Market Trends of Automotive Display Panel Industry
The Heads-up Display Segment is Anticipated to Hold a Significant Market Share
- The head-up display or heads-up display, also known as a HUD, is a transparent display that displays data without requiring users to look away from their usual viewpoints. Head-up displays have been popular since the mid-20th century and were primarily used in aircraft. However, during the 1950s, attempts were made to test this technology for cars.
- Head-up displays were available in luxury cars earlier, but OEMs have made them standard even in economy cars. Japanese manufacturer Toyota launched a Camry with the largest windshield HUD compared to other cars. Toyota has also made windshield HUD as a standard for its Prius model.
- By providing real-time information in the driver's field of view, HUDs enhance the driving experience, making it more convenient and intuitive for drivers to access important data without taking their eyes off the road. According to WHO, around 1.35 million people die every year as a result of road traffic crashes. The HUD is a driver assistance system that reports timely events that conceal a potential risk to drivers and pedestrians.
- In May 2023, Cadillac Lyriq introduced an augmented reality heads-up display through a collaboration with Envisics, a startup, to incorporate a remarkable feature: an augmented reality (AR) head-up display. This innovative addition exemplifies Lyriq's commitment to integrating new technologies into its design.
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North America Holds the Largest Market Share
- North America is expected to cater to a significant market share with its major production sites. The region's automotive industry is one of the most important in the world due to the size of the domestic market and the use of mass production techniques. Over the past decade, the region's auto industry has grown dramatically from manufacturing to distribution, changing consumer preferences and new technology, pushing the industry into a historical change.
- The region is home to various companies like Honda, Toyota, Ford, Chevrolet, and Tesla. It has been a pioneer in the automotive industry, especially in terms of automation, thus creating new opportunities for the vendors operating in the region. According to CAR - Center for Automotive Research, US motor vehicle production will reach 11.7 million units by 2025.
- Further, the government in the region is taking initiatives to implement ADAS features, boosting the market demand. For instance, Transport Canada posted an online notice seeking feedback on updating its regulations to include advanced driver assistance systems (ADAS). Specifically, Transport Canada is looking at whether advanced driver assistance features should be required by rules or left unregulated and meet a minimum set of requirements if they're on a vehicle.
- According to the notice, new safety requirements for ADAS would take the form of new Canada Motor Vehicle Safety Standards. That could apply to school buses, commercial trucks, and other vehicles such as motorcycles, cars, trucks, and passenger buses. Requirements could vary by vehicle type.
- According to BEA, at under 1.07 million unit sales, light trucks remained the most significant US auto market segment in May 2023, down from over 1.07 unit sales in April 2023 and up by approximately 23.06% Y-o-Y. Such trends are expected to boost the market for North American automotive display panels during the forecast period.
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