The AR technology in HUD and combined with the sensors and GPS, helps identify the traffic density, pedestrians, and signboards. This, as a result, increases the uptake of augmented reality in the automotive industry further. Moreover, AR projection technology is one of the key factors escalating market demand. In its recent research report, Market Research Future (MRFR) asserts that the global automotive augmented reality market is projected to garner exponential growth during the assessment period (2018-2023).
The automotive augmented reality market is garnering substantial traction across the globe. Augmented reality (AR) technology gives the consumers the advantage of evaluating the vehicle shape, features various other factors without physically being present. Besides, the market growth attributes to the rising uptake of AR VR technologies by OEMs and manufactures to enable customers to view their vehicles as per requirements.
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Additionally, the continual product launches and increasing aftermarket activities drive the growth of the market. The strong economic growth worldwide fosters the demand in the automotive industry. Furthermore, rapid technological advances in manufacturing techniques boost the growth of the market. However, the recent COVID-19 outbreak has deeply impacted the automotive industry's growth, disrupting various processes from engineering, manufacturing to assembly, procurement, and shipping.
Nevertheless, digitization and technology developments, such as AR, would help manufacturers face these challenges through breakthroughs such as AR headsets for performing repairs remotely and predictive maintenance to reduce downtime and the need for in-person service calls. Also, the increasing adoption of the latest technologies, such as AR technology for RFID Tagging IoT analytics, big data analytics, drone technology, 3D printing, and others push market growth.
Automotive Augmented Reality Market Size – Segmentation
The report is segmented into four dynamics.
By Sensor Technology: Lidar, Sensor Fusion, Radar, CCD, and others.
By Level of Autonomous Driving: Conventional, Semi-Autonomous, and others.
By Function: AR HUD with Navigation, Standard Functions, Adaptive Cruise Control, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Automobile Augmented Reality Market – Regional Analysis
The Asia Pacific region leads the global automotive augmented reality market. The region is expected to be the next automotive hub of the world. The market growth attributes to the increased awareness regarding safety, growing urbanization, and increasing aftermarket industry. Besides, increased production sales of luxury vehicles, conventional vehicles, and autonomous vehicles substantiate the size of the market.
Moreover, large technological advancements and technology developments in manufacturing techniques influence the growth of the regional market. The well-established automobile sector in this region creates substantial market demand. Japan, China, South Korea, and India are the largest markets for luxury vehicles. The APAC automobile AR market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global automotive augmented reality market. The region is the global hub for expensive and high-end car manufacturers. Additionally, the market is driven by the keen interest and spending on lavish, high-performance vehicles the presence of the well-established automotive industry in the region. And more...
Automotive AR Market – Competitive Analysis
Highly competitive, the automobile augmented reality market appears fragmented with the presence of several notable industry players. These players initiate strategic moves such as mergers acquisitions, collaboration, innovation, and brand reinforcement to gain a larger competitive share.
Players leading the automotive AR market include Panasonic (Japan), Delphi Automotive (Ireland), Hyundai Motors (South Korea), Alphabet (US), BMW (Germany), Robert Bosch GmbH (Germany), Garmin International (US), Denso (US), and Continental AG (Germany), among others.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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