Pune, India., Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global AR in Automotive Industry to grow at a CAGR of 18.1% and reach USD 14.44 billion during forecast period of 2021-2028. The market was valued USD 3.97 billion in 2020. The market growth is attributed to factors such as the increasing use of connected automotive and technological advancements in Automotive sector. Fortune Business Insights provided this information in its latest published report titled “Augmented Reality (AR) in Automotive Market 2021-2028”.
Panasonic Automotive Systems of America Introduces Augmented Reality (AR) HUD
In January 2021, Panasonic Automotive Systems of America, a leading supplier of advanced connected car solutions and infotainment systems to OEMs based in the U.S., launched Augmented Reality (AR) HUD. Unlike traditional HUDs, this one can cover more of the roadways. It can also project AI-driven, 3D information to help lower distractions of the driver and surging the road safety. At the same time, it has 4K resolution, compact size, real-time situational awareness, AI navigation accuracy, advanced optics, and eye tracking technology. Such novel product launches by various companies would propel the demand for augmented reality in automotive sector.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/augmented-reality-ar-in-automotive-market-105593
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 18.1% |
| 2028 Value Projection | USD 14.44 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 4.51 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
Key Takeaways:
- Development of Self Driving And Semi-autonomous Vehicles is a Prominent Trend
- Increasing Adoption of Connected Automotive to Propel Market Growth
- Growing Consumer Preference for AR HUD-based Navigation Systems to Drive the Segment
- Increasing Demand for High Accuracy to Spur the Sensor Fusion Segment Growth
- Continental AG is one of the Top Players in the Market Backed by its Possession of Affordable Solution
Drivers & Restraints-
Rising Usage of AR to Provide Enhanced Driving Experience Will Favor Growth
The automotive industry is undergoing rapid technological development, such as utilization of advanced technology and electrification worldwide. Manufacturers nowadays are trying to improve the potential of connectivity and visualization by using IoT in automotive. Besides, the emergence of 5G technology for fast internet connectivity would also propel the augmented reality in automotive market growth in the near future. Carmakers, such as Volkswagen, Mercedes, Ford, and BMW are using AR in their cars to enhance the overall driving experience. Mercedes, for instance, developed Ask Mercedes, an AR application in January 2018 that can assist customers in gaining more information about their cars through iPad or iPhone.
However, AR is currently available only in luxury vehicles, which are very expensive. The issues of affordability and availability may hinder the demand for augmented reality in the automotive sector, especially in developing nations.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/augmented-reality-ar-in-automotive-market-105593
Segments-
Passenger Car Segment Held 91.0% Share in 2020: Fortune Business Insights™
By vehicle type, the market for augmented reality in automotive is divided into passenger cars and commercial vehicles. Amongst these, the passenger cars segment is set to remain dominant throughout the forthcoming years because of the rising deployment of AR technology in these cars by OEMs. The segment earned 91.0% in terms of the augmented reality in automotive market share in 2020. Passenger cars are also easier to drive than a commercial vehicle. The main reason behind this is the former’s curvature of the windshield.
| By Function |
|
| By Sensor Technology |
|
| By Display Technology |
|
| By Electric Vehicle |
|
| By Level of Autonomous Driving |
|
| By Vehicle Type |
|
Competitive Landscape-
Key Players Aim to Provide Cost-effective Solutions to Compete with Their Rivals
The global market for augmented reality in automotive contains various companies that are presently trying to compete with their rivals by launching cutting-edge solutions. A few others are striving to provide better repair services by using AR in their workshops. Out of all the companies, Continental AG is dominating because of its possession of a wide range of affordable and safe solutions.
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/augmented-reality-ar-in-automotive-market-105593
Regional Insights-
Increasing Sales of Electric Vehicles to Propel Growth in North America
• North America earned USD 1.53 billion in 2020 in terms of revenue. The rising adoption of electric vehicles and the ongoing technological advancement would aid regional growth.
