Global Automotive Augmented Reality Market

Automotive Augmented Reality Market Research Report – Global Forecast till 2023

An effort to build the global Automotive Augmented Reality Market has been one of the primary actions led by Market Research Future (MRFR). It reveals a detailed study on the market portraying the estimated valuation of the market is to reach higher valuation by 2023, while staggering at a substantial CAGR, during the forecast period (2018-2023).

Top Market Drivers & Trends

MRFR’s study reveals how fast the market is intensifying, in an effort to persuade the product and its services, across the globe. The factors attributing to the automotive augmented reality market’s expansion is concerned with the benefits of evaluating the vehicle shape, features as well as various other factors, without physically present. Due to these benefits, OEM’s and manufacturers are equipping the showrooms in such a way that they are enabled with virtual reality and augmented reality. Thus, customers can view their vehicles as per their requirements. These views are a combination of real & augmented reality. These factors are thus substantially influencing the market’s growth.

At the same time, the augmented reality technology in HUD combines with the sensors & GPS to also identify the density of traffic, pedestrians & signboards in the various locations. Therefore, the spreading technology of augmented reality is also considered one of the critical factors which have had a positive impact on the automotive augmented reality market in a more excellent way. Apart from this, this technology has the capability to curtail risks owing to accidents as well as advance vehicular movement on the busy streets of clogged metro cities, at a global level. These have also helped the market in its expansion more than the previous times.

Segmentation of Market: Automotive Augmented Reality

As per the study, the global automotive augmented reality market studied upon segmentation, which has been done upon sensor technology, level of autonomous driving, and function.

In terms of sensor technology: Lidar, Sensor Fusion, VMOS image source & Radar are the segments.

In terms of autonomous driving: Conventional Driving & Semi-Autonomous Driving are the segments.

In terms of functions: AR HUD with Navigation, AR HUD with Lane Departure Warning & Advanced AR HUD, and AR HUD with Standard Functions are the segments.

Geographic Trends

Regionally, the global Automotive Augmented Reality Market has also been studied amongst significant regions of Europe, Asia-Pacific, North America, and the Rest of the World.

Among these regions, Asia-Pacific might occupy the highest revenue market share position throughout the forecast period. It is due to the rising awareness about safety, mounting urbanization, and escalating aftermarket industry. These would enhance the market size for augmented automotive reality in the Asia-Pacific region for the coming years. With this, the risen production and sale of automobiles will also further boost the growth for the automotive augmented reality market in Asia-Pacific.

The North American region is studied, and it tells that it is expected to inflate significantly over the forecast period due to the occurrence of a large number of vendors. They are continuously investing hugely in market innovation, which has been the reason for this region’s proliferation for the market. Globally, the United States can also be one of the highly innovative AR markets. Most of the companies here are advancing in this technology. It is about 64% of the consumers from the country believe in the positive changes by the adoption of AR in the workplace. The leading players, such as Magic Leap and Microsoft, are actively working on this technology.

Market Key Players

The bulging players in the global Automotive Augmented Reality Market are listed as Panasonic (Japan), Robert Bosch GmbH (Germany), Hyundai Motors (South Korea), Garmin International (US) & Continental AG (Germany), Delphi Automotive (Ireland), Alphabet (US), BMW (Germany), Denso (US).