Major automotive HUD production companies will continue to invest in research and development activities to improve scope of product functionality with advancements in IoT and AR tech
DUBAI, UAE / ACCESSWIRE / July 15, 2020 / The global automotive HUD market is likely to grow exponentially with a 15% CAGR, through the end of the forecast period in 2029. Suspension of manufacturing plants in Europe, and restrictions on Chinese exports are key factors that are having significant negative impact on the automotive HUD market, which is likely to continue through the end of 2020 and early 2021.
"The development of technologies such as voice-operated HUD systems with the functionality to monitor data such as GPS, and tire pressure will contribute substantially to the market. 3D HUD variants with, laser sensors, are creating opportunities for manufacturers to recover strongly after the pandemic," says the FMI analyst.
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Automotive HUD Market - Key Takeaways
- Luxury passenger vehicles will remain the primary application for automotive HUDs, aided by rapid tech advancements in the segment.
- Windshield HUDs are rapidly gaining traction owing to incorporation of LED and LCD technologies.
- North America and Europe are the dominant automotive HUD markets owing to faster access to new technologies. Asia Pacific is rapidly gaining ground, supported by the presence of major auto production facilities.
Automotive HUD Market - Key Driving Factors
- Sustained sales of cars, in addition to higher net worth incomes are key growth factors.
- Investments and expansion of the luxury car segment is a major factor aiding the adoption of automotive HUDs.
- Demand for navigation, infotainment, and vehicle performance monitoring functionalities support automotive HUD applications.
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Automotive HUD Market - Key Constraints
- High power consumption requirements is a key factor that hinders adoption of automotive HUD units.
- Potential diversions, from flashing lights and voice feedback from HUD units can hamper market growth.
The Anticipated Impact of COVID-19
The coronavirus outbreak is causing substantial concern in the automotive HUD industry. Supply disruptions from China, coupled with suspension of auto production factories in Europe and North America are having an adverse impact on the global market. Quarantines and travel restrictions will impact liquidity, trade, and production in the short term, threatening the survival of small and medium scale enterprises. However, major transitions in automotive products will help a steady recovery post the end of the pandemic.
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Competition Landscape
Prominent manufacturers in the automotive HUD market include but are not limited to Visteon Corp., Nippon Seiki Co. Ltd., and Continental AG. Manufacturers are investing in product innovation incorporating the latest technologies. For instance, Mercedes has unveiled its augmented reality-powered HUD system for its 2021 model of S-Class car.
More About the Report
The FMI's market research report offers detailed insights on automotive HUDs market. The market is scrutinized on the basis of product type (windshield and combiner), technology (conventional and augmented reality), dimension (2D and 3D), sales channel (OEM and aftermarket), and vehicle type (midsize, luxury, commercial and SUV), across six key regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East and Africa).
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SOURCE: Future Market Insights