Increase in demand for high-tech vehicles, challenging driving conditions, rise in demand for safety features in automobiles, and a higher penetration rate of head-up displays in the aerospace and defense sector fuel the growth of the global head-up display market.
Allied Market Research published a research report on the global head-up display market. The report states that the global head-up display market generated $6.0billion in 2019, and is expected to garner $19.1billion by 2027, witnessing a CAGR of 20.1% from 2020 to 2027.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Ankit Prajapati, Lead Analyst, Semiconductor and Electronics at Allied Market Research, highlighted, “The head-up display market across Europe is expected to grow at the highest rate during the forecast period, owing to considerable investments from OEMs in the adoption of head-up displays, especially in the automotive sector. Moreover, presence of leading market players of the aerospace and defense sector in the region fuels the growth of global head-up display market.”
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The report offers an extensive analysis of drivers, restraints, and opportunities to help market players in devising strategies and capitalizing on market opportunities. Increase in demand for high-tech vehicles, challenging driving conditions, and rise in demand for safety features in automobiles, and higher penetration rate of head-up displays in the aerospace and defense sector fuel the growth of the global head-up display market. However, high cost of head-up display units and systems hinders the market growth. On the contrary, emergence of new applications and growing advancements in AR technology offer new opportunities for market growth.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the head-up display market across the globe. During the initial phase of the pandemic, the majority of countries have imposed complete lockdown, this has decreased the demand for HUD and other display technologies. China is the major country to manufacture and export most of the raw materials for HUD, and the ban on import-export activities during the pandemic hampered the market. However, the demand for HUD is expected to increase in the post covid age, due to the growing demand for connected cars through the forecasted period.
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The report offers a detailed analysis of segments of the global head-up display market. These segments include type, technology, end user, sales channel, and region. This analysis assists new entrants, investors, and market players as they can determine the fastest growing and highest revenue-generating segments for determining growth strategies for the next few years.
Based on type, the combiner-based segment held the highest share in 2019, accounting for more than half of the market share. The demand is due to its growing use in military and commercial aircraft as it plays a vital role in supporting the pilots and preventing the collision risk with the terrain. By technology, the conventional segment contributed to the highest market share in 2019, accounting for around four-fifths of the market. However, the AR-based segment is expected to grow at the fastest CAGR from 2030 to 2027.
By region, Europe contributed for the highest share in 2019and is expected to maintain its dominance in the forecast period. Rise in demand for connected cars or premium cars in the region and the presence of the significant number of market players drive the growth of head-up display in Europe. However, North America is expected to witness significant growth during the forecast period, due to significant investments in augmented reality technology in the region.
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Leading players of the global head-up display market analyzed in the research include Continental AG, Visteon Corporation, DENSO Corporation, BAE Systems, Nippon Seiki Co., Ltd., Elbit Systems Ltd., Rockwell Collins, Texas Instruments Incorporated, Panasonic Corporation, and STMicroelectronics.
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