In a recent published report, Kenneth Research has updated the market report for Head-Up Display Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Head-Up Display Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Head-Up Display Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Head-Up Display Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Head Up Display Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
The Global Head Up Display Market is estimated to reach over USD 15.3 million by 2026 according to a new study published by Polaris Market Research. The key reason for HUD market growth is the emergence of Augmented Reality which is used as an assistant between drivers and vehicle that leads to safer driving. Thus, with the invention of new driver-centric innovative products, HUD market has gained traction over the forecast period. HUDs are transparent displays which provide different information to the driver in real-time at a single screen, thus helping the driver to safely cruise in his vehicle. They were prominently used in the aircrafts, however with technological innovations, the adoption of such displays has gained significant traction in the automotive sector.
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In terms of volume, the number of shipments in automotive segment of HUD is expected to increase significantly over the forecast period. The combination of Head-Up Displays with the driver assistance systems which has implemented by large number of manufacturers has propelled the growth of the HUD market. The automotive sector is projected to have a remarkable market share during the forecast period. Due to the enhancing need for road safety among passengers and increasing demand for establishing latest technology in military aircrafts, automotive and defense sectors were the major worldwide demand generators.
Global Positioning System (GPS) is one of the factor for the growth of HUD market. Adaptive cruise control is one of the innovative technology that gained traction in Head-Up Display market. Invention of portable Head-Up Display in basic & mid segment cars has also spurred the market growth. Car manufacturers such as BMW and AUDI are working with HUD producers to implement HUD in mid segment cars. HUDs till date were majorly used in the luxury or sports car segments, however companies are trying to make it a standard feature across all the variants of their cars. The Head Up Display market growth is attributable to the enhanced perception concerning safety. Along with this, implementing advanced feature in the standard cars is also fueling the market for HUDs globally.
Key finding from the study suggest that the automotive application segment holds a significant market share in HUD application during the forecast period. Currently, North America dominated head-up displays in the global market followed by Europe. The large number of technology companies and heavy spending on R&D are the factors that spur the market growth in North America. Asia-Pacific region is projected to gain higher growth rate over the forecast years. Key market players of Head-Up Display include BAE Systems, DENSO Corporation, Elbit Systems, Robert Bosch LLC, Visteon Corporation, and YAZAKI Corporation.
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