Head-up Display Market Size, Trends & Growth Analysis

Global Head-up Display (HUD) Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Head-up Display Market size is expected to reach ~USD 47 Billion by the end of 2035 by growing at a CAGR of ~24.30% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size was ~USD 3 Billion. The growth of the market can be attributed to the radically growing number of vehicles on road worldwide as well as increasing concern about on-road passenger and vehicle safety owing to the rising number of road crashes. According to the World Health Organization data, approximately 1.3 million people lose their lives every year as a result of a road traffic crash.

In addition to these, factors that are believed to fuel the market growth of head-up display include the rise in strategic partnerships and collaboration between major key players, as well as soaring investments to develop good quality products with the spike in demand for augmented reality-based HUDs. For instance, in July 2021, Corning Incorporated announced a new product category Corning Curved Mirror Solutions, which is now a key component in a new augmented reality (AR) head-up display system by Hyundai Mobis. The Hyundai Motor Company debuted this technology in the 2021 IONIQ 5 electric crossover utility vehicle. Additionally, the growing demand for more immersive and connected driving experiences is predicted to present the potential for market expansion over the projected period.

Global Head-up Display Market: Growth Drivers and Challenges

Growth Drivers

Flourishing Aviation Industry - in the aviation industry, the HUD helps the pilot in the critical phases of a flight, especially while takeoff and landing. It acts as a Human-Machine-Interface that relays real-time information related to the vehicle, traffic, and associated environment for an assisted driving experience. Hence, with the augmenting aerospace industry, the demand for novel, lightweight HUDs is anticipated to propel market growth over the forecast period. For instance, recently in May 2022, BAE Systems plc revealed a new lightweight, compact Head-Up Display (HUD) which will be used in commercial and military aircraft. LiteWave is anticipated to be easily adjusted to suit any individual flying position and allows the pilot to maintain excellent situational awareness, even during poor weather or at night.

Growing Demand for Smart Vehicles – The rapidly surging demand for semi-autonomous as well as connected cars which come with upgraded technologies such as automotive smart displays, HUDs, voice assistance, sensors, and several other features are expected to boost the growth of the head-up display market in the upcoming years. For instance, it was observed that in 2020, ~5 million cars sold worldwide had HUD technology and this number is expected to go beyond 10 million by 2025 as major automakers quickly adopt AR technology to complement other enhanced connectivity features in automobiles.
Rising Road Accidents Owing to Distracted Driving - Distracted driving is one of the most dangerous behaviors on the road hampering road safety. For instance, in the United States alone every year, nearly 3,000 people lose their lives in car accidents owing to distracted driving by drivers. This accounts for approximately 9% of all fatal motor vehicle collisions on roads across of U.S.
Advancements in Augmented Reality Technology – For instance, recently in January 2023, Harman International, an automotive technology company and a subsidiary of Samsung Electronics Co., Ltd. focused on designing consumer experiences at automotive grade, revealed HARMAN Ready Vision. It is a set of Augmented Reality (AR) head-up display (HUD) hardware and AR software products that will enhance driver safety and awareness. Its AR software empowers the driver with critical knowledge and information, in a timely, accurate, and non-intrusive manner by integrating with vehicle sensors to deliver immersive audio and visual alerts.
Expanding Demand for Luxury Cars – The increasing GDP per capita of the global population as well as the rising demand for premium features in vehicles and growing sales of luxury brand cars are estimated to boost the market growth. It was found that out of total U.S. light-vehicle sales in 2021, luxury brands delivered 2.2 million vehicles, accounting for a record ~14.7%.

Challenges

High cost of investment – as per investigations not every model of a car has basic specifications that can implement the HUD technology. Hence, as per the current HUD technology, more development is required in this field, which requires more investments. This, as a result, is restraining the market growth. Moreover, HUD is expensive and adds up to the overall cost of the vehicle, making it non-desirable for a major class of car buyers.
Adherence to conventional driving
Space constraint in the automotive cockpit

Global Head-up Display Market Segmentation

The market is segmented and analyzed for demand and supply by application in the automotive industry and aviation industries. Out of the two major industrial applications of head-up displays, the automotive segment is estimated to gain the largest market share of about ~64% in the year 2035. The growth of the segment can be attributed to the rapidly prospering automotive industry post-pandemic recovery with increased production of cars, trucks, and buses owing to its elevating demand worldwide. For instance, in 2021, the automotive manufacturing industry revenue was recorded at around USD 2.86 Trillion· Moreover, the demand for autonomous electric vehicles, e-bikes, and others is anticipated to boost the expansion of the segment in the upcoming years.

