Market Analysis
The automotive augmented reality market will grow at a healthy CAGR in the forecast period 2018- 2023, as per the new Market Research Future analysis. Augmented reality had made it more enjoyable, safer, and easier to go for drives. It is the auto industry that has embraced AR like no other. Augmented reality has some profound impacts on the auto industry, of which some of the biggest include training, maintenance, engineering, information presentation, customer assistance, sales, and heads-up displays. AR combines the digital and real world that gives new possibilities to the automotive industry in each step of the process chain. Right from efficient service operations and production, converting analog information to digital platforms, to digitization, automotive companies and their employees are largely benefitting from using augmented reality.
Various factors are fueling the global automotive augmented reality market. As per the recent MRFR market estimates, such factors include the advances in the display glass technology, proliferating demands for driver assistance systems, increasing measures by automotive OEMs to ensure driver safety, guidance system integrations, increasing need for connected cars, increasing awareness about road safety, growing investments in the AR market, and rising wave of new sensor technologies like radar, image, and magnetic hall effect sensor. The additional factors adding market growth include increasing adoption of advanced driving assistance systems by OEMs across various vehicle types, demand of consumers for in-vehicle safety features which potentially reduce injuries and collisions caused by human-driver errors and increasing level or progress and driving automaton towards fully autonomous vehicles.
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Key Players:
The prominent players in the global Automotive Augmented Reality industry include Delphi Automotive (Ireland), Panasonic (Japan), Hyundai Motors (South Korea) BMW (Germany), Alphabet (US), Robert Bosch GmbH (Germany), Denso (US), Garmin International (US) & Continental AG (Germany).
On the contrary, high price to develop the display system and its related technologies and fall in demand due to the COVID-19 pandemic are factors that may hamper the global automotive augmented reality market growth in the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global automotive augmented reality market based on sensor technology, autonomous driving, and functions.
By sensor technology, the automotive augmented reality market is segmented into radar, VMOS image source, sensor fusion, and Lidar. Of these, the sensor fusion segment will lead the market over the forecast period.
By autonomous driving, the automotive augmented reality market is segmented into semi-autonomous driving and conventional driving. Of these, the semi-autonomous segment will dominate the market over the forecast period.
By functions, the automotive augmented reality market is segmented into advanced AR HUD, AR HUD with lane departure warning, AR HUD with standard functions, and AR HUD with navigation.
Regional Analysis
By region, the global automotive augmented reality market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, the APAC region will command the largest share in the market over the forecast period. Increased awareness about safety, increasing urbanization, growing aftermarket industry, and increased sale and production of automobiles are adding to the global automotive augmented reality market growth in the region.
The automotive augmented reality market in North America is predicted to hold the second-largest share over the forecast period. Growing demand for luxury vehicles equipped with latest technologies coupled with increasing vehicle production are adding to the global automotive augmented reality market growth in the region.
The automotive augmented reality market in Europe is predicted to have healthy growth over the forecast period and that in RoW is predicted to have sound growth over the forecast period.
Industry Updates
March 2021- Leading Hologram AR technology provider WiMi Hologram Cloud Inc has joined hands with China Telecom iCartoons.
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