Augmented Reality (AR) in Automotive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Augmented Reality (AR) in Automotive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Augmented Reality in Automotive Market

The augmented reality in automotive market size was valued at USD 3.97 billion in 2020, and the market is now projected to grow from USD 4.51 billion in 2021 to USD 14.44 billion in 2028, exhibiting a CAGR of 18.1% during the forecast period of 2021-2028.

The augmented reality automotive market growth continues to grow despite the challenges faced by this industry. The demand for augmented reality increased among end-users for the AR-based remote assistance and dealership for a safe buying experience. Additionally, AR-based maintenance assistance enabled customers to perform maintenance activities without visiting repair shops. Hence, the COVID-19 pandemic has bolstered the market growth.

The augmented reality in automotive market share globally has improved as a consequence of the escalating implementation of connected motors. The demand for connected means of transportation has increased speedily with the progress of advanced communication technology. These connected wheels use Advanced Driver Assistance System (ADAS) which is utilizing AR and can help in visualizing the critical guidance information calculated by multiple linked automobiles.

The trend of improvement of self-driving and semi-independent cars is propelling the market intensification. The progression of the business is fueling the expansion of such crates and attracting many clients which are escalating demand for the product. AR tools in these machines are predictable to reduce the safety concerns among passengers. Furthermore, various manufacturers are spending in developing these autonomous autos that boosts demand for computer modeling.

Comprehensive Analysis of Augmented Reality in Automotive Market

The automotives industry and augmented reality in automotive market is rising at an exponential rate because of its market segmentation. This market expansion effectively provides a thorough regional assessment considering the dominant supply and demand forces that impact the automotives industry. These segmentations are methodically segregated by types of function, sensor technology, display technology, electric vehicle, level autonomous driving, and vehicle type. The functions are standard AR HUD, HUD-based: navigation, adaptive cruise control, and lane departure warning. The sensor technology is such as radar, LiDAR, CCD/CMOS image sensor, and sensor fusion. The display technology includes TFT-LCD and other advanced technologies; whereas the electric vehicle types are battery EV and others (hybrid). The vehicle types include passenger cars and commercial vehicles.

The North American region is conducive to the global augmented reality in automotive market, leading to a recall of USD 1.53 billion because of technological advancements and well-established major companies are supporting the market growth.

The top players in the market play a critical role in the automotives industry assuring industrial prospectus growth and setting market standards. These players are Audi AG (Germany), Continental AG (Germany), BMW Group (Germany), Panasonic Corporation (Japan), Volkswagen AG (Germany), Visteon Corporation (U.S.), Hyundai Motor Company (South Korea), Daimler AG (Germany), Jaguar Cars (England), and WayRay (Switzerland), these market players provide a level-playing competitive landscape.

In March 2021, German Automaker Audi introduced the fully EV model Q4 e-Tron. It is equipped with a dynamic augmented reality windshield display along with a spacious cockpit.

Segmentation Table

Global Augmented Reality in Automotive Market Scope

ATTRIBUTE

DETAILS

Study Period

2017-2028

Base Year

2020

Estimated Year

2021

Forecast Period

2021-2028

Historical Period

2017-2019

Unit

Value (USD Billion)

By Function

Standard AR HUD

AR HUD Based Navigation

AR HUD Based Adaptive Cruise Control

AR HUD Based Lane Departure Warning

By Sensor Technology

Radar

LiDAR

CCD/CMOS Image Sensor

Sensor Fusion

By Display Technology

TFT-LCD

Other Advanced Technologies

By Electric Vehicle

Battery Electric Vehicle

Others (Hybrid)

By Level of Autonomous Driving

Conventional

Semi-autonomous

By Vehicle Type

Passenger Cars

Commercial Vehicles

By Geography

North America (By Function; By Sensor Technology; By Display Technology; By Electric Vehicle; By Level of Autonomous Driving; By Vehicle Type)

• U.S. (By Vehicle Type)
• Canada (By Vehicle Type)
• Mexico (By Vehicle Type)

Europe (By Function; By Sensor Technology; By Display Technology; By Electric Vehicle; By Level of Autonomous Driving; By Vehicle Type)

• U.K. (By Vehicle Type)
• Germany (By Vehicle Type)
• France (By Vehicle Type)
• Rest of Europe (By Vehicle Type)

Asia-Pacific (By Function; By Sensor Technology; By Display Technology; By Electric Vehicle; By Level of Autonomous Driving; By Vehicle Type)

• China (By Vehicle Type)
• Japan (By Vehicle Type)
• India (By Vehicle Type)
• Rest of Asia-Pacific (By Vehicle Type)

Rest of the World (By Function; By Sensor Technology; By Display Technology; By Electric Vehicle; By Level of Autonomous Driving; By Vehicle Type)Please Note: It will take 5-6 business days to complete the report upon order confirmation.