LONDON--(BUSINESS WIRE)--The automotive heads-up display market is expected to grow by USD 1.52 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
HUDs were initially adopted in selected luxury cars such as BMW and Mercedes-Benz. However, with advances in technology, mid-size cars are now being equipped with HUDs as well. The high growth potential of the global HUD market is encouraging vendors such as Garmin and Navdy to enter the aftermarket for HUDs. The increased competition and the price pressure on HUD manufacturers has led to a decline in the average selling price of HUDs. Moreover, emergence of new technologies such as gesture recognition, voice recognition, 3D graphics, and AR is expected to further increase the adoption of HUDs in cars, relieving the price pressure faced by HUD manufacturers.
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As per Technavio, the introduction of new luxury vehicle segments by manufacturer will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Heads-up Display Market: Introduction of New Luxury Vehicle Segments by Manufacturers
The sales of existing luxury vehicle models and new luxury vehicle models in the existing segment, including sedan and SUV, have grown. The rise in competition among luxury vehicle manufacturers to gain a competitive edge is pushing them to undertake various initiatives, such as the expansion of product portfolios with new vehicle segments. For instance, Volkswagen AG's subsidiary Automobili Lamborghini S.p.A. expanded its product portfolio with a new segment (SUV segment) and launched a luxury SUV, Lamborghini Urus, in 2018. Similarly, Ferrari S.p.A., a spin-off from Fiat Chrysler Automobiles, announced its plans to launch the SUV Purosange by 2022. Such luxury vehicle launches in a new segment by luxury vehicle manufacturers will stimulate the demand for automotive heads-up display, thereby driving the growth of the market in focus.
“Factors such as the emergence of AR HUDs, and the introduction of next-generation micro-display technologies to enable advent of advanced HUDs will have a positive impact on the growth of the automotive heads-up display market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Heads-up Display Market: Segmentation Analysis
This market research report segments the automotive heads-up display market by type (Windshield-projected HUDs and combiner-projected HUDs), vehicle type (luxury cars and mid-segment cars), and geography (Europe, APAC, North America, MEA, and South America)
The European region led the automotive heads-up display market in 2019, followed by APAC, North America, MEA, and South America respectively. During the forecast period, the European region is expected to register the highest incremental growth due to the presence of luxury vehicle manufacturers.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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