According to a new report by Transparency Market Research, the automotive AR head-up display (AR-HUD) market is likely to reach a valuation of $1.1 billion by 2031. The report also states that the market is projected to have a CAGR of 26.3% from now until 2031. By the end of 2023, the automotive AR-HUD market will be worth $160 million.
The AR-HUD market will offer drivers real-time updates concerning their current line of sight. This information will enhance users’ driving experiences by displaying traffic updates, current speed, and other important information without the driver needing to look away from the road.
According to Transparency Market Research, technological advances will fuel the adoption of augmented reality HUDs in newer vehicles. The market growth will also be driven by an increase in the adoption of Advanced Driver Assistance Systems (ADAS). The report also states that increasing disposable incomes and living standards around the globe will drive the market.
North America to dominate the AR-HUD market
According to the report, the AR-HUD market is very competitive and fragmented. Leaders in the market are currently investing in the development of new products to try to gain an edge. Additionally, competitors strive to gain a competitive advantage through mergers and acquisitions.
Transparency Market Research expects North America to dominate the automotive AR-HUD industry through 2031. This is due to the already strong automotive market in the region and its history of quickly adapting to new technologies. The automotive market in the Asia-Pacific is rapidly expanding, as is the middle-class population and disposable income. In addition, there is a growing demand for new automotive technologies in countries such as China, South Korea and Japan. These factors suggest that the region will also play a key role in market growth.
Those interested can purchase the full report from Transparency Market Research’s website.
Jack Brassell is a freelance journalist and aspiring novelist. Jack is a self-proclaimed nerd with a lifelong passion for storytelling. As an author, Jack writes mostly horror and young adult fantasy. Also an avid gamer, she works as the lead news editor at Hardcore Droid. When she isn't writing or playing games, she can often be found binge-watching Parks & Rec or The Office, proudly considering herself to be a cross between Leslie Knope and Pam Beasley.
