The Augmented Reality Automotive Market is estimated to grow at a CAGR of 17.60% during the forecast period, to reach USD 6.79 Billion in 2025. The base year for the report is 2018 and the forecast period is 2020–2025. The market for augmented reality automotive applications is primarily driven by the increase in adoption of advanced driving assistance systems by OEMs across different vehicle types and consumer demand for in-vehicle safety features that potentially reduce collisions and injuries caused by human-driver errors. Additionally, the augmented reality automotive market is also influenced by the increasing level of driving automation and progress toward fully autonomous vehicles.
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Objectives of the Report
• To define, describe, and project the augmented reality automotive market (2018–2025), in terms of volume (‘000 units) and value (USD million/billion)
• To provide detailed information regarding the major factors such as drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the augmented reality automotive market
• To analyze and forecast the augmented reality automotive market and forecast the market size, by volume and value, based on function, sensor technology, display technology, electric vehicle, level of autonomous driving, vehicle type, and region
• To forecast the market size, by volume and value, of the augmented reality automotive market for four regions, namely, North America, Europe, Asia-Oceania, and the Rest of the World (RoW)
• To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product development, and expansions in the augmented reality automotive market
The research methodology used in the report involves primary and secondary sources and follows bottom-up and top-down approaches for data triangulation. The study involves country-level OEM and model-wise analysis of augmented reality automotive head-up displays. This analysis involves historical trends as well as existing penetrations by country as well as vehicle type. The analysis is projected based on various factors such as growth trends in vehicle production and regulations or mandates on the implementation of automotive electronics that drive the augmented reality head-up display (AR HUD) system. The analysis has been discussed and validated by primary respondents, which include experts from the augmented reality automotive industry, manufacturers, and suppliers. Secondary sources include associations such as International Organization of Motor Vehicle Manufacturers (OICA), American Association of Motor Vehicle Administrators (AAMVA), Automotive Component Manufacturers Association of India (ACMA), and paid databases and directories such as Factiva and Bloomberg.
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The augmented reality automotive market is projected to grow at a CAGR of 17.60% from 2020 to 2025, to reach a market size of USD 6.79 Billion by 2025. The key drivers for the market are the increasing adoption rate of advanced technologies by OEMs, rising consumer demand for enhanced in-vehicle safety, faster generation of real-time and reliable data from advanced driver assistance systems, and the growth of connected vehicles.
The augmented reality head-up display (AR HUD) for automotive application is expected to be launched in the market during the forecast period from 2018 to 2025. The advanced AR HUD is projected to be the largest segment of the augmented reality automotive market, in terms of volume and value, during the forecast period. The growth of this function can be attributed to the increased use of sensing systems for in-car monitoring, external environment monitoring, safety functions, and driving analysis. The use of sensing technologies in vehicles is ideal if the data gathered from it is projected on a single platform in the driver’s field of view. The AR HUD will reduce driver distraction by providing information on the vehicle’s windshield, directly in the driver’s line of sight.
The sensor fusion technology is estimated to be the largest segment of the augmented reality automotive market. The active development of semi-autonomous and autonomous vehicles will boost the demand for sensor fusion based AR HUD by 2025. Sensors play a critical part in the optimum functioning of the AR HUD and blending the sensor technologies will provide data accuracy for critical safety applications such as higher levels of autonomous driving.
North America is expected to dominate the augmented reality automotive market during the forecast period. The demand for augmented reality automotive functions is directly linked to the vehicle production in this region and the growing demand for luxury vehicles equipped with advanced technologies.
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