Head-up Display Market size is anticipated to reach USD 47 Billion by the end of 2035, growing at a CAGR of 24.30% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of head-up display was over 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 growth of head-up display market 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
24.30% |
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Base Year Market Size (2022) |
USD 3 Billion |
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Forecast Year Market Size (2035) |
USD 47 Billion |
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Regional Scope |
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Application (Automotive, Aviation)
The head-up display 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.
Technique (Projection-Based, Reflection-Based)
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:
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By Type |
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By Technique |
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By Components |
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By Application |
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North American Market Forecast
The share of head-up display market 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.
Europe Market Forecast
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 head-up display market growth in the region.
APAC Market Statistics
Further, the head-up display 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.
Author Credits: Abhishek Verma, Hetal Singh
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