Europe automotive HUD market is forecast to grow at 12.8% CAGR backed by presence of leading original equipment manufacturers in the region along with increasing demand for European luxury vehicles across the globe.
• Japan and South Korea will collectively account for around 13% market share in 2021 due to presence of automotive giants like Toyota and Hyundai and increasing investment from these companies towards developing compact HUD.
• Rapid advancement in the electric vehicle section along with increasing focus on modernizing the navigation system will boost the automotive HUD market in India during the forecast period.
• Combiner HUD is experiencing high demand owing to its low cost and its sales is expected to grow at more than 19% CAGR from 2021 to 2031.
“Increasing investment in research and development of compact automotive head-up display system (HUD) and integration of artificial intelligence and remote sensing with HUD will create lucrative opportunity for market growth,” says the FMI analyst.
Leading market players are focusing on exploring opportunities offered by emerging economies like China and India. New product launches are in the card as market players seek to expand their product portfolio and strengthen footprint.
Market players are also working towards introducing artificial reality (AR) based head-up display and ultra thin HUD to gain the competitive edge in the market. For instance, Continental AG developed its first ultra-compact, high-performance head-up display (HUD) in 2019. The new HUD is ideal for cockpits with limited installation space and provides accurate information in the driver’s field of vision, making it highly safe to use.
Similarly in April 2021, Hyundai introduced its new electric car “IONIQ 5” equipped with head-up display (HUD) with augmented reality (AR) mode. The augmented reality coverts the vehicle’s windshield into a display screen where driver can get information like turn-by-turn navigation, advanced safety and the car’s surroundings nearly 4 feet (44 inches) in front of their line of sight on the road.
Prominent players operating in the automotive HUD market are:-
• Continental AG
• Denso Corporation
• Nippon Seiki Co., Ltd.
• Visteon Corporation,
• Delphi Automotive LLP
• Garmin Ltd.
• MicroVision, Inc.
• LG Display Co., Ltd.
• Hyundai Mobis
• KYOCERA Corporation
• Harman International
• Panasonic Corporation
• Robert Bosch GmbH
• JVCKENWOOD Corporation
More Insights on the Global Automotive HUD Market
In its latest report, FMI offers an unbiased analysis of the global automotive HUD market, providing historical data for the period of 2019-2029 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (windshield and combine), technology type (augmented reality and conventional), vehicle type (midsize, luxury, sports utility vehicle, and commercial vehicle), dimension (2D and 3D), sales channel (OEM and aftermarket), across seven major regions (North America, Latin America, Europe, East Asia, South Asia and Pacific, and Middle East & Africa)
For more information:https://www.futuremarketinsights.com/reports/automotive-hud-market