Wilmington, Delaware, United States, May 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive head-up display (HUD) market was worth US$ 1.4 Bn in 2022 and is expected to reach US$ 13.8 Bn by 2031. The global industry is projected to advance at a CAGR of 28.4% between 2023 and 2031.
Increase in sales of both commercial and passenger vehicles, as well as the increasing market demand for safety features in automobiles, is likely to drive the automotive head-up display [HUD] market. Demand for automotive head-up displays is growing quickly as a result of introduction of new technologies such as artificial intelligence (AI) and augmented reality (AR).
Joint venture agreements are being entered into by automakers and suppliers of in-vehicle technology to integrate their solutions. Growing consumer interest in connected automobiles and increasing smartphone and tablet integration into in-vehicle information and entertainment systems are further driving market development.
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Manufacturers are putting their efforts into creating HUDs that can recognize pedestrians and provide a secure driving environment. Market demand is also driven by an increase in the number of OEMs. Specially designed materials are used in the development of automotive head-up display (HUD) systems in order to integrate electronic control systems.
Rise in demand for accessories and safety features in automobiles that can utilize cutting-edge infotainment and connected technology is estimated to drive industry growth. Increasing ADAS (Advanced Driver Assistance Systems) usage is also projected to support the growth of the global automotive head-up display (HUD) market in the near future.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 1.4 Bn | |
| Estimated Value | USD 13.8 Bn | |
| Growth Rate - CAGR | 28.4% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 155 Pages | |
| Market Segmentation | Type, Technology, Vehicle Type, Dimension Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Robert Bosch GmbH, Alps Alpine Co., Ltd., Clarion, Continental AG, Denso Corporation, Garmin Ltd., Harman International, LG Display Co. Ltd., Magna International, Marelli Holdings Co. Ltd., Mitsubishi Electric, Nvidia Corporation, Panasonic Corporation, Pioneer Corporation, Texas Instruments, Toshiba Corporation, Valeo SA, Visteon Corporation, Yazaki Corporation, ZF Friedrichshafen | |
Key Findings of Market Report
- In terms of vehicle type, the passenger vehicle segment is expected to garner a major share of the market in the coming years. The popularity of premium or luxury passenger automobiles has increased as consumer disposable income has risen globally. As a result, passenger vehicle manufacturing is anticipated to rise during the forecast period. This factor is likely to drive business opportunities in this market segment.
- In terms of technology, in 2022, the conventional HUD technology segment held a large share of the market, attributed to low installation costs and an upsurge in demand for vehicle and passenger safety systems amongst buyers of automobiles. Major automakers are projected to adopt conventional HUDs more frequently in the near future to equip drivers with a clearer and more accurate view of their surroundings.
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Global Automotive Head-up Display [HUD] Market: Growth Drivers
- The automobile industry has been quickly integrating the emerging mobility 4.0, which is defined by the growth of CASE (connected, autonomous, shared, and electric) technology, change in consumer behavior, and rise in sustainability tendencies.
- Luxury and premium automobile sales have been increasing globally due to consumers' increasing disposable income. Utility vehicles are likewise becoming more popular with buyers all across the world. The global automotive head-up display (HUD) market is predicted to expand exponentially due to the affordability of automobiles among low- and middle-class customers.
- Demand for connected vehicles is increasing. As a result, automobiles that use head-up displays for navigation and various other driving-related activities are getting increasingly sophisticated safety features, including blind spot recognition and pedestrian protection systems.
- Brighter screens with more colors are being developed due to the development of novel projection technologies, particularly those based on micromirrors. As such, market demand for head-up displays (HUDs) for automobiles is predicted to increase.
Global Automotive Head-up Display [HUD] Market: Regional Landscape
- In terms of region, Asia Pacific is estimated to lead the global market in 2022. Growth of the global market is propelled by the development of automobile manufacturing in countries, including India, South Korea, Japan, and China. Given China's increasing vehicle manufacturing and consumer demand, the market size of the regional automotive head-up display (HUD) industry is anticipated to expand in the near future. The Asia Pacific market size is driven by the lucrative presence of producers of automotive components.
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Global Automotive Head-up Display [HUD] Market: Key Players
Some of the key players operating in the global automotive head-up display [HUD] market are as follows:
- Marelli Holdings Co. Ltd.
- Robert Bosch GmbH
- Toshiba Corporation
- LG Display Co. Ltd.
- Alps Alpine Co., Ltd.
Global Automotive Head-up Display [HUD] Market: Segmentation
Type
- Combiner HUD
- Windshield HUD
Technology
- Conventional HUD
- Augmented Reality HUD
Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Dimension Type
- 2D HUD
- 3D HUD
Sales Channel
- OEM
- Aftermarket
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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