The worldwide automotive augmented reality market is predicted to gain massive returns over the forecast period (2012 to 2022. This growth can be attributed to increasing demand for head-up displays (HUD) in low and medium category cars. Automotive augmented reality (AR) relies on AR technology to display elements not available in the physical world. The AR can be used in evolving self-driving or autonomous vehicles with the help of HUDs.
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Increasing adoption rate of advanced driving assistance systems (ADAS) and demand for collision avoidance systems are expected to influence overall market demand in near future. The progress of autonomous cars by conglomerates such as Google is also expected to drive market growth over the forecast period. Demand for infotainment systems in cars is also projected to play a major role in the expansion of market. The adoption of AR glasses by consumers is expected to pave the way for AR-enabled systems in cars.
The AR technology can assist consumers in making purchasing decisions for cars as evident by the BMW i Visualiser mobile application created by BMW with the help of Accenture. Recently, Toyota Motor Corporation patented an AR windshield that can display text and graphics. The success enjoyed by AR glasses is expected to rub off on automotive AR systems due to the purported security in self-driving cars. The benefits of the technology are predicted to minimize instances of traffic accidents and road rage.
The global automotive augmented reality market is segmented by product, application, and region. By product, the market is divided into thin-film transistor (TFT), cathode ray tube (CRT), and organic light emitting diodes (OLED). Major market applications include commercial vehicle and passenger car.
Regions covered in the automotive augmented reality market include India, Japan, China, South Korea, United States (U.S.), and European Union (EU). The United States market is anticipated to expand at a high growth rate during the forecast period due to being a major hub for automotive production. It is also being influenced by the demand for automotive AR systems in premium and luxury vehicles. In addition, the increased funding of investors such as Alibaba is expected to drive the evolution of the technology in years to come.
The EU automotive augmented reality market is projected to grow at a tremendous rate due to the presence of various automotive manufacturers as well as high investment in research and development of AR technology. In addition, the use of AR in designing the cars is expected to speed up the production of AR-based cars. Car manufacturers are planning to introduce AR-based after sales services to enrich their customer experience.
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The China automotive augmented reality market is also anticipated to perform well by 2022 due to its reputation for being a huge industrial hub for cars. In addition, the increasing expendable income of consumers is also expected to further drive market sales over the forecast period. This is evident by the launch of Autohome, an AR-based showroom for buying and selling cars.
Prominent players in the automotive augmented reality market include Continental AG, Denso Corporation, Robert Bosch GmbH, Garmin International, and BMW Group. The market is highly fragmented in nature due to the presence of ride-hailing companies, autonomous electric vehicle manufacturers, and high number of major conglomerates.
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