Advancements in AR technology and emergence of new applications are expected to create lucrative opportunities for the market players.
PUNE, MAHARASHTRA, INDIA, November 30, 2020 /EINPresswire.com/ — Rise in demand for high-tech vehicles, higher penetration rate of head-up displays in the aerospace and defense sector, demand for safety features in automobiles, and challenging driving conditions drive the growth of the global head-up display market. However, its high cost hampers the market. On the contrary, advancements in AR technology and emergence of new applications are expected to create lucrative opportunities for the market players.
As per the report, the global head-up display (HUD) industry was pegged at $6.07 billion in 2019, and is expected to reach $19.11 billion by 2027, growing at a 20.1% CAGR from 2020 to 2027.
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As the majority of countries are still in lockdown, the demand for HUD and other display technologies is decreased.
Most of the manufacturing companies are not working up to their full potential, which negatively impacts the market.
Most of the raw materials and raw materials for HUD are manufactured in China. However, the ban on import-export with China imposed by China have hampered the market.
The combiner-based segment dominated the market
By type, the combiner-based segment held the largest share in 2019, accounting for more than half of the global head-up display market, owing to higher penetration rate of head-up displays in the aerospace and defense sector. However, the windshield-based segment is expected to register the highest CAGR of 22.8% from 2020 to 2027, due to the development of augmented reality technology.
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The aerospace segment to manifest the highest CAGR through 2027
By end user, the aerospace segment is expected to portray the highest CAGR of 24.2% during the forecast period, owing to increasing adoption of head-up displays by commercial and business aircraft. However, the automotive segment held the largest share in 2019, contributing to around three-fourths of the global head-up display market, enhanced safety features of premium vehicles.
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Europe, followed by North America, held the lion's share
By region, the global head-up display market across Europe, followed by North America, held the lion's share in 2019, accounting for nearly two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 22.0% during the forecast period, owing to presence of a significant number of OEMs.
Major market players
Elbit Systems Ltd.
Nippon Seiki Co., Ltd.
Texas Instruments Incorporated
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Source: EIN Presswire