According to a new market analysis by Future Market Insights, the global head-up display (HUD) market is expected to exceed US$ 7,053 Mn in 2022. (FMI). Growing demand for independent vehicles is expected to drive sales at a 21.4% CAGR, with the market reaching US$ 22,600 Mn by 2028.
Furthermore, the combination of interconnected advancements like computerised reasoning (AI) and expanded reality in HUDs to improve driving experience and street security will remain a key development driver. According to FMI, automotive applications are expected to remain strong, accounting for 22% of the total head-up display market share in 2022.
Extensive demand from the automotive and military and defence sectors will provide lucrative growth opportunities.
Demand for advanced vehicles has increased significantly in both developed and developing regions, with consumer disposable income rising in tandem with average household income. Consumers are moving forward with the trends and technologies emerging in the automotive industry, and it is expected that the integration of augmented reality will be relatively high in the near future, driving sales of head-up displays. Not only is the automotive industry a lucrative end user, but the military, civil, and aviation sectors will also emerge as potential areas for manufacturers to invest in the near future.
Consumers’ average household income in the Asia Pacific region has been steadily rising in recent years, and this trend is expected to continue in the coming years. ASEAN countries and India are expected to have high demand for advanced and new consumer electronics as well as cutting-edge automotive products such as head-up displays. With these factors in mind, APAC is expected to grow at an exceptional rate.
Companies will develop population-specific strategies.
Manufacturers and suppliers of head-up displays should target the middle-class population, primarily in developing countries. The introduction of affordable and viable products will aid in the expansion of their consumer base while also catering to the technological needs of developing regions. BAE Systems, Continental AG, Denso Corporation, Honeywell Aerospace, Panasonic Automotive Systems, and Robert Bosch are among the market’s leaders.
How Will Connective Technology Integration Affect Head-Up Display Sales?
Augmented reality (AR) is a developing field of technology that is gaining popularity due to its ability to overlay digital objects in the consumer’s environment. Manufacturers are increasingly incorporating augmented reality (AR) and artificial intelligence (AI) into head-up displays (HUDs) to improve safety and visibility in autonomous vehicles.
When combined with existing holographic HUDs, AR has the potential to improve functionality by superimposing navigation indicators and other obstacles with color-coded strips and other illuminating features.