Automotive Augmented Reality Market- Poised to grow at 28.72% CAGR through 2018-2024

The new mounting technology which is gradually evolving and gaining significant attention in the past few years is Augmented Reality. It is a next level technology which pictures the real world by computer generated display, generally known as Computer Mediated Reality. The foray of the technology in automotive sector was initiated with the advent of Head Up Displays (HUDs). Application of HUDs in numerous functions such as Navigation, Lane Departure and Warning, Cruise Control has helped it to build itself as a mainstream technology in the Automotive Augmented Reality market. While AR based HUDs are the primary product of revenue generation in the market, the participation of Smart Glasses and Head Mounted Displays (HMDs) in the market is expected to increase in the foreseeable future. Additionally, AR based Apps are also expected to become a viable tool for AR users. Various reputed Automakers such as Ford, BMW, Porsche, Audi and Mitsubishi, among others, are utilizing Apps based on AR for several uses.

Augmented Reality is the latest entrant to the automotive industry and diverse factors are expected to fuel its market growth in near future. The growing concern of safety across geographies is among the core reasons which have led to the incorporation of AR in vehicles. The discourse of safety and security amongst the safety personals and rising awareness within the buyers is driving the AAR market. With the rising number of deaths year on year, attributed to the driver’s distraction, alcoholism and drowsiness, the AAR market has tweaked to stand for the concerned safety. Additionally, the evolvement of connected vehicles has been driving the AAR market as the concept of connected cars can be integrated through AR. The research on complicated assemblies and complex structuring can be done with the help of AR technology. Furthermore, the incessant growth of the market has been further propelled by heavy investments in the AR technology.

The Global Automotive Augmented Reality market is poised to grow at a CAGR of 28.72% through the forecast period 2018-2024.

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The AAR market analyzed in this report covers AR HUD functions such as Navigation, Cruise Control, Lane Departure Warning and other advanced functions. Amongst all, AR HUD based cruise control market is going to witness the highest growth in the coming decade.
The North American market is expected to maintain its dominance because of the U.S. being the developer of LDW itself.

Despite the benefits rendered by automotive sector through AR technology, there are certain pain points that are disturbing the market and are becoming barriers to fetch profit. AR technology requires high upfront capital cost. Till now, it has been witnessed that only established firms are involved in the development of AR technology. Consequently, the high cost involved led to restriction of new entrants to the AAR market. Furthermore, where companies are trying their best to provide information on windshield by utilizing AR technology to reduce distractions, it is also believed that multiple information at a single point of time while driving might also distract drivers. However, companies are still trying to overcome the challenges and soon the commercialization shall begin.
The present scenario suggests that the market is at the building stage where research and developments are actively taking place to overcome the challenges. Some of the prominent players actively participating in the market are Audi, BMW, Continental AG, Denso, Digi Lens and Garmin International among others.

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