Market Research Future (MRFR) states, the global automotive augmented reality market is likely to expand at a significant CAGR over the forecast period of 2018 to 2023. The increase in the adoption of augmented reality technology in the automobile industry as it provides customers with an enhanced interactive experience is likely to be the main factor that can escalate the market growth.
The global market of automotive augmented reality is expected to capitalize on benefits offered by the technology. An increase in road-accidents has been observed due to rise in road rage pertaining to busy work-life of people. With augmented reality equipped automobiles, the risk of road mishaps can be reduced. The technology allows flashing of digital messages on windshield, without hindering the driver’s vision that can settle road rage. This is a cause that is expected to surge the market.
The rise in the comfort threshold of people and the need to relax after weeks work are factors that are rising the demand for virtual test drives. Automobile companies, with the assistance of augmented reality technology is can provide a test drive to their customers with being physically present. Alongside, AR presents variants of automobiles to customer at home by creating digital showrooms. Augmented reality technology is proving its efficacy in curbing the mounting complexity of automobiles by modifying support service tools. These advantages of AR are expected to benefit the automobile augmented reality market.
The automotive augmented reality market is segmented by sensor technology, level of autonomous driving, and function.
By sensor technology, the market is segmented into Sensor Fusion, Lidar, VMOS image source and radar. By autonomous driving, the market is segmented into conventional driving and semi-autonomous driving. By functions, the is segmented into AR HUD With Standard Functions, AR HUD With Navigation, AR HUD With Lane Departure Warning, and Advanced AR HUD. An increase in the adoption of HUDs is noted as the demand for high-end and mid-size cars surge.
Regionally, the automotive augmented reality market has been analyzed in key regions. They are; North America, Europe, and Asia-Pacific, and the Rest of the World. The market in the Asia-Pacific region is likely to generate the highest revenue. High sale of automobiles in emerging economies such as market India, China, Japan, South Korea, and Thailand and the growing inclination of people towards smart vehicles are factors that are likely to push APAC market across the review period. The rise in sales number of automobiles that are equipped with augmented reality technology is also due to the increase in the comfort threshold of people. Rapid urbanization and hike in per capita income of consumers, and the governments growing concern to prevent road accidents are likely to be other boosters that can propel the market. In Europe, increase in R&D activities and quick roll-out of innovations are expected to cause fast-paced expansion of the regional market of automotive augmented reality. The rise in demand for both autonomous and semi-autonomous cars is likely to fuel the Europe automotive augmented reality market. Europe is expected to secure the second position, the growth line of the market.
Some of the high profiled companies that are functioning in the global automotive augmented reality market that are enlisted by Panasonic (Japan), Delphi Automotive (Ireland), Hyundai Motors (South Korea), Alphabet (US), BMW (Germany), Denso (US), Robert Bosch GmbH (Germany), Garmin International (US), and Continental AG (Germany). The rise in automakers and their high rate of adoption of modern technologies to unfurl more effective vehicles is intensifying competition between them that is likely to boost the market growth.
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.