Published Date : Aug 01, 2016
ALBANY, NY, Aug 01, 2016 - MarketResearchReports.biz has added a new report, titled ‘Global Automotive Augmented Reality Market 2016-2020,’ to its offering. This study encapsulates an extensive understanding of the market for automotive augmented reality solutions. The report presents an evaluation of the market in terms of vehicle type and geography.
The current size of the market and its growth prospects all through the forecast horizon have been presented in the report. In order to calculate the size of the market, production data of light commercial vehicles (LCVs), luxury vehicles, and passenger cars has been taken into consideration. As per this report, the global market for automotive augmented reality solutions is expected to rise at a whopping 17.96% CAGR between 2016 and 2020.
The report starts by providing highlights on the market overview, value chain reports, and the regulatory framework of the market. The report firstly talks about automotive head-up displays (HUDs). HUDs are transparent displays that were originally manufactured to be used for presenting data in an automobile in order to reduce driver distraction and increase the safety of the driver. However, a number of factors, such as technological glitches in conventional HUDs, the absence of interactivity, and cluttering of the on-screen space, have come up as the key barriers restraining the performance of HUDs.
To overcome these barriers, augmented reality HUDs have been introduced in the market. As per the report, augmented reality HUDs are advanced versions of the conventionally utilized HUD systems. These advanced HUDs display the required information interactively and as per the situation. Thus, information on warning signals, speed, indicator arrows for navigation is displayed either on a transparent screen or a windshield, as per the convenience of the driver.
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As per the report, the growing electrification in automotive design and the rising employment of HUDs in medium-range and low-range cars in Asia Pacific are amongst the prime factors stimulating the growth of the global automotive augmented reality market. However, the increasing cost of augmented reality devices has negatively impacted the unit sales of these devices, thus inhibiting the growth of the overall market.
In the next part of the report, the segmentation of the global automotive augmented reality market has been elaborated upon. On the basis of vehicle type, the market is segmented into light commercial vehicles, luxury passenger cars, entry-level passenger cars, and mid-level passenger cars. Of these, the employment of augmented reality solutions was the highest in entry-level passenger cars in 2015 and this trend is predicted to remain the same in the coming four years.
Geographically, the report segments the market into Europe, Asia Pacific, the Middle East and Africa (MEA), Latin America, and North America. Amongst these, Europe is predicted to lead the market with a share of approximately 33% through 2020. This is owing to the consistent private and foreign investments in research and development in this region.
Garmin, MINI (BMW subsidiary), Hyundai, Continental, Pioneer Electronics Corp., Bosch, and Jaguar, among others, are the prominent vendors operating in the global automotive augmented reality market.
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