APAC at the Forefront of Automotive Augmented Reality Market
The automotive sector is increasingly embracing augmented reality to provide an enhanced interactive experience for its consumers. Incorporation of Augmented Reality in automotive sector facilitates the presentation of an automobile virtually in the form of audio, visuals, haptics, somatosensory, and olfactory. The automotive sector is making considerable use of augmented reality to keep passengers occupied and entertained. Market Research Future (MRFR) has recently published its latest in-depth report on the global automotive augmented reality market outlining the various factors that are affecting the market. After a thorough examination, MRFR has projected the automotive augmented reality market to expand at a steady CAGR over the forecast period of 2018-2023.
Augmented reality has already infiltrated the automotive industry, and various automotive giants are already using it as a part of their strategy. For instance, Audi, a premium player of the automotive industry, used augmented reality as a part of its media briefings during the launch of flagship A8's launch event. Other companies have also followed suit, and many automotive brands are using augmented reality in their showrooms for demonstration purposes. Major OEMs and manufacturers are increasingly using augmented reality to ramp up their sales approach and increase conversion rate.
Heightened demand for advanced driving assistance system among consumers along with increased popularity of in-vehicle safety features and anti-collision technologies are factors that are creating a supportive platform for the growth of the market.
Augmented reality facilitates the evaluation of a vehicle’s characteristics without being present. It can also help curtail risks of accidents as they can aid in the identification of traffic density, signboard, and pedestrians. Increase in demand for connected vehicles is a key factor enhancing the growth of the market. Furthermore, advancements in the field of augmented reality are expected to aid the incorporation of additional features.
Segmentation
The global automotive augmented reality market has been segmented based on sensor technology, level of autonomous driving, and function.
By sensor technology, the automotive augmented reality market has been segmented into Lidar, sensor fusion, VMOS image source & radar.
By level of autonomous driving, the automotive augmented reality market has been segmented into conventional driving & semi-autonomous driving.
By function, the automotive augmented reality market has been segmented into AR HUD With Navigation, AR HUD With Standard Functions, AR HUD With Lane Departure Warning & Advanced AR HUD.
Regional Analysis
By region, the automotive augmented reality market has been segmented into North America, Rest-of-the-World (RoW), Asia Pacific (APAC), and Europe.
The APAC is at the forefront of the automotive augmented reality market. Heightened awareness regarding safety and an increase in the production and sale of automobiles in the region are augmenting the growth of the market. Moreover, the governments in the region are endeavoring to raise awareness regarding vehicle safety which has had a positive impact on market growth.
Europe has secured the second spot in the automotive augmented reality market. Rigorous investment in R&D activities and an established automotive sector which is increasingly looking forward to incorporating advanced technologies to the automotive sector has driven the market in Europe.
Competitive Landscape
Robert Bosch GmbH (Germany), Continental AG (Germany), Panasonic (Japan), Garmin International (US), Hyundai Motors (South Korea) BMW (Germany), Delphi Automotive (Ireland), Denso (US), and Alphabet (US) are the key players in the global automotive augmented reality market.
Industry Updates
February 2019 - Toyota GB , a leading automotive manufacturer, has embraced augmented reality technology and is using the same across its showrooms in the UK. Toyota has partnered with digital agency Brandwidth and has devised a new application which allows prospective buyers to have a look at the company's C-HR model across all grades and colors. The application, Toyota Hybrid AR, makes use of objective recognition software to overlay graphics of the inner workings of the hybrid drivetrain.