Northbrook, IL — (SBWIRE) — 03/07/2022 — According to the new research report, the “Head-up Display Market by Type (Conventional Head-up Display and Augmented Reality (AR) Based Head-up Display), Application, Components (Video Generators, Projectors/Projection Units, Display Units, Software) and Region – Global Forecast to 2027”, published by MarketsandMarkets™, the market size is projected to grow from USD 2.4 billion in 2022 to USD 6.4 billion by 2027 it is expected to grow at a CAGR of 21.3% from 2022 to 2027.
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The key factors contributing to the growth of the head-up display market include increasing awareness about passenger and vehicle safety, growing adoption of AR based head-up display etc. However, space constraint in automotive cockpits and high luminace, brightenss and power requirements is hindering the growth of head-up display market. Impact of COVID-19 on supply chain and the global chip shortage possesses ahuge challenge to the industry. However, growing demand for electric and semi-autonomous vehicles is the biggest opportunity in the market space with Europe having the highest market share and North America the highest CAGR for the forecast period.
AR based HUD is likely to register high CAGR
The market for AR based HUD is growing at the highest CAGR of 84.8% during the forecast period. AR-based head-up displays are used to reduce the cognitive workload on drivers while driving by reducing distraction and making driving safe. Required information and assistance can be viewed by drivers, along with real-time traffic conditions, on windshields in the line of sight of drivers. AR-based head-up displays help in navigation routing by pointing nearby streets and highlighting obstacles on displayed images for an enhanced driving experience.
North America exhibit the highest CAGR during the forecast period
The market based on geography has been segmented into 4 main regions: North America, Europe, APAC, and RoW. North America is projected to grow at the highest CAGR of 26.5% during the forecast period. The growth of the market in North America is attributed to the increasing awareness among manufacturers and users about the active safety systems deployed in automobiles and aircraft. The US is also one of the key consumers of high-end cars, including sports, luxury cars. Leading car companies such as Chevrolet (US), General Motors (US), and Ford Motor Company (US) are headquartered in the US and are expected to come up with advanced technology-based head-up displays in the market..
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Projectors/ Projection Units to hold the highest market share by the end of 2027.
Projectors/projection units are expected to hold 37.8% of the market share by 2027. Projectors/projection units use light-emitting diodes, or liquid crystal displays and cathode-ray tubes to project images. They can be adjusted either below or above combiners. Concave mirrors or convex lenses are set up with cathode-ray tubes, light-emitting diodes, or liquid crystal displays at the focus of projectors/projection units in typical head-up displays. This setup produces images on surfaces through parallel light, with observers perceived to be at infinity.
Passenger cars segment projected to dominate head-up display market for automotive application
The passenger cars segment is estimated to account for a large share of the head-up display market during the forecast period. The adoption of advanced technologies continues to be high in passenger cars owing to their large-scale production and greater sales than commercial vehicles. The passenger cars segment of the head-up display market in Europe and North America is driven by the increasing adoption of head-up displays in new vehicle models sold in these regions. OEMs are placing extreme importance on ensuring that drivers view images directly in their field of view and the images are distortion-free. Tier 1 suppliers ensure that head-up displays are manufactured with a precision of thousandths of a millimeter.
The key players operating in the head-up display market Nippon Seiki (Japan), Pioneer (Japan), Continental (Germany), Visteon (US), Bosch (Germany), Denso (Japan), BAE Systems (UK), and Yazaki Corporation (Japan). The players in this market have adopted various strategies to expand their global presence and increase their market shares.
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