Automotive Ar & vr Market 2018-2028: Trends and Forecasts
According to TechSci Research report, “Global Automotive AR & VR Market By Type, By Application, By Region, Competition, Forecast & Opportunities, 2028”, global automotive AR & VR market is expected to grow at a significant rate during forecast period on the back of increasing implementation of augmented reality and virtual reality in automotive vertical. Head up display or HUD is one such technology which displays crucial information such as speed of the car and navigation directions on the windshield, without distraction. Technological advancements and cost effective benefits of AR and VR are driving their demand in automotive sector. North America is the leading region in global automotive AR & VR market and is expected to register impressive growth during the forecast period owing to the early adoption of the technology and presence of major companies in the region.
The use of AR and VR in automotive manufacturing is on the rise, driven by the growth of technically advanced devices, the advent of connected car technology, and the need for gamification to improve driver safety. However, the market is facing hindrances due to the high dependence on internet connectivity, particularly in emerging nations. Despite this, opportunities are emerging in the form of the formation of mixed reality (MR) by integrating AR and VR, the increasing adoption of electric vehicles, and the development of HUD systems to enhance safety. Technological advancement in connectivity is the primary driver of growth for the automotive AR and VR market, along with the cost-effective benefits from AR and VR based solutions. However, threats to end-users' physical and emotional wellbeing and the high dependency on internet connectivity may hinder the market's growth.
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Global automotive AR & VR market can be segmented based on type, application and region. In terms of type, the market can be bifurcated into augmented reality and virtual reality. In 2018, augmented reality dominated the market and the trend is likely to continue during forecast period as well owing to extensive adoption of AR in automotive for several purposes. However, virtual reality segment is anticipated to witness brisk growth in the forecast due to investments by leading players in the technology, affordability of VR devices and advancements in the technology.
Robert Bosch GmbH, Microsoft Corp., Continental AG, Hyundai Motor Group, Volkswagen AG, Unity Technologies ApS, Visteon Corp., HTC Corp., WayRay AG, etc., are among the leading players operating in global automotive AR & VR market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. In 2017, Continental AG launched augmented reality-based head up display system for helping drivers by providing essential information on windshield.
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“On the basis of application, the market can be segmented into research & development, manufacturing & supply, marketing & sales, aftersales, support function or training and product. Research & development segment is expected to register positive growth in the market due to various development taking place so as to enhance the driving experience of the driver without distraction.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Automotive AR & VR Market By Type, By Application, By Region, Competition, Forecast & Opportunities, 2028” has evaluated the future growth potential of global automotive AR & VR market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global automotive AR & VR market.
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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