According to Future Market Experiences, the global head-up display (HUD) market is expected to exceed US$ 8.6 billion by 2023. (FMI). The market for free vehicles is expected to grow at an 18.3% CAGR, with a market size of US$ 46.0 Bn by 2033.
Additionally, a primary improvement driver will continue to be the integration of connective breakthroughs like mechanised thinking (artificial intelligence) and extended reality in HUDs to enhance driving safety and experience. FMI projects that applications for hard and fast head-up displays in the automobile industry will continue to grow strongly, accounting for 22% of the market share in 2022.
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Extensive Demand from Automotive and Military and Defense Sectors to Present Lucrative Growth Prospects
Because customers’ disposable income has increased along with the average family income, the demand for modern cars has significantly expanded in both industrialised and emerging nations. Consumers are following the trends and technologies that are emerging in the automobile sector, and it has been predicted that augmented reality integration will be relatively high in the near future, driving head-up display sales. The military, civil, and aviation sectors are going to emerge as prospective areas for manufacturers to invest in the near future, in addition to the automobile sector, which is one of the lucrative end users.
Consumers’ average household income in the Asia Pacific region has been steadily rising over the past several years, and it is anticipated that this upward trend will continue in the years to come. Demand for modern, cutting-edge consumer electronics and cutting-edge automobile items, particularly head-up displays, is projected to be quite high in ASEAN nations and India. Taking these considerations into account, APAC is anticipated to grow at an exceptional
Companies to Gear up with Population Specific Strategies
The middle-class population, mostly in emerging countries, should be the target market for head-up display producers and suppliers. The release of affordable and practical items will aid in the company’s efforts to increase its customer base and meet the technological requirements of the emerging world. Among many others, the market’s top businesses include BAE Systems, Continental AG, Denso Corporation, Honeywell Aerospace, Panasonic Automotive Systems, and Robert Bosch.
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Competition Landscape
Leading players operating in the global head-up display market are focusing on research and development to integrate connective technologies such as artificial intelligence (AI) and augmented reality (AR). Through this, players are aiming to diversify their product portfolios. In addition to this, players are investing in mergers, acquisitions, and collaborations to gain a competitive edge in the market. For instance:
- In February 2021, Panasonic displayed a futuristic augmented reality (AR) head-up display (HUD) at the 2021 Consumer Electronics Show. The new HUD uses artificial intelligence to detect and highlight potential obstacles and hazards including pedestrians, cyclists, vehicles, and bridges.
- In October 2019, Nippon opened a new development center in Tokyo, Japan, for its HUD business. The new R&D center will focus on tasks such as integrated cockpit development and next-generation HUD development for product enhancement.
How Will the Integration of Connective Technology Influence Head-Up Display Sales?
Augmented reality (AR) is a developing area of technology, which is attracting interest in its ability to overlay digital objects in the surroundings at the consumer’s disposal. To improve the safety features and visibility in autonomous vehicles, manufacturers are getting inclined towards the integration of augmented reality (AR) and artificial intelligence (AI) in HUDs.
When combined with existing holographic HUDs, AR potentially enhances functionality by overlaying navigation indications and other obstacles with color-coded strips and other indicative features.
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Head-up Display Market: Segmentation
By Component
- Projection Unit
- Video Generator
- Display Panel
- Software
- Others
By Technology
- CRT
- Micro Electro Mechanical Systems
- (MEMS)
- Liquid Crystal Display (LCD)
- DLP
- LCOS
- Waveguide
By Application
- Military and Defense
- Civil and Aviation
- Automotive
- Others (Manufacturing,
- Wearable etc.)
By Type
- Windshield
- Combiner
- Head Mounted
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