New York, USA, March 20, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global automotive head up display market. According to the report, the global market is projected to surpass $10,382.1 million and grow with a CAGR of 26.7% in the estimated period, 2022–2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the automotive head up display market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Automotive Head Up Display Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global automotive head up display market. During the pandemic, the production of displays was limited by economic downturns and national lockdowns. There was a complete shutdown of many manufacturing units owing to supply chain disruptions, labor shortages, and high prices of raw materials. Furthermore, the worldwide fall in mid-segment and economy car sales resulted in revenue losses for automakers. All these factors hampered the market growth during the pandemic.
Factors Impacting the Automotive Head Up Display Market Growth
The key factor boosting the growth of the global automotive head up display market is a significant rise in the need for advanced safety features in automobiles. Furthermore, a rise in the attention given to augmented reality (AR) head-up displays by automakers is estimated to unlock lucrative opportunities for market growth in the forecast period. However, high initial costs of automotive head up displays are anticipated to deter the market’s growth.
The report segments the global automotive head up display market into HUD type, technology, car type, sales channel, and region.
Windshield HUD Sub-Segment to Grab a Foremost Share of the Market
The windshield HUD sub-segment of the HUD type segment is foreseen to observe leading growth in the forecast period. This growth is mainly owed to many benefits of windshield HUD, including increased security, effectiveness, and cost-effectiveness, as well as increased driver focus on the road.
Augmented Reality HUD Sub-Segment to Hold a Dominant Share of the Market
The augmented reality HUD sub-segment of the technology segment is foreseen to perceive leading growth in the forecast period. This growth is mainly because an augmented reality HUD improves the in-car experience and increases the driver's safety.
High-End Cars Sub-Segment to Witness Rapid Growth
The high-end cars sub-segment of the car type segment is predicted to grow enormously in the forecast period. This growth is mainly due to the rising use of head-up displays (HUD) in high-end cars owing to a rise in government's stringent road safety standards, as well as an increase in the sales of luxury automobiles.
Original Equipment Manufacturer (OEM) Sub-Segment to Experience Enormous Growth
The original equipment manufacturer (OEM) sub-segment of the sales channel segment is expected to grow massively in the forecast period. This growth is mainly due to the growing installation of HUD systems by OEMs in order to improve vehicle performance and lower expenses.
Europe Region to Perceive Maximum Growth
The report analyzes the global automotive head up display market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Europe market is projected to observe highest growth in the estimated period. This growth is mostly due to an upsurge in R&D activities, a surge in demand for high-end vehicles, an increase in disposable income, and the existence of major market players in this region.
Key Players of the Global Automotive Head Up Display Market
The report states some of the foremost players operating in the global market including
- 3M
- Denso
- Hudway
- Continental Valeo
- Nippon Seiki Co. Ltd.
- Visteon Corporation
- UniMax
- Bosch
- FIC Group
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in May 2022, Panasonic Automotive Systems Co., Ltd., a leading global provider of original equipment for the automotive industry, revealed that its 11.5-inch WS HUD (wind shield head-up display) has been used for Nissan Motor Co., Ltd.'s new Ariya crossover electric vehicle (EV). The WS HUD is a system that displays data on the windscreen, including navigation, advanced driver assistance systems, and vehicle speed.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Automotive Head Up Display Market:
- Tracing the Recent Advances in Automotive Head Up Display Systems
- Global Automotive Head Up Display Market to Generate $10,382.1 Million by 2031, Owing to Increase in the Demand for Vehicles with Advanced Safety Features
