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Automotive HUD Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Automotive HUD Global Market Report 2024
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According to The Business Research Company's, The automotive hud market size has grown exponentially in recent years. It will grow from $1.29 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The growth in the historic period can be attributed to luxury vehicle demand, consumer awareness, government regulations, growth in electric vehicles, economic growth.
The automotive hud market size is expected to see exponential growth in the next few years. It will grow to $3.48 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The growth in the forecast period can be attributed to growing autonomous vehicles, rising demand for in-vehicle infotainment systems, increasing focus on road safety, increasing traffic congestion, rising disposable income. Major trends in the forecast period include augmented reality (ar) integration, holographic and 3d displays, gesture control, laser projection technology, collaboration between automakers and tech companies.
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Market Drivers and Trends:
The growing demand for connected vehicles is expected to propel the growth of the automotive HUD market going forward. A connected vehicle is a vehicle that has an internet connection. Automotive HUDs help connected vehicles by increasing the security and safety of vehicles using various technologies. For instance, in March 2023, according to Visual Capitalist, a Canada-based data-driven visual content platform, by 2030, 95% of new vehicles sold will be connected vehicles, up from 50% in 2023. Therefore, the growing demand for connected vehicles is driving the growth of the automotive HUD market.
Technological advancement is a key trend gaining popularity in the automotive aftermarket. Major companies operating in the automotive HUD market are focused on developing technologically advanced products to strengthen their position in the automotive HUD market. For instance, in September 2021, Huawei Technologies Co., Ltd., a China-based provider of information and communications technology (ICT) infrastructure and smart devices, introduced advanced automotive HUD with the integration of AR HUD technology. The Huawei AR HUD provides a heads-up display powered by an augmented reality system that transforms the front windscreen of a car into a smart screen and can provide navigation-based information, such as route distance, data on the number of lanes on an incoming road, and other vital data, such as weather conditions.
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Major Key Players of the Market:
Continental AG, LG Display Co. Ltd., Denso Corporation, Visteon Corporation, Nippon Seiki Co. Ltd, Panasonic Holdings Corporation, Pioneer Corporation, Yazaki Corporation, Toshiba Corporation, Garmin Ltd., MicroVision Inc., Hudway LLC., Mitsubishi Electric Corporation, Thales Group, BAE Systems, Bosch Group, Harman International, Magna International Inc., Navdy, Inc., Texas Instruments, HUDWAY, WayRay, DigiLens Inc., Continental Automotive GmbH, Renesas Electronics Corporation, Robert Bosch GmbH, Kyocera Corporation, THALES Group, E-Lead Electronic Co., Ltd., HOLOEYE Photonics AG, Tata Elxsi Limited
Automotive HUD Market 2024 Key Insights:
• The automotive hud market size is expected to see exponential growth in the next few years. It will grow to $3.48 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%.
• Rising Demand For Connected Vehicles Ignites Growth In The Automotive Hud Market
• Technological Advancements Enhance The Automotive Aftermarket
• North America was the largest region in the automotive HUD market in 2023
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