The Head-up display market size is valued at USD 2.4 billion in 2022 and is anticipated to USD 6.4 billion by 2027; growing at a CAGR of 21.3% from 2022 to 2027. The growing demand for connected vehicles and increasing adoption of augmented reality based head-up display across the globe is expected to boost the market during the forecast period.
Head-up display market based on type has been segmented into conventional head-up displays and AR-based head-up displays. The conventional head-up displays segment has been classified into windshield-based and combiner-based head-up displaysAR-based head-up displays are expected to be installed in luxury and premium range vehicles. Ongoing technological advancements and increasing consumer demand for advanced safety features are expected to drive the growth of the AR-based head-up display market. Presently, AR-based head-up displays are in the nascent stage.
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The head-up display market has been segmented on the basis of application. Based on application, the head-up display market has been segmented into aviation and automotive applications. The aviation segment has been further classified into civil aviation and military aviation, while the automotive segment has been divided into passenger cars and commercial vehicles. The passenger cars segment is estimated to account for a large share of the head-up display market during the forecast period. The adoption of advanced technologies continues to be high in passenger cars owing to their large-scale production and greater sales than commercial vehicles.
The head-up display market based on component is classified into video generators, projectors/projection units, display units, software and other components that consist of relay optics, magnifying glass, and control panels. In this segment the projector units account for the highest market share in the forecast period. Projectors/projection units create images through laser beams. Convex lenses or concave mirrors are set up with cathode-ray tubes, light-emitting diodes, or liquid crystal displays at the focus of projectors/projection units in typical head-up displays. This setup produces images on surfaces through parallel light, with observers perceived to be at infinity.
Europe is projected to account for the largest size of the head-up display market from 2022 to 2027. The growth of the market in this region can be attributed to the increasing adoption of head-up displays in different automobiles being manufactured in the region. The automotive industry is one of the key industries in Europe, owing to the presence of leading automobile and premium vehicle manufacturers in the region. According to the European Commission, there are ~180 automobile facilities across the union, and the automotive industry is the largest investor in research and development activities.