The global augmented reality automotive market is projected to reach USD 9 billion by 2028, growing at a CAGR of over 30% in value terms. This growth is driven by increasing demand for connected vehicles, technological advancements, and consumer demand for enhanced in-vehicle safety. Demand for augmented reality automotive functions is directly linked to vehicle production in a region.
The continuous evolution of the automotive industry is driving the development of semi-autonomous and self-driving vehicles. According to the Institute of Electrical and Electronics Engineers (IEEE), by 2040, almost 75% of cars on the road will be autonomous. The use of augmented reality (AR) devices in these vehicles is expected to reduce safety concerns among passengers. Additionally, various manufacturers are investing in the development of autonomous vehicles, further driving demand for augmented reality in the automotive sector.
The evolution of advanced communication technology has led to a rapid increase in demand for connected vehicles. These vehicles use augmented reality-based Advanced Driver Assistance Systems (ADAS) to visualize crucial guidance information calculated by multiple connected vehicles. The AR system superimposes this information on the driver’s field of vision using an AR HUD display, enhancing safety. The increasing use of AR applications in new-generation connected vehicles is expected to boost market growth in the coming years.
Browse Report (Global Augmented Reality Automotive Market By Vehicle Type (Battery Electric Vehicle (BEV) and Hybrid Vehicles), By Function (AR HUD With Navigation, AR HUD With Standard Functions, AR HUD With Adaptive Cruise Control (ACC), AR HUD With Lane Departure Warning (LDW), Advanced AR HUD), By Company and By Geography, Forecast & Opportunities, 2028) – https://www.techsciresearch.com/report/global-augmented-reality-automotive-market/1658.html
However, the use of AR in the automotive sector raises concerns about cybersecurity due to vehicle telematics and internet connectivity. Additionally, as a newly developed technology, AR is currently only available in luxury vehicles from premium brands, affecting the availability and affordability of these cars and potentially having a negative impact on the augmented reality automotive market.
In terms of regional analysis, North America dominated the augmented reality automotive market in 2022 and is expected to continue this trend over the next five years.
Major players in the global augmented reality automotive market include Panasonic Corporation, Robert Bosch GmbH, Garmin Ltd., Texas Instruments Inc., Nippon Seiki Co., Ltd., Harman International Industries Inc., Continental AG, Denso Corporation, Pioneer Corporation, and Visteon Corporation. These companies are developing advanced technologies and launching new products to remain competitive in the market. Other competitive strategies include mergers and acquisitions and new product developments.
Objective of the Study:
- To assess the demand-supply scenario of Augmented Reality Automotive which covers production, demand and supply of Augmented Reality Automotive globally.
- To analyse and forecast the market size of Augmented Reality Automotive in terms of volume and Value.
- To classify and forecast global Augmented Reality Automotive based on  vehicle type, Function and regional distribution.
- To identify drivers and challenges for global Augmented Reality Automotive.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global Augmented Reality Automotive.
- To identify and analyse the profile of leading players involved in the manufacturing of global Augmented Reality Automotive.
To perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of Augmented Reality Automotive manufacturers operating globally. Subsequently, TechSci Research conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, TechSci Research could include manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analysed product offerings and regional presence of all major Augmented Reality Automotive supplier across the globe.
TechSci Research calculated the market size for global Augmented Reality Automotive using a bottom-up technique, wherein manufacturers’ value data for different types of warehouse vehicles, were recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analysing historical sales data of respective manufacturer to arrive at the overall market size. Multiple secondary sources such as directories, Company Websites, company annual reports, white papers, investor presentations and financial reports were also used by TechSci Research.
Key Target Audience:
- Automotive AR HUD system manufacturers and component suppliers
- Automobile Manufacturers
- Automotive display panel manufacturers
- Research Institutes
- Associations, organizations, forums and alliances related to Augmented Reality Automotive manufacturers.
- Industry associations
- Market research and consulting firm.
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Augmented Reality Automotive manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
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Report Scope:
In this report, global Augmented Reality Automotive market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Augmented Reality Automotive Market, by Electric Vehicle:
- Battery Electric Vehicle (BEV)
- Hybrid Vehicles
- Global Augmented Reality Automotive Market, by Sensor Technology:
- Lidar
- Sensor Fusion
- Radar
- CCD/VMOS Image Sensors
- Global Augmented Reality Automotive Market, by Level of Autonomous Driving:
- Conventional Level of Driving
- Semi-Autonomous Level of Driving
- Global Augmented Reality Automotive Market, by Function:
- AR HUD With Navigation
- AR HUD With Standard Functions
- AR HUD With Adaptive Cruise Control (ACC)
- AR HUD With Lane Departure Warning (LDW)
- Advanced AR HUD
- Global Augmented Reality Automotive Market, by Region:
- Asia Pacific
- India
- Japan
- South Korea
- Australia
- China
-
- Europe
- United Kingdom
- Italy
- France
- Germany
- Spain
-
- North America
- United States
- Mexico
- Canada
-
- South America
- Brazil
- Argentina
- Colombia
-
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE
- Qatar
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About TechSci Research:
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 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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