LONDON--(BUSINESS WIRE)--The global automotive holographic display market size is expected to grow by USD 124.95 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The automotive industry across the globe has been witnessing a burgeoning demand for luxury vehicles over the past few years. Apart from Western automotive markets, emerging economies such as India, China, Thailand, and Brazil have been driving the sales of luxury and premium vehicles. OEMs such as Audi AG, a subsidiary of Volkswagen; Infiniti, a brand from Nissan; Daimler; BMW; Lincoln (a brand from Ford); Jaguar and Land Rover; Volvo Car Corp. (Volvo Car); and Lexus are some of the prominent luxury car makers in the world. Luxury and premium vehicles are best recognized for their enhanced level of safety and comfort. To deliver this, luxury vehicle manufacturers prefer to use high-quality materials and components. Several luxury and premium vehicles are equipped with HUD systems that have features such as voice and gesture recognition. Automotive manufacturers are increasingly partnering with automotive holographic display manufacturers to integrate advanced holographic displays in their concept and luxury car segments. Thus, the increasing sales of luxury vehicles will drive the growth of the market during the forecast period.
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As per Technavio, the increase in R&D spending 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 Holographic Display Market: Increase in R&D Spending
Holographic display vendors across the world have invested a considerable amount of time and money in R&D. These efforts are aimed at making the hologram technology mainstream by meeting end-user requirements and providing improved functionality. The increase in R&D investments has enabled vendors to strengthen their presence in the market and gain a competitive edge in the market. Moreover, as the holographic display technology is still in the nascent stage, vendors are forming strategies to commercialize it on a large scale, and this is likely to facilitate the growth of the global automotive holographic display market.
“The entry of new automakers and improving socio-economic conditions will have a significant impact on the growth of the automotive holographic display market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Holographic Display Market: Segmentation Analysis
This market research report segments the automotive holographic display market by display position (front fascia and center fascia) and geography (EMEA, Americas, and APAC).
The EMEA region led the automotive holographic display market share in 2019, followed by Americas and APAC respectively. During the forecast period, the EMEA is expected to register the highest incremental growth due to the increasing sale of luxury and premium vehicles in the region.
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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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