The global automotive HUD market size is projected to grow from USD 1.0 billion in 2023 to USD 2.2 billion by 2028, at a CAGR of 16.6%. The demand for automotive HUD solutions is fueled by the increased focus towards passenger as well as vehicle safety, a growing demand for improvement of in-vehicle experience, and steady growth in high-end vehicle segments, mainly in emerging markets.
BEV segment is expected to have largest share in the global automotive HUD market
The BEV segment is estimated to dominate the automotive HUD industry based on electric vehicle type. Increasing sales of BEVs in China, the US, and European countries are driving the BEVs segment. Additionally, BEV manufacturers are increasingly adopting HUDs as a safety and convenience feature. For instance, the 2022 NIO ET7, NIO ES6, and NIO ES8, electric car models by NIO in China, have HUDs installed in them. As per industry experts, most of the BEV OEMs have started adopting HUD technology in their respective models. As such, the penetration rate of automotive HUDs in BEVs is increasing, which will, in turn, drive the BEV automotive HUD market during the forecast period.
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3D HUD segment is expected to have significant growth opportunities in global automotive HUD market
The 3D HUD segment is anticipated to have significant growth opportunities during the forecast period. 3D HUD can easily integrate AR elements, which, in turn, creates a more immersive driving experience for the customers. AR features can include dynamic navigation overlays and virtual lane guidance and highlight potential hazards on the road, providing a comprehensive understanding of the driving environment. Several automotive HUD suppliers are focusing on augmented reality (AR) technology. Considering these parameters, the market for 3D HUDs is likely to witness significant growth in the near future.
“Germany to lead the automotive HUD market in Europe”
Germany accounted for the major share of the European automotive HUD market in 2023. It houses the largest automotive industry in Europe. The German automotive industry is estimated to exhibit steady growth in the coming years. The German market is technologically advanced and has automobile manufacturing giants such as Volkswagen, BMW, Audi, and Daimler. The presence of major automobile manufacturers combined with advanced technology prowess would result in a significant rise in demand for advanced automotive technology such as HUD systems and components. In January 2023, Continental AG’s Scenic View Head-up Display (HUD) was presented at the CES 2023 and earned a CES Innovation Award in the Vehicle Tech & Advanced Mobility category for its leading-edge screen technology. This Scenic HUD is expected to be launched in the market by 2026. Such launches support the revenue growth of the automotive HUD market in Europe.
Key Market Players:
The automotive HUD companies is dominated by global players such as Nippon Seiki Co. Ltd. (Japan), Continental AG (Germany), DENSO Corporation (Japan), Panasonic Holdings Corporation (Japan), and Foryou Corporation (China), among others. These companies have adopted strategies of new product development, expansions, collaborations, partnerships, and acquisitions to gain traction in the market. Collaborations were the most adopted strategy, among others.
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