Global Automotive HUD Market is Expected to Grow at a CAGR of 18.7% During the Forecast Period (2019-2027)

SEATTLE, July 8, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global automotive HUD market is projected to exhibit a CAGR of 18.7% over the forecast period (2019-2027).

Key Analysis of the Global Automotive HUD Market:

Automotive head-up display or HUD, is a safety and technical feature transparent device, which displays key information such as navigation direction, date & time, speed of the car and distance travelled, directly in the driver's line of sight. Automotive head-up display or HUD fulfils the safety, comfort as well as entertainment needs of end users. The automotive head-up display or HUD avoids and reduces the chances of distraction of the driver by providing key information to the driver. Automotive head-up display or HUD displays an information either on the windshield of the car or on a separate screen. The automotive head-up display or HUD is presently installed in the latest models of cars such as, BMW 7series, Audi A7, Jaguar XF, Chevrolet Corvette Stingray, and Mercedes-Benz S-class. Moreover, increasing purchasing power of consumers and surge in demand for high-end luxury and sports car are the key macroeconomic factors driving growth of the global automotive HUD market. According to Coherent Market Insights, in November 2018, BMW recorded sales of 28,330 luxury vehicles while Mercedes-Benz recorded sales of 31,022 luxury vehicles.

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Among vehicle type, the passenger vehicles segment dominates the global automotive head-up display market, as compared to the commercial vehicles segment. The passenger vehicles segment is expected to maintain its dominant position in the market, owing to the higher rate of adoption of auto HUD systems in the segment. According to a report published by the World Economic Forum in April 2016, the number of cars on roads worldwide is expected to double by 2040, in which passenger cars are projected to reach the 2 billion mark by 2040. As a result, the passenger vehicle segment in the global automotive HUD market is likely to expand significantly during the forecast period.

Europe is estimated to be a lucrative region for the global automotive HUD market, owing to increasing demand for sports and luxury cars, rise of the automotive sector, and rising consumer demand for active safety systems in mid-segment vehicles in the region. The Europe region is an early adopter of advanced automotive technologies, with a large share of the market being led by the technology-savvy automotive consumers. The demand for HUD technology such as AR-HUD is directly linked to the premium and luxury vehicle production and consumer demand for these vehicles in European region. Growth of the market can be attributed to increasing luxury cars production in countries such as Germany, combined with growing automotive industry in emerging economies such as Czech Republic, Poland, Turkey, and Russia. According to an analysis by Coherent Market Insights, in 2018, Germany had the largest concentration of OEM plants in Europe. There are over 40 OEM sites in Germany. Germany's OEM market share in Western Europe was over 53% in 2017. Moreover, as per Coherent Market Insights analysis, in November 2018, Germany-based luxury carmakers such as BMW, Mercedes-Benz, and Porsche achieved highest worldwide car sales for the eighth consecutive year. Thus, the rise in sale of automotive vehicles is expected to positively impact growth of the global automotive HUD market.

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Key Market Takeaways:

• The market is expected to witness a CAGR of 18.7% during the forecast period (2019–2027), owing to increasing demand for sports and luxury vehicles, growing automotive industry, as well as advent of semi-autonomous and electric vehicles in the automotive industry across the globe.
• Increase in awareness about passenger and vehicle safety, ongoing deployment of automotive HUD systems by various manufacturers of luxury and premium cars, and rising demand for connected vehicles are some of the factors driving growth of the global automotive HUD market. However, high cost of manufacturing of head-up display is expected to hamper growth of the global automotive HUD market.
• Some of the major players operating in the global automotive HUD market include Continental Automotive GmbH, DENSO CORPORATION, Garmin Ltd., Nippon Seiki Co., Ltd., Panasonic Corporation, Pioneer Corporation, Robert Bosch GmbH, Visteon Corporation, and Yazaki Corporation among others

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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SOURCE Coherent Market Insights