Automotive AR and VR Market by Type, Application, Global Opportunity Analysis and Industry Forecast, 2018-2025
PORTLAND, OREGON, USA, Aug. 14, 2022 /EINPresswire.com/ — Growth in the global automotive AR and VR market is being driven by the advent of technological advancements in connectivity such as the introduction of 5G and the growing prevalence of 4G around the world. world. Moreover, the use of augmented reality and virtual reality in the design and assembly phase greatly benefits automotive companies. For example, vehicle design and visualization in AR and VR technology helps designers visualize the body structure of a vehicle to improve efficiency, safety, and durability.
Allied Market Research recently published a report titled “Automotive AR and VR Market by Type (Augmented Reality (AR) and Virtual Reality (VR)) and Application (Research & Development, Manufacturing & Supply, Marketing & Sales, after-sales, support functions, and product): global opportunity analysis and industry forecast, 2018 – 2025”. According to the report, the global automotive AR and VR market was valued at $213.0 million in 2017 and is expected to reach $673.60 billion by 2025, growing at a CAGR of 175.7% over the forecast period.
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However, for augmented reality and virtual reality to work effectively, continuous internet connectivity is required. In some countries, especially in developing economies, the internet speed is not fast enough for augmented reality and virtual reality to work well. Moreover, AR & VR systems pose serious health problems to various people. For example, AR and VR systems are known to cause eye strain, headaches, and in some cases, nausea. These factors are hampering the growth of the Automotive AR & VR market to its full potential. Nevertheless, the development of HUD systems to enhance security and mixed reality (MR) training by integrating AR and VR are expected to create lucrative opportunities for market players in the near future.
Augmented Reality (AR) segment to assert dominance throughout the forecast period
Based on type, the augmented reality (AR) segment occupied more than three-fifths of the global automotive AR and VR market share in 2017 and is expected to maintain its dominance till 2025, owing to its ability to provide access to real environments. via smartphones, tablet screens and smart glasses and headsets to the user. However, the virtual reality (VR) segment is expected to register the fastest CAGR of 178.0% during the forecast period, owing to the increased adoption of a computer-generated multi-sensory simulated environment that enables save time and money on costly iterations.
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Research and Development Segment Expected to Generate Highest Revenues through 2025
Based on application, the research and development segment accounted for a quarter of global revenue in 2017. The segment is expected to continue the trend during the forecast period and reach $162.39 billion in revenue. 2025, due to an increase in the use of AR and Virtual Reality in automotive R&D to develop concepts, identify problems and test prototypes. However, the product segment is expected to show the fastest growth rate during the forecast period, a CAGR of 185.0%, owing to the increased demand for self-driving vehicles that implement augmented reality and virtual reality in as a product in their vehicle.
Asia-Pacific will experience the fastest growth from 2018 to 2025
Throughout the forecast period, Asia-Pacific is expected to witness the highest CAGR of 183.7%, due to significant increase in government investment and initiative in emerging economies such as China and India for the adoption of AR & VR technology in automotive and digital manufacturing. . Meanwhile, North America is expected to maintain its dominance and occupy more than a quarter of the global market until 2025, due to the wide use of 4G in AR and VR applications and the early launch of connectivity. 5G.
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Main market players
The major players analyzed in the AR and VR in Automotive report include Continental, Microsoft, Visteon Corporation, Volkswagen, Unity, Bosch, DAQRI, HTC, Hyundai Motor, and Wayray. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers and acquisitions, and others to gain a strong position in the industry.
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