Automotive Head-up Display (HUD) Market is projected to surpass US$ 4.7 Bn by 2030
According to the report, the global automotive head-up display (HUD) market is projected to surpass US$ 4.7 Bn by 2030, expanding at a CAGR of ~22% during the forecast period. Rise in demand for comfort and safety features in vehicles is likely to boost the automotive head-up display (HUD) market across the globe. Increase in preference for utility vehicles and luxury vehicles, in conjunction with the increase in demand for comfort and luxury vehicles among consumers globally, is anticipated to propel the automotive head-up display (HUD) market.
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The global automotive head-up display (HUD) market is anticipated to expand during the forecast period, owing to increase in affordability of vehicles and transition of people to middle and upper middle-income groups. For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage the sale of vehicles. Rising safety features and ease of accessibility in vehicles is boosting their sales, which, in turn, is likely to propel the automotive head-up display (HUD) market across the globe.
Expansion of Automotive Head-up Display (HUD) Market
The change in trade policies by the Trump Administration, such as withdrawal of trade agreement with South Korea and continuous fluctuation on tariff with import and export to China, is likely to fluctuate the market during the forecast period; however, the U.S.-China trade has witnessed a positive turnaround and the relation between the countries is anticipated to improve. The surge in trade volume, owing to rising bilateral trade among countries is projected to boost the automotive head-up display (HUD) market during the forecast period. China witnessed an increase in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of the total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% year-on-year.
Based on vehicle type, the global automotive head-up display (HUD) market has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. This is primarily due to the rise in the production of passenger vehicles across the globe. The increase in adoption of safety features in vehicles, including lane departure system, pedestrian protection system, and night vision detection system, is likely to boost the automotive head-up display (HUD) market across the globe.
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In terms of technology, the conventional HUD segment dominated the market, as it provides transparent and better view of surroundings, and helps detect obstacles in challenging road conditions. Moreover, major vehicle manufacturers are emphasizing on investments for the development of display technology and trying to reduce the cost of the head-up display, which is likely to fuel the automotive head-up display (HUD) market.
Regional Analysis of Automotive Head-up Display (HUD) Market
In terms of region, the global automotive head-up display (HUD) market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive head-up display (HUD) market in 2019. It is anticipated to hold a leading share during the forecast period due to the rise in the production and sale of vehicles in China and countries in ASEAN.
Major presence of automotive component manufacturers across Asia Pacific further boosts the automotive head-up display (HUD) market across the globe. Followed by Asia Pacific, Europe also held a significant share of the global automotive head-up display (HUD) market due to the presence of a large number of tier-1 suppliers who have advanced research and development facilities for head-up display, which, in turn, is likely to boost the automotive head-up display (HUD) market across the globe.
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