Augmented Reality in Automotive Market Share, Growth Factor, Industry Size and Forecast 2028
According to the report, Augmented Reality (AR) in Automotive market size is projected to reach USD 14.44 Billion exhibiting a CAGR of 18.1% by 2028. The Augmented Reality (AR) in Automotive Industry was valued at USD 12.54 billion in 2018. The global augmented reality in automotive market is set to gain traction from the increasing evolution of the sector. Hence, companies are nowadays trying to develop self-driving and semi-autonomous vehicles. The Institute of Electrical and Electronics Engineers (IEEE), for instance, declared that around 75% of the cars running on roads will be autonomous by 2040.
The outbreak of the COVID-19 pandemic has taken a huge toll on the global economy. Many automotive manufacturing companies have shut down their production facilities because of reduced workforce and disturbance in supply chains. We are delivering authentic market research reports that would help you to adopt several strategies and regain business confidence in this industry.
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Renowned players in the augmented reality in automotive industry:
- Continental AG (Germany)
- Volkswagen AG (Germany)
- Daimler AG (Germany)
- BMW Group (Germany)
- Panasonic Corporation (Japan)
- Visteon Corporation (U.S.)
- Hyundai Motor Company (South Korea)
- Jaguar Cars (England)
- WayRay (Switzerland)
- Audi AG (Germany)
Sensor Fusion Segment to Lead Backed by Ability to Merge Data from Various Sources
Based on the sensor technology, the market is segregated into radar, LiDAR, CCD/CMOS image sensor, and sensor fusion. Amongst these, the sensor fusion segment is anticipated to remain at the forefront by generating the largest augmented reality in automotive market share. This growth is attributable to the ability of this sensor to merge data from other sources. Also, it provides high data accuracy and precise working property under harsh weather and road conditions.
North America Stood at USD 1.53 Billion in 2020: Fortune Business Insights
Geographically, North America procured USD 1.53 billion in terms of revenue in 2020 and remained in the dominant position. This growth is attributable to the rising sales of passenger vehicles and the presence of reputed companies providing augmented reality in the region. The Edison Electric Institute (eei.org), for instance, stated that sales of electric vehicles reached 81% in 2018 compared to 2017 in the U.S. alone. In Asia Pacific, on the other hand, the surging investments by private and government agencies in the development of start-up companies providing augmented reality in automotive sector, would aid growth.
Global Augmented Reality (AR) in Automotive Market Segmentation:
- Standard AR HUD
- AR HUD Based Navigation
By Sensor Technology:
- CCD/CMOS Image Sensor
By Display Technology:
- TFT-LCD and Other Advanced Technologies
By Electric Vehicle:
Battery Electric Vehicle and Others
By Level of Autonomous Driving:
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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