Automotive HUD Market Revenue Growth Predicted by 2021-31
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.
Competitive
Landscape
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
• Valeo
• 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
info: https://www.futuremarketinsights.com/reports/global-automotive-wiring-harness-market
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