Automotive Augmented Reality Market Growth, Application Analysis, Business Opportunities, Regional Outlook up to 2023
Automotive Augmented RealityMarket:
The AR technology in HUD and combined withthe sensors and GPS, helps identify the traffic density, pedestrians, andsignboards. This, as a result, increases the uptake of augmented reality in theautomotive industry further. Moreover, AR projection technology is one of thekey factors escalating market demand. In its recent research report, MarketResearch Future (MRFR) asserts that the global automotive augmented realitymarket is projected to garner exponential growth during the assessment period(2018-2023).
The automotiveaugmented reality market is garnering substantial traction across theglobe. Augmented reality (AR) technology gives the consumers the advantage ofevaluating the vehicle shape, features & various other factors withoutphysically being present. Besides, the market growth attributes to the risinguptake of AR & VR technologies by OEMs and manufactures to enable customersto view their vehicles as per requirements.
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Additionally, the continualproduct launches and increasing aftermarket activities drive the growth of themarket. The strong economic growth worldwide fosters the demand in theautomotive industry. Furthermore, rapid technological advances in manufacturingtechniques boost the growth of the market. However, the recent COVID-19outbreak has deeply impacted the automotive industry's growth, disruptingvarious processes from engineering, manufacturing to assembly, procurement, andshipping.
Nevertheless, digitization andtechnology developments, such as AR, would help manufacturers face thesechallenges through breakthroughs such as AR headsets for performing repairsremotely and predictive maintenance to reduce downtime and the need forin-person service calls. Also, the increasing adoption of the latesttechnologies, such as AR technology for RFID Tagging & IoT analytics, bigdata analytics, drone technology, 3D printing, and others push market growth.
Automotive Augmented RealityMarket – Segmentation
The report is segmented into fourdynamics.
By Sensor Technology: Lidar,Sensor Fusion, Radar, CCD, and others.
By Level of Autonomous Driving:Conventional, Semi-Autonomous, and others.
By Function: AR HUD withNavigation, Standard Functions, Adaptive Cruise Control, and others.
By Regions : Americas,Europe, Asia Pacific, and the Rest-of-the-World.
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Automobile Augmented RealityMarket – Regional Analysis
The Asia Pacific region leads theglobal automotive augmented reality market. The region is expected to be thenext automotive hub of the world. The market growth attributes to the increasedawareness regarding safety, growing urbanization, and increasing aftermarketindustry. Besides, increased production & sales of luxury vehicles,conventional vehicles, and autonomous vehicles substantiate the size of themarket.
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Moreover, large technologicaladvancements and technology developments in manufacturing techniques influencethe growth of the regional market. The well-established automobile sector inthis region creates substantial market demand. Japan, China, South Korea, andIndia are the largest markets for luxury vehicles. The APAC automobile ARmarket is projected to retain its dominance throughout the estimated period.
Europe stands second in theglobal automotive augmented reality market. The region is the global hub forexpensive and high-end car manufacturers. Additionally, the market is driven bythe keen interest and spending on lavish, high-performance vehicles thepresence of the well-established automotive industry in the region. And more...
Automotive AR Market –Competitive Analysis
Highly competitive, theautomobile augmented reality market appears fragmented with the presence ofseveral notable industry players. These players initiate strategic moves suchas mergers & acquisitions, collaboration, innovation, and brandreinforcement to gain a larger competitive share.
Major Players:
Players leadingthe automotive AR market include Panasonic (Japan), Delphi Automotive(Ireland), Hyundai Motors (South Korea), Alphabet (US), BMW (Germany), RobertBosch GmbH (Germany), Garmin International (US), Denso (US), and Continental AG(Germany), among others.
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About Market Research Future:
Market Research Future (MRFR) isa global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
Our rapidly expanding marketresearch company is assisted by a competent team of research analysts whoprovide useful analytics and data on technological and economic developments.Our deemed analysts make industrial visits and collect valuable informationfrom influential market players. Our main goal is to keep our clients informedof new opportunities and challenges in various markets. We offer step-by-stepassistance to our valued clients through strategic and consulting services toreach managerial and actionable decisions.
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