Rising Demand for Semiautonomous and Electric Vehicles Provide Lucrative Opportunities for Automotive HUD Market During 2022–2028
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$ 1,243.66 million in 2022; it is expected to grow with CAGR of 17.7 % from 2022 to 2028.
In recent years, the demand for semi-autonomous and electric automobiles is bolstering due to government incentives schemes. Rising inclination of the consumers towards these vehicles is driving the need for head-up displays (HUDs). Semi-autonomous vehicles can assess their surroundings and travel to their destination with minimal human intervention; voice instructions can be used to control them. The increased intervation of digital technology in vehicles enhace vehicle road safety and driving convenience. Park assistance, front collision avoidance, and advanced cruise control are the enhanced features of semi-autonomous vehicles. These features are displayed on windshields in the line of sight of drivers in semi-autonomous vehicles with HUDs.
For instance, in 2022, Hyundai launched its all-new IONIQ 5 electric crossover utility vehicle (CUV), which has a target driving range of 300 miles. It is the first vehicle of Hyundai that has a HUD with augmented reality mode. The new IONIQ 5 vehicle specifications include ultrafast charging—it can be charged from 10% to 80% in just 18 minutes, a variety of battery and motor architectures with a travel range of 244–300 miles, a top speed of 115 MPH, and the ability to tow a trailer weighing up to 1,500 pounds in all configurations. Furthermore, Karma Automotive and WayRay partnered to integrate a new type of augmented reality-based (AR-based) HUD technology into a future Karma car fleet. The True AR and Deep Reality Display technologies from WayRay allow the creation of virtual pictures at any distance and on many depth planes.
Automobile manufacturers and HUD suppliers are working tirelessly to improve automobile systems. These HUDs can now display compass directions, warning messages, radio information, and other information on the windshield. With advanced technologies such as liquid crystal displays (LCD) and light-emitting diodes (LED), bright, colorful visuals can be displayed on the windshield.
The global automotive HUD market is segmented on the basis of type, technology, vehicle type, and geography. Based on type, the market is bifurcated as 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 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.
Impact of COVID-19 Pandemic on Automotive HUD Market
Due to demand reduction and supply chain bottlenecks, major automotive HUD manufacturers such as Continental AG, Denso Corporation, Harman International, Yazaki Corporation, and Valeo either suspended or adjusted production to ensure the safety of their employees in China, Europe, and North America during the COVID-19 pandemic. The continued health crisis compelled Continental to temporarily halt production in more than 40% of its 249 manufacturing facilities across the world in April 2020. Moreover, Visteon took strong steps to cut costs and protect cash, including excellent cost management. In reaction to regulatory requirements and lower demand for components due to major OEMs' production suspensions, the company has temporarily paused or reduced production at some locations in the Americas, Europe, and much of Asia outside of China. In January 2020, the company started restructuring plans to downsize workforces at various locations to lower costs and improve financial performance. The demand for automobile HUDs reduced in 2020 and the first half of 2021, as a result of these events.
Continental AG; Denso Corporation; Robert Bosch GmbH; Harman International; Yazaki Corporation; Valeo; Nippon Seiki Co., Ltd; Panasonic Automotive Systems Europe GmbH; HUDWAY, LLC; and Japan Display Inc are key players operating in the automotive HUD market. Several other market players have been analyzed to understand the automotive HUD market.
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