New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive HUD Global Market Report 2023" - https://www.reportlinker.com/p06320103/?utm_source=GNW
The global automotive hud market grew from $1.07 billion in 2022 to $1.33 billion in 2023 at a compound annual growth rate (CAGR) of 24.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive hud market is expected to grow to $3.01 billion in 2027 at a CAGR of 22.6%.
The automotive HUD market consists of sales of projection-based and reflection-based automotive HUD.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Automotive HUD refers to technology that projects essential data such as navigation guidance, warning lights, and engine revs on the vehicle’s windshield.The purpose of automotive HUD is to provide a safety feature because it eliminates the need for the driver to look down at a conventional display panel.
The HUD system uses a projector unit, combiner, and a computer that generates a video display of such relevant safety information.
Asia-Pacific was the largest region in the automotive HUD market in 2022 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive HUD market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of automotive HUD are windshield and combiner.A windshield refers to a laminated windshield with an extra polarized layer to reflect images projected on it by a special projector typically mounted on the car dashboard.
The purpose of this windshield is to provide relevant information to the driver while driving without taking their eyes off the road.Conventional and augmented reality HUD are the technologies used in automotive HUD.
Both 2D and 3D automotive HUD are used in different types of automotive vehicles ranging from battery electric vehicles, internal combustion engines, and hybrid fuel-type vehicles.
The growing demand for connected vehicles is driving the growth of the automotive HUD market.The rising interest and demand for connected vehicles can be attributed to increase in customer preference towards comfort, connectivity, performance, and safety features during their new car purchases.
Connected car vehicles are outfitted with many promising technologies, including radar, lidar, cameras, and other sensors to provide safe and convenient travel.Due to these native embedded system technologies, these vehicles can communicate with other vehicular nodes, exchange safety data, receive system updates, and stream infotainment.
According to a McKinsey 2020 survey with more than 40 industry experts in the autonomous vehicle (AV) ecosystem, 60% of respondents would switch car brands to improve connectivity.Furthermore, 39% of consumers wanted to unlock additional digital features after purchasing a vehicle.
Therefore, increasing demand for connected vehicles is expected to boost demand for automotive HUD solutions during the forecast period.
Technological advancements are a key trend gaining popularity in the automotive HUD market.Major companies operating in the automotive HUD market are focused on providing technologically-advanced solutions to meet end customer demand and strengthen their market position.
These companies are developing next-generation automotive HUD technologies into their frameworks, such as augmented reality, virtual reality, sensors, artificial intelligence, Internet of things, machine learning, 3D mapping, automation, projection techniques, and others to simplify the driving condition by enabling security functionalities. For Instance, In January 2022, Japan-based Panasonic Automotive Systems Co. launched driveable AR HUD 2.0 with a patented eye-tracking-system. This technological innovation is made possible by an infrared camera with the AR HUD projector and optics, which eliminate the need for a separate driver-facing camera.
In February 2022, Harman International, a wholly-owned subsidiary of Samsung Electronics, acquired Apostera for an undisclosed amount.With this acquisition, HARMAN International wants to broaden companies’ presence in automotive AR/MR experience design and further extend automotive product offerings.
Apostera is a Germany-based automotive technology company, which offers solutions ranging from ADAS, Lidar, and autonomous augmented reality.
The countries covered in the automotive HUD market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive HUD market research report is one of a series of new reports that provides automotive HUD market statistics, including automotive HUD industry global market size, regional shares, competitors with an automotive HUD market share, detailed automotive HUD market segments, market trends and opportunities, and any further data you may need to thrive in the automotive HUD industry. This automotive HUD market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06320103/?utm_source=GNW
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