The Automotive HUD Market is projected to grow from USD 866 million in 2020 to USD 3,372 million by 2025, at a CAGR of 31.3% during the forecast period.
Increasing focus on in-vehicle experiences and growing demand for connected vehicles would drive the adoption of automotive head-up displays during the forecast period.
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). New product developments, expansions, collaborations, and supply contracts are the key strategies adopted by these players to gain traction in the automotive HUD market.
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 luxury car segment makes a major contribution to the automotive HUD market. The luxury car segment includes brands like Audi, BMW, Land Rover, Mercedes Benz, and Jaguar, which are priced higher than USD 50,000. The luxury car segment integrates windshield HUD in the vehicle, as the market is less price-sensitive, which gives attractive profit margins. Many OEMs are now offering the HUD as a standard feature in premium models and their variants.
Windshield HUD’s safety-enhancing features such as LDWS, blind spot detection, navigation, and speed metrics in the driver’s field of view have made the driving experience even richer. With technological advancements in the automotive industry progressing at a rapid pace, the integration of a wider range of advanced driver assistance systems in the windshield HUD is projected by 2025. The technological innovation in the product and the safety features attached to it would increase the demand in this segment. The Asia Pacific and Europe hold a major share in this segment due to the high production of luxury vehicles in these regions and the increasing demand from consumers for advanced safety and convenience in-vehicle features. Despite the high price of windshield HUDs, suppliers continue to invest heavily in full-windshield HUD systems, adding advanced features such as augmented reality.
Europe is expected to account for the largest market share by 2020, 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 the 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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The Asia Pacific region is estimated to be the second-largest automotive HUD market in 2020, and it is projected to lead the market in 2025. Japan is a key contributor to the Asia Pacific region. The Japanese automotive industry is a leader in advanced technologies and is a key market for premium vehicles. Also, nearly all major OEMs have invested in the Chinese market, which is inclined toward small and affordable passenger vehicles. China is the largest automotive market in the Asia Pacific region and is witnessing growth in the sales and demand for premium vehicles. The growing automotive production levels in China have raised the demand for premium vehicles with advanced comfort and safety systems.
The Asia Pacific region is home automotive HUD system and components’ key suppliers such as Panasonic (Japan), Yazaki (Japan), and Nippon Seiki (Japan). These companies are continuously investing in research and development to innovate automotive applications. The availability of cheap labour and favourable government policies help to undertake mass production of components, which would result in the low prices of HUDs. The implementation of new technologies, the establishment of additional manufacturing plants, and the creation of value-added supply chain between manufacturers and material providers make the Asia Pacific region a market of immense growth potential for automotive HUD applications.