Global Automotive AR & VR Market to Grow at Impressive CAGR during 2019-2024
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.
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“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.
“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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