Global Head-up Display Market to Expand with a CAGR of 19.1% due to Growing Demand for Safety Device
Global head-up display market is expected to witness a healthy value CAGR of 20.3% from 2017 to 2027. It is expected to touch US$18 Bn approximately by the end of 2027 from a valuation of around US$ 2892 Mn in 2017.
[UKPRwire, Sun Aug 11 2019] The global market for head-up displays will be highly influenced by the growing demand from several end-use industries along with increasing applications of head-up displays across various sectors. The demand for high-tech automotive has been incessantly rising in the developing as well as developed economies as the income of the household consumer base is increasing at an alarming rate. Consumers are also changing their preference according to the changing technologies and trends in several areas such as automotive, aviation, and military and defense sectors. The incorporation of augmented reality in these sectors is going to relatively rise in the future as manufacturers strive to provide consumers with advanced technologies and novel approaches. One of the trend that is expected to gain traction in the coming years is the replacement of the existing head-up displays in fighter planes with much advanced forms of head-up displays. The global head-up display market is expected to witness a healthy value CAGR of 20.3% from 2017 to 2027. It is expected to touch US$18 Bn approximately by the end of 2027 from a valuation of around US$ 2892 Mn in 2017.
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The automotive sector held a share of 77.5% in 2017 in the global head-up display market and is expected to account for a share of 88.4% by the end of 2027. The rise in the share of the automotive sector can be attributed to the fact that many leading automotive companies are now inclined towards deploying head-up displays in their exclusive vehicle range and some are also focusing on integrating them in luxury as well as commercial vehicles to attract the attention of technologically obsessed consumers. The future of head-up displays is more likely to flourish in the automotive sectors as manufacturers of HUD are now striving to lessen the cost of the respective products to make it affordable for consumers from developing regions and to make it a feasible choice for manufacturers to integrate them in inexpensive models as well.
Developing regions such as Latin America are witnessing high demand for automotive owing to initiatives taken up of governments of various countries in the region to spread awareness among consumers. For instance, the sale of cars in Brazil is increasing constantly as the government of the country is taking steps to increase road safety awareness and also implementing certain standards to support road safety. Thus, companies operating in the country are taking up steps to innovate and enhance the existing technologies of their plants and modernize them according to their needs. The demand for luxury cars is increasing at a rapid pace in Brazil, thus impelling car manufacturers such as Mercedes-Benz to modernize their techniques and implement new and cutting edge technologies in their vehicles, thus increasing the demand for head-up displays.
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The penetration of head-up display is comparatively high in the military sector in spite of the automotive leading in terms of revenue and volume. This is because the number of military aircrafts is less than the number of automobiles present across the globe. However, maximum of the military aircrafts are equipped with head-up displays, whereas all types of automotive are not integrated with HUD. HUD is deployed only in luxury and sports cars with high cost, thus making the penetration low in comparison to the military sector. The investment of the military and defense sector is high in terms of technology and thus can afford cutting edge technologies for aircrafts. Developed regions such as Eastern Europe and North America are focusing on implementing advanced technology to enhance aircraft visibility and replace the older HUDs with the newer ones in the fighter planes.
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