Pune, India, Nov. 03, 2021 (GLOBE NEWSWIRE) -- The global AR in Automotive Market size is projected to grow from USD 4.51 billion in 2021 to USD 14.44 billion in 2028. Fortune Business Insights™ published this in a study, titled, “AR in Automotive Market, 2021-2028.” The study further mentions that the market stood at USD 3.97 billion in 2020. It is set to exhibit a CAGR of 18.1% in the forecast period during 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 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.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/augmented-reality-ar-in-automotive-market-105593
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.
| Report Coverage | Details |
| Forecast Period | 2021 to 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 to 2019 |
| No. of Pages | 200 |
| Segments covered | Level of Autonomous Driving, Vehicle Type, Regional |
| Growth Drivers | Increasing Adoption of Connected Automotive to Propel Market Growth |
| Technological Advancements in Automotive Industry to Boost Market Growth |
Disruptions in Supply Chain amid COVID-19 Pandemic to Hinder Growth
The emergence of the COVID-19 pandemic has brought the entire world to a standstill. A wide range of industries are facing severe financial losses owing to the disturbances in local and international supply networks and halt in manufacturing processes. Hospitals are running out of beds for coronavirus positive patients. Our reports will offer extensive analysis of every factor that may affect this industry positively and negatively. We have also enlisted a few strategies for business growth.
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
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.
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 AR 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.
Quick Buy - AR in Automotive Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/105593
Segments-
Passenger Car Segment Held 91.0% Share in 2020: Fortune Business Insights™
By vehicle type, this 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 AR 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.
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.
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/augmented-reality-ar-in-automotive-market-105593
Competitive Landscape-
Key Players Aim to Provide Cost-effective Solutions to Compete with Their Rivals
The global market 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. Below is one of the important industry developments:
- 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.
Fortune Business Insights™ lists out 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)
Major Table of Automotive AR in Automotive Market:
- 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 AR in Automotive Market - By Vehicle Type (in Value)
- Impact of COVID-19
- Global AR 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
TOC Continued…
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/augmented-reality-ar-in-automotive-market-105593
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US : +1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
