The market for augmented reality automotive applications is primarily driven by the increase in adoption of advanced driving assistance systems by OEMs across different vehicle types and consumer demand for in-vehicle safety features that potentially reduce collisions and injuries caused by human-driver errors. Additionally, the market is also influenced by the increasing level of driving automation and progress toward fully autonomous vehicles.
Technological advancements in connectivity primarily drive the growth of the market. In addition, increase in need of augmented and virtual reality in automotive and cost effective benefits from the AR based solutions are responsible for the growth of the augmented reality automotive market. However, the serious threats to the physical and emotional well being of the end-users and high dependence on internet connectivity are anticipated to hamper the growth of the AR market. Furthermore, formation of mixed reality (MR) from integration of AR and the development of HUD system to enhance safety ensures emerging growth opportunities for this market. This is expected to boost the growth of the market in near future.
“Global Augmented Reality Automotive Market was valued at USD xx billion in 2018 and it is expected to reach more than USD 6.79 billion by 2025, likely to grow at a CAGR of 16.8% during the forecast period”
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By vehical type,Passenger cars are estimated to account for the largest share of the augmented reality automotive market. The market growth in the segment can be attributed to the growing demand for advanced technology in passenger cars. The need to monitor multiple in-vehicle displays can be a cause of distraction for the driver, triggering potential dangerous situations on the road. The AR HUD will enhance safety by displaying all the information required by the driver on the windshield of a vehicle in the driver’s line of sight. The AR HUD, when integrated with active and passive systems, will assist a driver in avoiding crashes.
Asia-Pacific is estimated to hold the highest revenue market share throughout the forecast period owing to increased awareness regarding safety, growing urbanization, and increasing aftermarket industry will enhance the market size for automotive augmented reality in Asia-Pacific. Moreover, increased production and sale of automobiles will further boost the growth for automotive augmented reality market in Asia-Pacific.
The ecosystem of the augmented reality automotive market consists of automotive AR HUD system providers such as Continental AG (Germany), Visteon Corporation (U.S.), and Panasonic Corporation (Japan) among others. The AR HUD systems are supplied to automotive OEMs such as BMW Group (Germany), Daimler AG (Germany), Volkswagen AG (Germany), and others.
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