The «Automotive HUD Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Type, Technology, and Vehicle Type» report has been added to ResearchAndMarkets.com’s offering.
The automotive HUD market is estimated to reach US$ 3,311.73 million by 2028 from US$ 1,243.66 million in 2022.
Vehicle buyers are getting increasingly concerned about the safety of passengers and vehicles. The goal of regulatory authorities worldwide is to increase automobile safety. More than 1.35 million people die in traffic accidents worldwide as per the road safety report published by the Global Status Report in 2018.
According to studies, road traffic injuries will become the world’s fifth-largest cause of death by 2030. collisions is driver distraction is one of the leading causes of these deaths. According to the National Center for Statistics and Analysis (NCSA), roughly 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 driver distraction caused by monitoring in-vehicle displays.$
Drivers frequently divert 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 other driving assistance data. The HUD’s output decreases distraction, allowing the driver to focus more on driving. OEMs are incorporating HUD into their vehicles as a result of these advantages. As a result, such factors are contributing to the growth of automotive HUD market.
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 up demand for head-up displays. 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 primary purpose of these vehicles is to improve driving safety and convenience. Park assistance, front collision avoidance, and advanced cruise control are the advanced features of semi-autonomous vehicles. These features are displayed on windshields in the line of sight of drivers in semi-autonomous vehicles with head-up displays.
For instance, Ijn 2022 Hyundai launched its all-new IONIQ 5 electric crossover utility vehicle (CUV), which has a target driving range of 300 miles and includes a Head-Up Display with augmented reality mode for the first time in a Hyundai. The new IONIQ 5 vehicle includes ultra-fast charging from 10% to 80% in just 18 minutes, a variety of battery and motor architectures with travel ranges ranging from 244 to 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 (AR) Head-Up Display (HUD) technology into a future Karma car fleet. True Augmented Reality (True AR) and Deep Reality Display technology from WayRay allow for creating virtual pictures at any distance and on many depth planes.
Europe is expected to hold the largest share of the automotive HUD market in 2022. Countries such as the UK and Germany are likely to have a substantial impact on the share of this region in the global automotive HUD market. According to a legal expert in the UK, every year, nearly a million claims for front windshield injuries are filed in the country. According to Aviva Plc, over 80% of the claims are associated with whiplash-related injuries in car accidents.
As a result, rising consumer awareness in the UK is likely to drive focus toward safety regulations, reducing the risk of front-end incidents. Thus, an increase in awareness about vehicle safety benefits of the installation of HUDs and other safety components would drive the demand for automobiles equipped with HUDs in Europe during the forecast period.
In Asia Pacific, Japan is an important country impacting the automotive HUD market growth. The Chinese automotive industry is a technology leader and a major market for high-end vehicles. Moreover, practically all major automakers have made investments in the Chinese market, which favor sales of compact, low-cost passenger vehicles. The automotive market in China is witnessing a surge in premium vehicle sales and demand due to superior comfort and safety features.
Market Dynamics
Drivers
- Increased Adoption Rate of Windshield HUD
- Rising awareness about passenger and vehicle safety
Restraints
- Space Limitation in Automotive Cockpit
- Alternatives to Head-Up Displays.
Opportunities
- Rising Demand for Semi-Autonomous and Electric Vehicles
Future Trends
- Integration of Connective Technology
Companies Mentioned
- Continental AG
- Denso Corporation
- Robert Bosch GmbH
- Harman International
- Yazaki Corporation
- Valeo
- Nippon Seiki Co., Ltd
- Panasonic Automotive Systems Europe GmbH
- HUDWAY, LLC
- Japan Display Inc