Plant Shutdowns Impact HUD Revenue Generation amidst COVID-19 Outbreak
Negative ramifications of the coronavirus (COVID-19) pandemic are reflecting in the automotive head-up display (HUD) market. Manufacturers have encountered a downtick in HUD sales in the past couple of months, since governments had put commute, travel, and transportation restrictions. Plant shutdowns worldwide have severely affected the sales of vehicles. As such, several European and Asia Pacific countries, such as Germany, Italy, China, and Japan are keen on resuming production activities in full force. However, new COVID-19 cases in major revenue generating countries such as India and Russia are predicted to hamper market growth.
Moreover, cash flow in the automotive head-up display (HUD) market has been severely affected due to the cancellation and postponement of global trade events.
Automotive Head-up Displays Form Important Aspect of Interior Automotive Technology
Automotive manufacturers are introducing reality into fiction by innovating in 2D and 3D head-up displays (HUD). HUDs have now become a reality in passenger vehicles. Companies in the automotive head-up display (HUD) market are scrambling to perfect this technology, as HUDs are the next big advancement in the interior automotive technology.
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Car buyers are yet to familiarize with automotive head-up displays, since this technology is more prominent in luxury vehicles as compared to conventional vehicles. As such, the market for automotive head-up displays (HUD) is projected to surpass the value of US$ 4.7 Bn by the end of 2030. This is evident as this market in Asia Pacific is estimated to generate the highest revenue, owing to an alarmingly high number of road accidents in developing countries such as India.
HUD Manufacturers Collaborate with Smartphone Companies to Solve App Integration Issues
The automotive head-up display (HUD) market is expected to expand at an astonishing CAGR of ~22% during the assessment period. However, the cost of automotive head-up display (HUD) installation certainly pinches the pocket of customers, as many customers still rely on mobile apps for navigation and infotainment. Moreover, HUDs provide a plethora of information about speed limit and other metrics but are unable to access smartphone apps. Hence, manufacturers in the automotive head-up display (HUD) market are now turning toward Google and Apple to solve integration issues.
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Since most navigation and infotainment systems function on the antiquated technology, automotive manufacturers are increasing their production capabilities to manufacture vehicles integrated with HUDs that sync with Google Android and Apple’s iOS operating systems. For instance, Navdy- an augmented reality (AR) GPS (Global Positioning System) navigation system startup, is bolstering its production to manufacture aftermarket HUD systems that can be integrated with Apple and Android smartphones.
Online Sales and Lucrative Product Return Policies Increase Product Uptake
Companies in the automotive head-up display (HUD) market are tapping into incremental opportunities through online sales to broaden their revenue streams. For instance, the Acecar HUD is listed on the Amazon e-Commerce website and is acquiring popularity for its glare-free and auto-adjustable brightness features. Innovative sales strategies such as the 12-month return policy due to dissatisfaction of HUD products is building the credibility of companies in the automotive head-up display (HUD) market.
Manufacturers are increasing their R&D muscle to develop automotive head-up displays (HUDs) that eliminate the need for reflection films. Such convenience attributes are boosting the uptake of HUDs since the information is directly projected on the windshield.
Automotive Head-up Display (HUD) Market: Overview
- The global automotive head-up display (HUD) market is anticipated to expand at a CAGR of ~22% during the forecast period, owing to the rise in sale and production of luxury vehicles across the globe that has led to an increase in consumption. This, in turn, is estimated to boost the production of head-up display. Major original equipment manufacturers (OEMs) are investing on luxury vehicles that contain head-up display, which provides better standard viewpoint.
- Increase in adoption of artificial intelligence in vehicles is estimated to play a key role in propelling the automotive head-up display (HUD) market. Developed counties, including the U.S. and Japan are more focused on the adoption of head-up display. Major luxury vehicles manufacturers, including Audi and BMW, have already implemented head-up displays in their vehicles and furthermore, these vehicle manufacturers are developing advanced technology regarding head-up display, which is likely to propel the automotive head-up display (HUD) market across the globe.
Drivers of Automotive Head-up Display (HUD) Market
- Rising urbanization and demand for smart cities across the globe have fueled the usage of luxury vehicles across the globe, significantly, which is likely to augment the automotive head-up display (HUD) market during the forecast period
- Integration of advanced technologies, including light emitting diodes (LEDs) and liquid crystal displays (LCDs) that deliver bright and transparent images and data on the windshield display is increasing, owing to the development of display technology that helps vehicle manufacturers to manufacture head-up displays at minimum cost. This is anticipated to boost the automotive head-up display (HUD) market across the globe.
- Demand for connected vehicles is rising, which increases the adoption of advanced safety features, including blind spot detection and pedestrian protection system in vehicles that use head-up display for navigation and detection while driving. Introduction of new projection technologies, including micro mirror-based devices based on electromechanical systems is expected to encourage the development of brighter displays with the usage of more colors. This is anticipated to propel the automotive head-up display (HUD) market across the globe.
Challenges for Automotive Head-up Display (HUD) Market
- Major vehicle manufacturers shutdown their plants due to the COVID-19 pandemic, which led to a decline in vehicle production and sale. Prominent automakers, including GM, Ford, and FCA, under pressure from unions to protect employees and to follow government advisories, decided to idle their plants across the globe. Toyota, Honda, Tesla, and Nissan also announced a temporary suspension of production across the globe, which is a major challenge for the automotive head-up display (HUD) market across the globe.
- Automotive head-up display has developed as portable multimedia that is likely to directly distract the driver while driving. Diversion from the voice and flashing text can be responsible for accident, which is likely to restrain the automotive head-up display (HUD) market.
Automotive Head-up Display (HUD) Market Segmentation
- Based on vehicle type, the passenger vehicle segment dominated the global automotive head-up display (HUD) market due to the rise in production of passenger vehicles across the globe. Demand for luxury or premium passenger vehicles is increasing due to rise in disposable income of people and increase in living standards of people across the globe.
- Based on technology, the conventional HUD segment dominated the market, as low installation cost of the HUD system and growing importance of passenger and vehicle safety systems among automotive consumers. Major vehicle manufacturers are adopting conventional HUD to provide better and transparent view of surroundings, which is likely to boost the automotive head-up display (HUD) market across the globe.
Automotive Head-up Display (HUD) Market: Regional Analysis
- Based on region, the global automotive head-up display (HUD) market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific and Europe are projected to be highly lucrative markets during the forecast period. This is primarily due to the presence of prominent automotive industry in China, Germany, Japan, and India. Major presence of original equipment manufacturers and tier-1 suppliers across Europe, who have advanced research and development facilities for head-up display, is anticipated to drive the automotive head-up display (HUD) market in the region during the forecast period.
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