Global Automotive Augmented Reality Market Size, Share, Forecast Report, 2020-2027
Automotive augmented reality is an interactive experience of an environment in which an automobile can be presented virtually in the forms of visuals, audio, haptic (ability to grasp something), somatosensory (ability to respond to stimuli such as temperature) and olfactory (sense of smell). The global automotive augmented reality is expected to grow at a substantial CAGR from 2018-2023. End users evaluate the vehicle physical appearance & test drive it before buying. This technology gives the consumers the advantage of evaluating the vehicle shape, features & various other factors, without physically being present. Therefore, OEMs and manufactures are equipping the showrooms in such as way that they are virtual reality and augmented reality enabled, so that customers can view their vehicles as per requirements. The view generated to the consumer is a combination of real & augmented reality, which is computer generated.
The AR technology in HUD combines with the sensors & GPS to identify the traffic density, pedestrians & signboards in the various locations. The AR projection technology is one of the key factors which has had a positive impact on the automotive augmented reality market. This technology is expected to curtail risks due to accidents as well as improve vehicular movement on the busy streets of congested metro cities globally.
The Global Augmented Reality Market is segmented on the basis of sensor technology, Level of autonomous driving, By function, and region. On the basis of Sensor technology, the market has been segmented into Lidar, Sensor Fusion, VMOS image source & Radar. On the basis of Autonomous Driving, the market has been segmented into Conventional Driving & Semi-Autonomous Driving. On the basis of functions, the market has been segmented into AR HUD With Navigation, AR HUD With Standard Functions, AR HUD With Lane Departure Warning & Advanced AR HUD.
Geographically, the global Automotive Augmented Reality Market has been segmented into the four major regions of North America, Europe, Asia-Pacific, and the Rest of the World. 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 prominent players in the global Automotive Augmented Reality industry include Delphi Automotive (Ireland), Panasonic (Japan), Hyundai Motors (South Korea) BMW (Germany), Alphabet (US), Robert Bosch GmbH (Germany), Denso (US), Garmin International (US) & Continental AG (Germany).