• In Asia Pacific, the market is anticipated to exhibit a CAGR 20.7% during the forecast period. The increasing usage of electric vehicles in developing nations, such as India, South Korea, Japan, and China would bolster growth. Also, Hyundai, Kia, and Panasonic Corporation present in the region are conducting R&D activities to include augmented reality in the automotive industry.
• Europe is anticipated to remain in the second position because of the development of new passenger vehicle models and the presence of a well-established automotive sector in France, the U.K., and Germany.
Report Coverage:
The study was conducted with the help of exhaustive primary and secondary research. To derive the market value and growth rate, various approaches were taken into consideration. Also, the report includes an expected recovery time of the augmented reality in automotive industry, keeping in mind the COVID-19 pandemic. The best and worst case scenarios would help our clients make the right business decisions.
A list of prominent Augmented Reality in Automotive manufacturers operating in the global market:
- Continental AG (Germany)
- Volkswagen AG (Germany)
- Daimler AG (Germany)
- BMW Group (Germany)
- Panasonic Corporation (Japan)
- Visteon Corporation (U.S.)
- Hyundai Motor Company (South Korea)
- Jaguar Cars (England)
- WayRay (Switzerland)
- Audi AG (Germany)
Notable Industry Development:
August 2019: Renault Trucks announced that its technicians will now use RealWear HMT-1 headsets to speed up maintenance and repairs in combination with LibreStream Onsight Connect software. This would enable them to connect with the company’s technical support hands-free for live assistance.
Quick Buy - Augmented Reality in Automotive Market Size Research Report: https://www.fortunebusinessinsights.com/checkout-page/105593
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Augmented Reality in Automotive Market - By Vehicle Type (in Value)
- Impact of COVID-19
- Global Augmented Reality in Automotive Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Function
- Standard AR HUD
- AR HUD Based Navigation
- AR HUD Based Adaptive Cruise Control
- AR HUD Based Lane Departure Warning
- Market Analysis, Insights and Forecast – By Sensor Technology
- Radar
- LiDAR
- CCD/CMOS Image Sensor
- Sensor Fusion
- Market Analysis, Insights and Forecast – By Display Technology
- TFT-LCD
- Other Advanced Display
- Market Analysis, Insights and Forecast – By Electric Vehicle
- Battery Electric Vehicle
- Others (Hybrid)
- Market Analysis, Insights and Forecast – By Level of Autonomous Driving
- Conventional
- Semi-Automatic
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Augmented Reality in Automotive Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Function
- Standard AR HUD
- AR HUD Based Navigation
- AR HUD Based Adaptive Cruise Control
- AR HUD Based Lane Departure Warning
- Market Analysis, Insights and Forecast – By Sensor Technology
- Radar
- LiDAR
- CCD/CMOS Image Sensor
- Sensor Fusion
- Market Analysis, Insights and Forecast – By Display Technology
- TFT-LCD
- Other Advanced Display
- Market Analysis, Insights and Forecast – By Electric Vehicle
- Battery Electric Vehicle
- Others (Hybrid)
- Market Analysis, Insights and Forecast – By Level of Autonomous Driving
- Conventional
- Semi-Automatic
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Country
- United States
- By Vehicle Type
- Canada
- By Vehicle Type
- Mexico
- By Vehicle Type
- Europe Augmented Reality in Automotive Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Function
- Standard AR HUD
- AR HUD Based Navigation
- AR HUD Based Adaptive Cruise Control
- AR HUD Based Lane Departure Warning
- Market Analysis, Insights and Forecast – By Sensor Technology
- Radar
- LiDAR
- CCD/CMOS Image Sensor
- Sensor Fusion
- Market Analysis, Insights and Forecast – By Display Technology
- TFT-LCD
- Other Advanced Display
- Market Analysis, Insights and Forecast – By Electric Vehicle
- Battery Electric Vehicle
- Others (Hybrid)
- Market Analysis, Insights and Forecast – By Level of Autonomous Driving
- Conventional
- Semi-Automatic
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Country
Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/augmented-reality-ar-in-automotive-market-105593
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
Phone:
U.S.:+1 424 253 0390
U.K.: +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
