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(I-AutoNewsWire.com, November 22, 2021 ) The Augmented Reality Automotive Market is estimated to grow at a CAGR of 17.60% during the forecast period, to reach USD 6.79 Billion in 2025. The base year for the report is 2018 and the forecast period is 2020–2025. The market for augmented reality automotive applications is primarily driven by the increase in adoption of advanced driving assistance systems by OEMs across different vehicle types and consumer demand for in-vehicle safety features that potentially reduce collisions and injuries caused by human-driver errors. Additionally, the augmented reality automotive market is also influenced by the increasing level of driving automation and progress toward fully 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.
“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. With several car companies and technology giants investing in advanced research, there has been considerable development in the autonomous driving space. In autonomous vehicles, sensing systems play a crucial role in creating an accurate perception of the environment around the vehicle. The vehicle sensors play a key part in the optimum functioning of the AR HUD. The use of a fusion of the sensors such as radar, Lidar, and image sensors enables the AR HUD to provide driver assistance functions.
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“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 North America automotive industry is highly inclined toward innovation, technology, and development of high-performance and fuel-efficient vehicles. The rising penetration of technologically advanced vehicles and increasing awareness of car security and comfort features are expected to propel the demand for the automotive augmented reality market in the region.
Key Market Players:
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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Mr. Aashish Mehra