The global head-up display market is also segmented and analyzed for demand and supply by technique into projection-based and reflection-based. Amongst these two segments, the projection-based segment is expected to garner a significant share of around ~56% in the year 2035. The segment is projected to witness a massive CAGR during the forecast period, owing to the increasing demand for luxury cars as well as the growing use of sensors in vehicles along with the development of more advanced driving assistance systems for premium cars. Though the projection-based HUD system is expensive overall and more complicated, the final image formed through this system is very clear. Hence, this, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.

Our in-depth analysis of the global head-up display market includes the following segments:

By Type	Conventional Augmented Reality-Based
By Technique	Projection-Based Reflection-Based
By Components	Projector Combiner Video Generation Computer Others
By Application	Automotive Industry Aviation Industry

Global Head-up Display Market Regional Synopsis

The market share of head-up displays in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the presence of the biggest road networks in the countries such as the United States together with the growing number of people who drive in the region besides rising concern about the increasing number of road accidents. For instance, as per findings, the United States had more than 2 million motor vehicle accidents in 2018 leading to over 3 million injuries and more than 37,000 deaths. Moreover, the growing aviation industry as well as the increasing incidences owing to distracted driving in the region are anticipated to propel the demand for vehicles with HUD and other advanced features to eliminate such mishaps. All these factors are expected to boost market growth.

The European head-up display market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the increasing investment in research and development in the automotive industry to imbibe the latest technologies in the vehicles along with the growing demand for premium cars besides the rising ownership of semi-autonomous and connected vehicles in the region. Additionally, the rising innovations and investment in cockpit displays for commercial and military aircraft are further expected to propel the market growth in the region.

Further, the market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth in the region is backed by the surging disposable income of the population in emerging economies such as India and China which is leading to the increasing demand for luxury cars together with the growing production of electric vehicles with updated technologies.

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Top Featured Companies Dominating the Global Head-up Display Market

Panasonic Holdings Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis

CY Vision
Robert Bosch GmbH
Continental AG
Denso Corporation
Thales Group
Pioneer Group
BAE Systems plc
Nippon Seiki Co., Ltd.
Visteon Corporation
Elbit Systems Ltd.

In The News

Panasonic Automotive Systems Co., Ltd. unveiled that its large-screen WS HUD (Wind Shield Head-Up Display) was installed in a new model crossover EV, the Ariya from Nissan Motor Corporation. This is the 6th car model from Nissan to use the WS HUD of Panasonic, following the Skyline, Rogue, Qashqai, Pathfinder, and QX60.
CY Vision, a maker of holographic display technologies for AR experiences, debuted the company's latest updates to 3D AR HUD Technology automotive 3D Augmented Reality Head-Up Displays (3D AR-HUD) at CES 2023. It is the only augmented reality windshield technology on the market able to provide continuous depth and true 3D capability, 3D AR-HUD provides the widest field of view in augmented displays on the market today for all distances and weather conditions.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the head-up display market?

Ans: The soaring number of vehicles on road, as well as the increasing cases of road traffic crashes, together with the development of advanced features for the automotive and aerospace sector to provide immersive experiences are the major factors driving the market growth.

2) What would be the CAGR of head-up display market over the forecast period?

Ans: The market size of the head-up display is anticipated to attain a CAGR of ~24.30% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the head-up display market growth?

Ans: The requirement of the high cost of investment, as well as the limited space in the automotive cockpit, are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of head-up display market in future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the head-up display market?

Ans: The major players in the market are Panasonic Holdings Corporation, CY Vision, Robert Bosch GmbH, Continental AG, Denso Corporation, Thales Group, Pioneer Group, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the head-up display market?

Ans: The market is segmented by type, technique, components, application, and by region.

8) Which segment captures the largest market size in the application segment in the head-up display market?

Ans: The automotive industry segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Base Year	2022
Forecast Year	2023-2035
CAGR	~24.30%
Base Year Market Size (2022)	~ USD 3 Billion
Forecast Year Market Size (2035)	~ USD 47 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)