Home / Market Reports / Automobile & Transportation
/ Global Automotive Augmented Reality (AR) and Virtual Reality (VR) Market Growth (Status and Outlook) 2023-2029
Global Automotive Augmented Reality (AR) and Virtual Reality (VR) Market Growth (Status and Outlook) 2023-2029
Product Code:572641
Published Date: Sep 06,2023
Pages: 100
Region: Global
Category: Automobile & Transportation
PDF DOWNLOAD
GET FREE SAMPLE
CUSTOMIZE REQUEST
PDF DOWNLOAD
GET FREE SAMPLE
CUSTOMIZE REQUEST
Provide comprehensive and accurate analysis and reports according to your exact requirements
According to our (LP Info Research) latest study, the global Automotive Augmented Reality (AR) and Virtual Reality (VR) market size was valued at US$ 2151.6 million in 2022. With growing demand in downstream market and recovery from influence of COVID-19 and the Russia-Ukraine War, the Automotive Augmented Reality (AR) and Virtual Reality (VR) is forecast to a readjusted size of US$ 6686.3 million by 2029 with a CAGR of 17.6% during review period.
The research report highlights the growth potential of the global Automotive Augmented Reality (AR) and Virtual Reality (VR) market. With recovery from influence of COVID-19 and the Russia-Ukraine War, Automotive Augmented Reality (AR) and Virtual Reality (VR) are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Automotive Augmented Reality (AR) and Virtual Reality (VR). Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Automotive Augmented Reality (AR) and Virtual Reality (VR) market.
While augmented and virtual reality applications in mobile and gaming have recently emerged, these concepts have already been deployed for a variety of automotive use cases including AR HUDs, local and remote see-through applications, pre-sales experiences, vehicle desgin, manufacturing, maintenance, and user manuals. Main benefits are centered around a more intuitive and seamless user interface for drivers, especially critical for semi-autonomous driving and driving down costs.
Automotive is a key driver of this industry. According to data from the World Automobile Organization (OICA), global automobile production and sales in 2017 reached their peak in the past 10 years, at 97.3 million and 95.89 million respectively. In 2018, the global economic expansion ended, and the global auto market declined as a whole. In 2022, there will wear units 81.6 million vehicles in the world. At present, more than 90% of the world's automobiles are concentrated in the three continents of Asia, Europe and North America, of which Asia automobile production accounts for 56% of the world, Europe accounts for 20%, and North America accounts for 16%. The world major automobile producing countries include China, the United States, Japan, South Korea, Germany, India, Mexico, and other countries; among them, China is the largest automobile producing country in the world, accounting for about 32%. Japan is the world's largest car exporter, exporting more than 3.5 million vehicles in 2022.
Key Features:
The report on Automotive Augmented Reality (AR) and Virtual Reality (VR) market reflects various aspects and provide valuable insights into the industry.
Market Size and Growth: The research report provide an overview of the current size and growth of the Automotive Augmented Reality (AR) and Virtual Reality (VR) market. It may include historical data, market segmentation by Type (e.g., Augmented Reality (AR), Virtual Reality (VR)), and regional breakdowns.
Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Automotive Augmented Reality (AR) and Virtual Reality (VR) market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.
Competitive Landscape: The research report provides analysis of the competitive landscape within the Automotive Augmented Reality (AR) and Virtual Reality (VR) market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.
Technological Developments: The research report can delve into the latest technological developments in the Automotive Augmented Reality (AR) and Virtual Reality (VR) industry. This include advancements in Automotive Augmented Reality (AR) and Virtual Reality (VR) technology, Automotive Augmented Reality (AR) and Virtual Reality (VR) new entrants, Automotive Augmented Reality (AR) and Virtual Reality (VR) new investment, and other innovations that are shaping the future of Automotive Augmented Reality (AR) and Virtual Reality (VR).
Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Automotive Augmented Reality (AR) and Virtual Reality (VR) market. It includes factors influencing customer ' purchasing decisions, preferences for Automotive Augmented Reality (AR) and Virtual Reality (VR) product.
Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Automotive Augmented Reality (AR) and Virtual Reality (VR) market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Automotive Augmented Reality (AR) and Virtual Reality (VR) market. The report also evaluates the effectiveness of these policies in driving market growth.
Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Automotive Augmented Reality (AR) and Virtual Reality (VR) market.
Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Automotive Augmented Reality (AR) and Virtual Reality (VR) industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.
Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Automotive Augmented Reality (AR) and Virtual Reality (VR) market.
Market Segmentation:
Automotive Augmented Reality (AR) and Virtual Reality (VR) market is split by Type and by Application. For the period 2018-2029, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of value.
Segmentation by type
Augmented Reality (AR)
Virtual Reality (VR)
Segmentation by application
Research & Development
Manufacturing & Supply
Marketing & Sales
Aftersales
Support Functions
Product
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Continental
Microsoft
Visteon Corporation
Volkswagen
Unity
Bosch
DAQRI
HTC
Hyundai Motor
Wayray