The Automotive AR & VR Market was valued at USD 389.5 million in 2018 and is expected to reach USD 218.45 billion by the year 2026, at a CAGR of 120.6% during the forecast period (from 2018 – 2026). The growth of the automotive AR & VR market is majorly driven by the technological advancements in connectivity such as the development of 5G and increasing prevalence of 4G around the world

Augmented reality (AR) is a digital layer overlaid on the physical world. AR applications are established on special 3D programs that enable developers to combine contextual or digital content with the physical world. Further, it integrates the real-life environment with virtual details that improve the overall experience of the driver and passenger. This is attained by looking at real-life environments through a wearable like smart goggles, or AR-enabled headsets, smartphone, or tablet screen. AR in automotive is primarily used in the application that displays the features like navigations, and smart signaling on a windshield.

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Further key findings from the report suggest-

  • Asia Pacific region is expected to grow with the highest CAGR owing to the increasing population, growing automobile industry
  • Formation of mixed reality (MR) from the integration of augmented and virtual reality (AR & VR) along with the technological development in HUD system to boost safety which will further boost the growth of the automotive AR & VR market
  • By the application segment, the R&D segment accounted for a quarter of the global automotive AR & VR market in 2018.
  • Used-car dealerships like Vroom are adopting automotive AR & VR technology to remotely showcase their available assortment of car models. It can be costly to physically bring each vehicle to the customers only for demonstration purpose
  • BMW has pioneered the usage of AR for the vehicle’s service work. In the BMW system, maintenance techs wear headsets that project instructions, tools and procedures on the current work area
  • The dealership is projecting the vehicle’s 360° impressions, and a customer can walk around as if it were a real car by using Simultaneous localization and mapping (SLAM) technology
  • At CES 2019, Nissan has presented its new technology - Invisible-to-Visible technology (I2V) concept that creates “a 360-degree virtual space around the vehicle to provide real-time road data and make manual navigation assistance safer and smarter
  • With the help of AR technology, salespeople are using their smartphone camera to view the car with overlaid information about every available option, financing and parameters like - weight, performance or mileage
  • Regional development in the region - Asia Pacific over the forecasted period is anticipated to be high, as favorable government investment and initiatives in the developing countries like China and India for the implementation of AR & VR technology in automotive and digital production

Key companies profiled in the report include:  

Robert Bosch GmbH, Microsoft Corp., Continental AG, Hyundai Motor Group, Volkswagen AG, Unity Technologies ApS, Visteon Corp., HTC Corp., WayRay AG and others are operating in the global automotive AR & VR marketplace

Automotive AR & VR by Function (Revenue, USD Million; 2016–2026)

  • Research and Development
  • Manufacturing and Supply
  • Marketing and Sales
  • Aftersales
  • Support Functions
  • Product

Automotive AR & VR by Type (Revenue, USD Million; 2016–2026)

  • Augmented Reality
  • Virtual Reality
  • Mixed Reality

Automotive AR & VR by Component (Revenue, USD Million; 2016–2026)

  • Software
  • Hardware
    • Camera
    • Sensor
      • Radar
      • LIDARs
      • Image Sensors
    • Mounted Projectors
    • Reflection Mirrors

Based on Region market is segmented into:

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East Africa

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