The augmented reality automotive market is projected to grow at a CAGR of 30.31% during the forecast period, to reach a market size of USD 7.98 Billion by 2025.
Seattle, WA -- (SBWIRE) -- 09/19/2017 -- The report "Augmented Reality Automotive Market by Function (AR HUD Navigation, AR HUD ACC, AR HUD LDW & Advanced AR HUD), Sensor Technology, Display Technology, Level of Autonomous Driving, Electric Vehicle, Vehicle Type, and Region - Global Forecast to 2025", The augmented reality automotive market is projected to grow at a CAGR of 30.31% during the forecast period, to reach a market size of USD 7.98 Billion by 2025. The market is driven by factors such as increasing demand for in-vehicle safety features, adoption of advanced driver assistance systems by OEMs, and the progress toward developing semi-autonomous and autonomous vehicles.
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"Advanced augmented reality head-up display to be the largest segment of the augmented reality automotive market, by function"
With advanced driver assistance systems (ADAS) becoming a standard in high-end cars, OEMs are focusing on developing low-cost systems for mid-sized and economical cars. Premium vehicles with ADAS features use advanced sensing technology. The advanced AR HUD integrates multiple ADAS functions to provide information in the driver's line of sight. The anticipated market for autonomous vehicles is projected to drive the demand for advanced AR HUD. A passenger inside an autonomous vehicle can monitor various functions and the vehicle's external environment on the AR HUD. The AR HUD thus ensures a safer and more comfortable driving experience.
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"Sensor fusion to be the largest segment of the augmented reality automotive market, by sensor technology"
The sensor fusion technology is a key enabler to the optimum functioning of the AR HUD. In the near future, a connected vehicle will assist the driver with more real-time functions. Real-time functions will require high accuracy and precision to assist a driver in making informed decisions about the dynamic external environment of the car. Government legislation will also act as a catalyst and drive the market for sensor fusion technology in commercial vehicle AR HUD. The lack of advanced safety functions such as blind spot detection causes fatal accidents involving commercial vehicles.
"North America to be the largest regional market for augmented reality automotive market"
North America comprises Canada, Mexico, and the U.S. The U.S. is a hub for vehicle production and sales. The demand for advanced automotive technology such as AR HUD is directly linked to the demand and production of luxury and premium vehicles in this region. Canada is also witnessing a growing consumer demand for advanced automotive electronics in the cockpit.
The augmented reality automotive market is dominated by a few global AR HUD system suppliers and comprises several regional players. Some of the key AR HUD suppliers operating in the market are Continental AG (Germany), Visteon Corporation (U.S.), Panasonic Corporation (Japan), and Harman International Industries Inc. (U.S.).
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