Global Automotive AR and VR Market was valued US$ XXBn in 2018 and is expected to reach US$ XXBn by 2026, at a CAGR of around XX% during a forecast period.
Technological advancement in connectivity primarily drive the growth of the automotive AR and VR market. Additionally, upsurge in need of augmented and virtual reality in automotive and cost effective benefits from the AR and VR based solutions are responsible for the growth of the automotive AR and VR market. Moreover, formation of mixed reality (MR) from combination of AR and VR and the development of HUD system to enhance safety ensures developing growth opportunities for this market. This is anticipated to boost the growth of the market in future.On the other hand, the serious threats to the physical and emotional wellbeing of the end-users and high dependency on internet connectivity are expected to hinder the growth of automotive AR and VR market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
According to application segment, research &development accounted for a quarter of the global revenue in 2017. The segment is anticipated to continue the inclination during the forecast period and attain XX Billion by 2026, due to rise in the usage of both AR and VR in automotive R&D to develop concepts, identify problems, and test prototypes. Though, the product segment is expected to exhibit the fastest growth rate during the forecast period, a CAGR of XX %, due to the increased demand for autonomous vehicles that implement AR and VR as a product in their vehicle.
The major key players in the automotive industry have adopted various strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
Geographically, Asia-Pacific is projected to witness the highest CAGR of XX %, on account of significant rise in government investments and initiative in developing economies such as China and India for the adoption of AR & VR technology in automotive and digital manufacturing. Meanwhile, North America is expected to continue its dominance and occupy more a quarter of the global market throughout the forecast period, due to the wide usage of 4G in AR and VR application and the early launch of 5G connectivity.
The report will help to forecaster and it demonstrates market dynamics which includes growth drivers, restraining factors and opportunities and trends spearheading existing nature and future status of this market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global automotive AR and VR market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global automotive AR and VR market.
Scope of Global Automotive AR and VR Market
Global Automotive AR and VR Market, By Type
- Augmented Reality (AR)
- Virtual Reality (VR)
Global Automotive AR and VR Market, By Application
- Research & Development
- Manufacturing & Supply
- Marketing & Sales
- Aftersales
- Support Functions
- Product
Global Automotive AR and VR Market, By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Key Players Operating in Global Automotive AR and VR Market
- Continental
- Microsoft
- Visteon Corporation
- Volkswagen
- Unity
- Bosch
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