At a CAGR of 41.8% AR VR in Automotive Market Size Expected to Hit US$ 1,216.0 by 2023
AllTheResearch predicts that the global AR VR in automotive market was valued at US$ 195.7 million in 2018 and is expected to reach US$ 1,216.0 by the year 2023 growing at a CAGR of 41.8%.
Florence, United States – January 13, 2020 /MarketersMedia/ —
The growth of AR VR in Automotive Market is mainly driven by the increasing adoption of AR VR by the various leading automotive companies.
An increasing number of automotive companies are investing AR VR technology. In September 2018, a Swiss technology company that is developing holographic AR technologies for connected car raised a US$ 80 million in a Series C funding. Some of the key included Porsche, Hyundai, Alibaba, and China Merchants Capital amongst others.
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AR VR is being increasingly used by automotive manufacturers at the designing and virtual prototyping. Companies such as Daimler AG, Volkswagen, etc are already using AR VR for designing of its new car models. Another important application of AR VR in Automotive ecosystem will be Maintenance/ monitoring. In March 2018, Volkswagen one of the major players in the AR VR in automotive industry announced its plans of testing a new pilot program that will use AR to assist service and maintenance of its commercial vehicles.
For the purpose, the company is using AR glasses from Realwear, using which experts will be able to send precise visual instructions remotely to the field technicians working at the commercial vehicles center. The remote assistance provided will greatly help reduce service times and thereby costs as well.
Segmentation of AR VR in Automotive Market
By Raw Material: Silicon, GaN, Glass, SiC, Metals, Others
By Components: Sensors, Camera, IMU, Processor, Modules, Graphics (Cards), Audio (ICs), Memory, Display, Others.
By Products, Parts and Devices: Head Up Displays, Head Mounted Displays, Smart Glass, Handheld Devices.
By Services & Solutions: Documentation, Visualization, 3D Modelling, Navigation, Workflow Optimization, Others
By Applications: 3D modelling/ design, Training, Monitoring/ Maintenance, Others
AR VR technology will impact the entire process of manufacturing and distribution of automotive, such as design and construction, production, and sales & marketing.
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Training application accounts for a significant share in the AR VR in automotive ecosystem. AR VR immersive training enables car manufacturers to improve the quality of the training process while reducing time required, which leads to increased productivity. Due to this various leading car manufacturers are adopting VR for providing training. For instance, in 2018 Volkswagen announced that it will train 10,000 of its employees using VR for various purposes such as new member training, customer service and vehicle assembly for employees of SEAT, Audi, Volkswagen and ŠKODA.
US is leading the market in terms of AR VR adoption in the automotive sector. The presence of leading car manufacturers in the country and the high adoption rate of AR VR are some of the factors for the dominance of the country. China, Germany, and UK are also expected to grow at a high CAGR during the forecast period, owing to rising investments and adoption of AR VR technology by automotive companies in these countries.
For analyzing the AR VR in automotive Market, we have studied the various trends impacting the market and interconnected markets. Our Interconnectivity module focuses on the key nodes of heterogeneous markets in detail. Artificial Intelligence, Industrial Internet of Things, Autonomous Vehicles, 5G technology and 3D printing markets are some of our key researched markets.
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