Augmented Reality in Automotive Market to Hit USD 14,437.2 Million in 2028; Rising Development of Self-Driving Cars to Accelerate Growth, says Fortune Business Insights™

The global augmented reality in automotive market is set to gain traction from the increasing evolution of the sector. Hence, companies are nowadays trying to develop self-driving and semi-autonomous vehicles. The Institute of Electrical and Electronics Engineers (IEEE), for instance, declared that around 75% of the cars running on roads will be autonomous by 2040. This information is given by Fortune Business Insights™ in a report, titled, “Augmented Reality in Automotive Market, 2021-2028.” As per the report, the augmented reality in automotive market size was USD 3,971.5 million in 2020. It is projected to grow from USD 4,508.5 million in 2021 to USD 14,437.2 million in 2028 at a CAGR of 18.1% in the forecast period.

A list of renowned augmented reality in automotive vendors present in the global market:

• Continental AG (Germany)
• Volkswagen AG (Germany)
• Daimler AG (Germany)
• BMW Group (Germany)
• Panasonic Corporation (Japan)
• Visteon Corporation (U.S.)
• Hyundai Motor Company (South Korea)
• Jaguar Cars (England)
• WayRay (Switzerland)
• Audi AG (Germany)

 

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Report Coverage-

The report provides an authentic assessment of several customers’ journeys associated with the market for augmented reality in automotive, regions, and segments. Besides, it delivers customer impressions about distribution channels. The business intelligence and consultation solutions would aid interested stakeholders to refine customer experience maps developed as per their requirements. They can transform customer engagement with their in-house brands.

Drivers & Restraints-

Increasing Usage of AR-based ADAS in Connected Vehicles to Boost Growth

The transportation sector is experiencing a high demand for connected vehicles because of the evolution of state-of-the-art communication technology. Companies nowadays are also equipping these vehicles with augmented reality-based Advanced Driver Assistance System (ADAS) that can provide vital guidance information by visualizing and calculating. At the same time, the AR HUD display can help in offering drivers their field of vision for improving safety features. Manufacturers of augmented reality in automotive are also launching new generation connected vehicles catering to the high demand. However, issues associated with cybersecurity may hamper the augmented reality in automotive market growth in the upcoming years.

Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/augmented-reality-ar-in-automotive-market-105593

COVID-19 Pandemic: Shutdown of Production Facilities May Hamper Growth

The outbreak of the COVID-19 pandemic has taken a huge toll on the global economy. Many automotive manufacturing companies have shut down their production facilities because of reduced workforce and disturbance in supply chains. We are delivering authentic market research reports that would help you to adopt several strategies and regain business confidence in the augmented reality in automotive industry.

Regional Insights-

Asia Pacific Stood at USD 1,525.1 Million in 2020: Fortune Business Insights™

Geographically, North America procured USD 1,525.1 million in terms of revenue in 2020 and remained in the dominant position. This growth is attributable to the rising sales of passenger vehicles and the presence of reputed companies providing augmented reality in automotive in the region. The Edison Electric Institute (eei.org), for instance, stated that sales of electric vehicles reached 81% in 2018 compared to 2017 in the U.S. alone. In Asia Pacific, on the other hand, the surging investments by private and government agencies in the development of start-up companies providing augmented reality in automotive would aid growth.

Competitive Landscape-

Key Players Focus on Launching Innovative Solutions to Gain Competitive Edge

The market for augmented reality in automotive contains various companies that are presently striving to gain a competitive edge by introducing cutting-edge solutions. Besides, the entry of start-up firms in various parts of the world is expected to take the market to a whole new level in the next few years. Below is one of the latest industry developments:

·         March 2021: Audi included an augmented reality head-up display (HUD) in its latest Q4 e-tron model. It is an all-electric vehicle that was revealed at the 2019 Geneva International Motor Show as a concept.