Advent of connectivity technological advancements along with cost-effective benefits of AR and VR based solutions to drive global automotive AR & VR market through 2024
According to TechSci Research report, “Global Automotive AR & VR Market By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024”, 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.
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.
“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.
Regionally, the market for automotive AR & VR is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. Owing to the early adoption of technology and presence of major players in the region, North America is expected to acquire the majority share in the market during forecast period.
The major players operating in global automotive AR & VR market include Robert Bosch GmbH, Microsoft Corp., Continental AG, Hyundai Motor Group, Volkswagen AG, Unity Technologies ApS, Visteon Corp., HTC Corp., WayRay AG, etc. Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Companies, such as Continental AG, have started using augmented reality-based head up display to display crucial information on the windshield. Moreover, new cars such as BMW 7 Series are coming already equipped with head up displays.
“Global Automotive AR & VR Market By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” 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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