Automotive AR and VR market was valued at USD 213.0 million in 2017 and is projected to reach USD 673.6022 Billion by 2025, registering a CAGR of 175.7% from 2018 to 2025| Valuates Reports.

Automotive augmented reality and VR market

The global automotive augmented reality and VR market encompasses AR and VR type and application segment of the automotive AR and VR market. The global automotive AR and VR market is a very dynamic market and is expected to witness growth during the forecast period. The development of new and diversified technologies creates opportunities within the automotive industry.

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The automotive AR and VR market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is from 2018 to 2025.

The market is segmented by type of automotive AR and VR used, which includes Augmented reality (AR) and virtual reality (VR). Also, based on application, the market is classified into research & development, manufacturing & supply, marketing & sales, aftersales, support functions, product. Based on the region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
augmented reality is a digital layer superimposed on the physical world. Augmented reality applications are developed on special 3D programs that enable developers to integrate contextual or digital content with the real world. Moreover, it integrates the real-life environment with virtual details that enhance the experience. This is typically achieved by looking at real-life environments through smart goggles and headsets, smartphone or tablet screens.

Augmented reality in automotive is majorly used for the application that displays the features of pedestrians, navigations, and smart signaling on a windshield.
Virtual reality uses a head-mounted display of goggles for the creation of an interactive & completely digital environment that provides a fully enclosed synthetic experience, and visual feedback. In addition, virtual reality in automotive is a three-dimensional (3D) computer-generated environment, which takes the end-users to an artificial world.

The key players analyzed in the automotive AR and VR market include Continental, Microsoft, Visteon Corporation, Volkswagen, Unity, Bosch, DAQRI, HTC, Hyundai Motor, and WayRay.

Advent of connectivity technological advancements

The rise in penetration of Internet of Things (IoT) in automotive supports faster connectivity for more intuitive visualization and interaction. Also, many companies are developing smart AR glasses with a Qualcomm collaboration that features the multimode connectivity (4G, 5G), eye tracking cameras, and optics & projection technology within semitransparent display. There is an increase in the demand for 5G networks in automotive as it enables high speed data transfer with lower latency and improves traffic capacity & network efficiency. Moreover, these 4G and 5G networks are expected to enable VR devices to offload computational work besides increasing the fidelity of VR experiences. Thus, such application based technological advancements in automotive boost the growth of the automotive AR and VR market.

High need of augmented and virtual reality in automotive

In the past, augmented and virtual reality has gained huge popularity and adoption among various end-user industries, such as digital manufacturing, media & entertainment, education, healthcare, defense & security, and civil aviation.
Nowadays, end-user organizations are inclined toward deploying augmented and virtual reality based solutions in automotive field for design & assembly and repair & maintenance. Moreover, this technology helps assist designers in visualizing the body structure of a vehicle, as to improve efficiency, safety, and durability. Furthermore, safety at assembly line is increased by tracking human movement to decrease the risk of injury. In addition, augmented reality helps manufacturers with the overall design process. The AR and VR technology assists designers in visualizing the body structure of a vehicle to improve efficiency, safety, and durability. Many key players in the automotive industry implement the AR and VR systems in their vehicles. For instance, continentals has started offering AR-HUD unit that includes sensors, cameras, and GPS and supports all high-end features with the base of AR and VR. Thus, such high demand of AR and VR in automotive fuels the growth of the automotive AR and VR market.

Serious threats to the physical and emotional wellbeing of the end-users

People using virtual reality have faced eye strain, headaches, and in some cases, nausea. Various experts in AR and VR also said that it is due to the way VR affects the eye-brain connection. Furthermore, a certain percentage of users have experienced motion sickness, anxiety, and severe eyestrain after using VR headsets for a prolonged period. The AR and VR technology disconnects the users from the real environment. This results in retinal radiation, which may be a potential cause for eye cancer. Such drastic causes of AR and VR units if not addressed properly act as an inhibitor and affect the adoption rate of virtual reality or augmented reality technologies. Thus, health concerns restrain the growth of the automotive augmented reality and virtual reality market.

High Dependence on Internet Connectivity

There is an increase in the number of applications in automotive especially related to infotainment and cockpits control system. These applications do not run on slow internet connectivity. Moreover, indications of traffic, lane detection, and other features need an improved internet connection. In addition, underdeveloped countries, especially Africa, are unable to adopt augmented and virtual reality technology owing to a lack of infrastructure support for fast internet connection. Also, some countries such as Eritrea, Burundi, Chad, Somalia, and others, have low penetration of internet. Therefore, this high dependency on the internet hampers the growth of the automotive AR and VR market globally.

Formation of mixed reality (MR) from the integration of AR and VR

The formation of mixed reality (MR) from the integration of AR and VR offers immense growth opportunities to players in the automotive augmented reality and virtual reality market. Holographic projections and interactive virtual display garner increased focus in the automotive field. In addition, MR allows engineers to wear special headsets through which they can view the holographic image of the engine, and with various image and voice features can understand the engine in-depth and make changes accordingly. Such simulation-based leaning is expected to create an opportunity for the growth of the automotive AR and VR market in the future.

Development of the HUD system to enhance safety

Augmented and virtual reality technology is currently being used to supplement safety features in vehicles. Furthermore, in May 2017, Continental introduced a prototype AR-HUD system for assisting drivers that works by displaying actionable data and images on the vehicle's windshield. The AR and VR technology is used in automotive to support features such as turn-by-turn route navigation, safety distance monitoring, lane-departure warning (LDW), and adaptive cruise control (ACC). Moreover, in application, the driver can see blinking arrows when the system senses an upcoming turn during navigation with an interactive image. Thus, the innovations in the development of the HUD system to enhance safety in automotive applications boost the growth of the automotive AR and VR market.

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KEY BENEFITS FOR AUTOMOTIVE AR AND VR MARKET:
• This study presents the analytical depiction of the global automotive AR and VR market along with the current trends and future estimations to depict the imminent investment pockets.
• The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the market.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers.
Automotive AR and VR Market Segmentation

By Type

• Augmented Reality (AR)
• Virtual Reality (VR)

By Application

• Research & Development
• Manufacturing & Supply
• Marketing & Sales
• Aftersales
• Support Functions
• Product

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Russia
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Australia
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

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