Automotive HUD Market 2022: The Report Shares Analysis on Trend and Growth
Posted by mahesh on October 20th, 2022
According to our latest market study on “Automotive HUD Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Technology, and Vehicle Type,” the market is projected to reach US$ 3,311.73 million by 2028 from US$ 1,116.69 million in 2021; it is expected to grow at a CAGR of 17.7 % from 2022 to 2028.
In response to the growing concern about the safety of passengers and vehicles among vehicle buyers, regulatory authorities worldwide continuously focus on increasing automobile safety. More than 1.35 million people die in road accidents worldwide as per the road safety report published by the Global Status Report in 2018. According to studies, road traffic injuries would become the world's fifth-largest cause of death by 2030. Driver distraction is one of the major causes of these road accidents. According to the National Center for Statistics and Analysis (NCSA), ~9 people are killed and more than 1,000 are wounded every day in crashes in the US. Using head-up displays can prevent accidents caused by the distraction of drivers while driving, as its advanced technology will monitor and alert drivers' behavior.
Drivers frequently redirect their gaze from the road to check an instrument cluster. After reading the instrument cluster, the vision must acclimate to the greater visual distance. Reading a display and refocusing on the road with a traditional instrument cluster takes at least half a second. It can also be tiring to the eyes if done frequently. A head-up display, positioned directly in front of the driver's eyes, displays essential information such as speed, navigation, and driving assistance data. OEMs are incorporating HUDs into their vehicles as a result of these advantages, which drives the automotive head-up displays market.
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The emergence of augmented reality head-up displays (AR HUD) is predicted to propel the automobile HUD business to new heights. The primary function of a head-up displays (HUD) is to provide information to drivers while they drive. The display content of Windshield Reflection Type HUDs is traditional and straightforward. Moreover, despite marginal improvements in the display range of Combiner Type HUDs, the range is still quite limited. AR HUD has a bigger display field-of-view, longer display distance, more brilliant display colors, and higher resolution than Windshield Reflection Type and Combiner Type HUDs. The most essential aspect, however, is that the AR capabilities boost the HUD's basic positioning to present information to the driver to a whole new level. With the introduction of AR technology, HUD display information has become much more intuitive, and it now includes AR HUD exclusive data such as lane turns, actual navigation courses, and distance from the front car.
Key Players -
Impact of COVID-19 Pandemic on Automotive HUD Market
North America is known for the highest rate of adoption of advanced technologies due to favorable government policies to boost automotive sector with advanced technology. As a result, any factor affecting performance of industries in the region hinders its economic growth. The US government imposed several limitations on industrial, commercial, and public activities to control the spread of the disease. This has pushed the automobile industry into a deep cyclic crisis. The automotive HUD market has plummeted as COVID-19 has wrecked manufacturers' capacity to manufacture and assemble automobiles and squeezed consumer buying power. According to estimates, vehicle demand in North America was 2.5 million units lower than that in 2019. Only over 4,300 automobiles were produced in the US in April 2020. As a result, the decline in automotive manufacturing and demand has severely affected every segment of the automotive HUD market in North America, including production logistics, finished automobiles, and aftermarket. Until the first quarter of 2020, the automobile plants continued to work in the US Midwest and California; however, later the tide shifted due severe spread of coronavirus. Further, the FCA plant in Canada suspended its operations in early 2020. Honda, Hyundai, and Toyota have taken steps to cease production temporarily.
Key Findings of Study
The global automotive HUD market is segmented on the basis of type, technology, vehicle type, and geography. Based on type, the automotive HUD market is bifurcated into combiner HUD and windshield HUD. In 2021, the windshield HUD segment led the automotive HUD market with a larger market share. On the basis of the technology, the automotive HUD market is segmented into conventional HUD and augmented reality HUD. In 2021, the conventional HUD segment led the automotive HUD market and accounted for a larger of the automotive HUD market. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). In 2021, the passenger cars segment led the Automotive HUD market and accounted for the largest market share. Geographically, the automotive HUD market is divided into five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia Pacific dominated the overall market in 2021. North America contributed to the second-largest share of the automotive HUD market in 2021, followed by Europe.
In 2022 Europe
Continental has announced the development of new HUD for trams to to help making the traffic safer by adding extra safety and comfort features.
In 2021 Europe
Panasonic Automotive unveiled their large-screen HUD (Head-Up Display), which is now fitted in the Mitsubishi Outlander. This is the first time Mitsubishi Motors has employed a Panasonic WS HUD, and it is also the first time they have used a WS (windshield) style HUD.
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About the Authormahesh
Joined: September 20th, 2022
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