According to our latest market study on “Automotive HUD Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Technology, and Vehicle Type,” the market is projected to reach US$ 3,311.73 million by 2028 from US$ 1,116.69 million in 2021; it is expected to grow at a CAGR of 17.7 % from 2022 to 2028.
In response to the growing concern about the safety of passengers and vehicles among vehicle buyers, regulatory authorities worldwide continuously focus on increasing automobile safety. More than 1.35 million people die in road accidents worldwide as per the road safety report published by the Global Status Report in 2018. According to studies, road traffic injuries would become the world's fifth-largest cause of death by 2030. Driver distraction is one of the major causes of these road accidents. According to the National Center for Statistics and Analysis (NCSA), ~9 people are killed and more than 1,000 are wounded every day in crashes in the US. Using head-up displays can prevent accidents caused by the distraction of drivers while driving, as its advanced technology will monitor and alert drivers behavior.
The automotive HUD market is highly fragmented and competitive due to occurrence of huge number of start-ups, small scale, and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the automotive HUD market. Such as, innovation of new technologies to offer enhanced product portfolios to the customers, merger and acquisitions, and expansion strategies.
Most of the market initiatives were observed in the Europe region, which have a high potential of automotive HUD providers. Few of the important market initiatives and product developments from the industry are mentioned below
The emergence of augmented reality head-up displays (AR HUD) is predicted to propel the automobile HUD business to new heights. The primary function of a head-up displays (HUD) is to provide information to drivers while they drive. The display content of Windshield Reflection Type HUDs is traditional and straightforward. Moreover, despite marginal improvements in the display range of Combiner Type HUDs, the range is still quite limited. AR HUD has a bigger display field-of-view, longer display distance, more brilliant display colors, and higher resolution than Windshield Reflection Type and Combiner Type HUDs. The most essential aspect, however, is that the AR capabilities boost the HUD's basic positioning to present information to the driver to a whole new level. With the introduction of AR technology, HUD display information has become much more intuitive, and it now includes AR HUD exclusive data such as lane turns, actual navigation courses, and distance from the front car.
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