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Automotive HUD Market to Grow at a CAGR of 30.4% | MarketsandMarkets
The global Automotive HUD Market is projected to reach $3.9 billion by 2027 from $1.0 billion in 2022, at a CAGR of 30.4% during the forecast period.The market is driven by rising awanress of customers about the road as well as vehicle safety, growing demand for enhanced consumer experience in vehicles, along with high growth in the luxury as well as high-end cars segments, mainly in the emerging markets.
Some of the key players in the automotive HUD market are Bosch (Germany), Continental (Germany), Denso (Japan), Visteon (US), Nippon Seiki (Japan), Panasonic (Japan), Pioneer (Japan), and Yazaki (Japan).
Opportunity: Introduction of portable HUDs at lower prices in low and middle car segments
Technological advancements are driving the automotive industry to the next level. Features such as driver assists and surround-view cameras that were once available exclusively in luxury vehicles now come as a standard even in some economy cars. The same thing is slowly happening with head-up displays (HUD). For example, the 10-inch HUD in the 2018 Toyota Camry is one of the largest and best HUDs used in any car.
Mazda is another mainstream brand that offers HUDs in several of its vehicles. But instead of embedding expensive components in the dash and using a special windshield, the HUDs in the Mazda3 and Mazda6 use a thin plastic lens that folds down when not in use. MINI has a similar solution, but this low-cost approach has limits in terms of size and position of the images compared to traditional HUDs that use the windshield as a screen.
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The windshield segment is projected to be the largest automotive HUD market during the forecast period
The windshield HUD type is an advanced form of technology. It is offered as a standard feature in some luxury car variants and as an optional feature in other luxury and mid-segment vehicle variants. Tier-1 suppliers such as Continental, Nippon Seiki, and Denso are focusing on cost reduction of the windshield HUD so the feature can be installed across variants of the larger mid-segment vehicles. OEMs and Tier-1 suppliers are also concentrating their R&D efforts on developing full-windshield HUDs in future models of the vehicles. A full windshield HUD would occupy greater space in the automotive cockpit. This is a key challenge since the automotive cockpit electronics industry is evolving to have fewer electronics in the automotive cockpit as the automotive industry progresses toward autonomous vehicles.
By 2025, Asia Pacific is estimated to be the largest market for windshield HUD due to the growing demand for advanced in-vehicle technology in advanced markets such as China and India, increasing demand for premium vehicles with advanced in-vehicle safety systems and a significant installation rate of windshield HUDs in mid-segment vehicles. It is followed by the Europe market. Increasing demand for advanced technology in premium LCVs and growing demand for windshield HUD in luxury and mid-segment vehicles are driving the automotive HUD market in this region. The Asia Pacific market is cost-sensitive, and the adoption of advanced technology is higher in developed markets such as Japan. The region is home to India and China, which are key automotive manufacturing hubs of the world. Hence, once adopted, the penetration of advanced automotive technology in these markets is estimated to increase significantly.
Europe is estimated to be the largest market for automotive HUD in 2022
Europe is expected to account for the largest market share by 2022, followed by the Asia Pacific and North America. The automotive industry is one of the key industries in Europe. As per the European Commission, there are about 180 automobile facilities across the EU, and the automobile industry represents the largest investor in research & development. The European region is a hub for automotive giants and premium vehicle manufacturers. However, in recent years, it has witnessed a slump in the production of vehicles and an increase in competition from emerging markets such as the Asia Pacific and the Rest of the World. The major growth drivers of the automotive HUD market in the region include the growing demand for technology, the rising need for a safe and secure driving experience, and an increase in the development of connected cars. Germany is estimated to account for the largest share of the European automotive HUD market, by value and volume, during the forecast period. The market growth can be attributed to the increasing demand for advanced automotive in-vehicle electronics. The presence of key automotive players such as Continental AG enhances the market's first mover advantage with advanced automotive applications. In addition, the German commercial vehicle market is expected to adopt augmented reality HUDs at a faster pace compared to other developed countries.
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3D HUD segment, by technology, is estimated to be the fastest-growing automotive HUD market during the forecast period.
The 3-D HUD technology is attractive to leading auto manufacturers because it is compact, does not require eye tracking, and provides a deeper field of view than the existing HUD displays. With glasses-free 3-D technology, next-generation HUD units offer the possibility of full 3-D effects, projecting the images seen by drivers at safer distances from the windshield, therefore, causing less distraction. The 3-D AR HUD can display information at different distances depending on the driving speed (e.g., 40 m ahead when driving at 40 km/h in urban areas, 80 m ahead when driving at 80 km/h on highways).
The presence of any object can be detected with the help of 3-D projecting using sensors. This visually alerts the driver in advance, giving the driver additional time to make judgments and control the vehicle. Thus, the 3-D AR HUD is expected to reduce the accident rate and make driving safer. Currently, many HUD manufacturers, including WayRay, Continental, Visteon, Panasonic and component providers, such as NVIDIA and Zecotek, are working on the development of 3-D and augmented reality HUDs. In 2021, Panasonic developed a new Augmented Reality (AR) HUD, wherein its latest advances in optics, volume optimization, and imaging technology, combined with AI technology from its SPYDR cockpit domain controller were utilized to render near-field and far-field content for vehicle information (like speed), object and pedestrian detection, and mapping/route guidance, for a seamless, more engaged, and informed driver experience. These factors will boost the growth of the 3-D HUD market.
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