Pune, India, Aug. 10, 2021 (GLOBE NEWSWIRE) -- According to the report, Augmented Reality (AR) in Automotive market size is projected to reach USD 14.44 Billion exhibiting a CAGR of 18.1% by 2028. The Augmented Reality (AR) in Automotive Industry was valued at USD 12.54 billion in 2018. The global augmented reality in automotive market is set to gain traction from the increasing evolution of the sector. Hence, companies are nowadays trying to develop self-driving and semi-autonomous vehicles. The Institute of Electrical and Electronics Engineers (IEEE), for instance, declared that around 75% of the cars running on roads will be autonomous by 2040.
The outbreak of the COVID-19 pandemic has taken a huge toll on the global economy. Many automotive manufacturing companies have shut down their production facilities because of reduced workforce and disturbance in supply chains. We are delivering authentic market research reports that would help you to adopt several strategies and regain business confidence in this industry.
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Sensor Fusion Segment to Lead Backed by Ability to Merge Data from Various Sources
Based on the sensor technology, the market is segregated into radar, LiDAR, CCD/CMOS image sensor, and sensor fusion. Amongst these, the sensor fusion segment is anticipated to remain at the forefront by generating the largest augmented reality in automotive market share. This growth is attributable to the ability of this sensor to merge data from other sources. Also, it provides high data accuracy and precise working property under harsh weather and road conditions.
Increasing Usage of AR-based ADAS in Connected Vehicles to Boost Growth
The transportation sector is experiencing a high demand for connected vehicles because of the evolution of state-of-the-art communication technology. Companies nowadays are also equipping these vehicles with augmented reality-based Advanced Driver Assistance System (ADAS) that can provide vital guidance information by visualizing and calculating. At the same time, the AR HUD display can help in offering drivers their field of vision for improving safety features. Manufacturers of AR are also launching new generation connected vehicles catering to the high demand. However, issues associated with cybersecurity may hamper the augmented reality in automotive market growth in the upcoming years.
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North America Stood at USD 1.53 Billion in 2020: Fortune Business Insights
Geographically, North America procured USD 1.53 billion in terms of revenue in 2020 and remained in the dominant position. This growth is attributable to the rising sales of passenger vehicles and the presence of reputed companies providing augmented reality in the region. The Edison Electric Institute (eei.org), for instance, stated that sales of electric vehicles reached 81% in 2018 compared to 2017 in the U.S. alone. In Asia Pacific, on the other hand, the surging investments by private and government agencies in the development of start-up companies providing augmented reality in automotive sector, would aid growth.
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Key Players Focus on Launching Innovative Solutions to Gain Competitive Edge
The market for augmented reality in automotive contains various companies that are presently striving to gain a competitive edge by introducing cutting-edge solutions. Besides, the entry of start-up firms in various parts of the world is expected to take the market to a whole new level in the next few years. Below is one of the latest industry developments:
- March 2021: Audi included an augmented reality head-up display (HUD) in its latest Q4 e-tron model. It is an all-electric vehicle that was revealed at the 2019 Geneva International Motor Show as a concept.
Renowned players in the augmented reality in automotive industry:
- 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)
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Global Augmented Reality (AR) in Automotive Market Segmentation:
By Function:
- Standard AR HUD
- AR HUD Based Navigation
By Sensor Technology:
- Radar
- LiDAR
- CCD/CMOS Image Sensor
By Display Technology:
- TFT-LCD and Other Advanced Technologies
By Electric Vehicle:
Battery Electric Vehicle and Others
By Level of Autonomous Driving:
- Conventional
- Semi-Autonomous
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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