Market Overview:
Automotive AR & VR market was valued at USD 389.5 million in 2018 and is expected to reach USD 218.45 billion by the year 2026, at a CAGR of 120.6% during the forecast period (from 2018 – 2026). The growth of the automotive AR & VR market is majorly driven by the technological advancements in connectivity such as the development of 5G and increasing prevalence of 4G around the world
Automotive AR & VR market Size-USD 389.5 Million in 2018, Market Growth- CAGR of 120.6%, Market trends- advent of connectivity and technology, development of HUD to enhance safety; Asia Pacific expected to register the highest market share during the forecast period
Virtual reality (VR) majorly uses head-mounted displays (HUDs) of goggles for the creation of an interactive & completely digital environment and visual feedback. Moreover, VR in the automotive industry is a 3D computer-generated environment, which takes the end customer to an artificial world.

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Top Key Players:
Many companies like Robert Bosch GmbH, Microsoft Corp., Continental AG, Hyundai Motor Group, Volkswagen AG, Unity Technologies ApS, Visteon Corp., HTC Corp., WayRay AG and others are operating in the global automotive AR & VR marketpla.

Automotive AR & VR by Function (Revenue, USD Million; 2016–2026)
• Research and Development
• Manufacturing and Supply
• Marketing and Sales
• Aftersales
• Support Functions
• Product

Automotive AR & VR by Type (Revenue, USD Million; 2016–2026)
• Augmented Reality
• Virtual Reality
• Mixed Reality

Automotive AR & VR by Component (Revenue, USD Million; 2016–2026)
• Software
• Hardware
• Camera
• Sensor
• Radar
• LIDARs
• Image Sensors
• Mounted Projectors
• Reflection Mirrors

Further key findings from the report suggest-
• Asia Pacific region is expected to grow with the highest CAGR owing to the increasing population, growing automobile industry
• Formation of mixed reality (MR) from the integration of augmented and virtual reality (AR & VR) along with the technological development in HUD system to boost safety which will further boost the growth of the automotive AR & VR market
• By the application segment, the R&D segment accounted for a quarter of the global automotive AR & VR market in 2018.
• Used-car dealerships like Vroom are adopting automotive AR & VR technology to remotely showcase their available assortment of car models. It can be costly to physically bring each vehicle to the customers only for demonstration purpose
• BMW has pioneered the usage of AR for the vehicle’s service work. In the BMW system, maintenance techs wear headsets that project instructions, tools and procedures on the current work area
• The dealership is projecting the vehicle’s 360° impressions, and a customer can walk around as if it were a real car by using Simultaneous localization and mapping (SLAM) technology
• At CES 2019, Nissan has presented its new technology - Invisible-to-Visible technology (I2V) concept that creates “a 360-degree virtual space around the vehicle to provide real-time road data and make manual navigation assistance safer and smarter
• With the help of AR technology, salespeople are using their smartphone camera to view the car with overlaid information about every available option, financing and parameters like - weight, performance or mileage
• Regional development in the region - Asia Pacific over the forecasted period is anticipated to be high, as favorable government investment and initiatives in the developing countries like China and India for the implementation of AR & VR technology in automotive and digital production
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The key questions answered in the report:
What will be the market size and growth rate in the forecast year?
What are the key factors driving the Automotive AR & VR market?
What are the risks and challenges in front of the market?
Who are the key vendors in the Automotive AR & VR market?
What are the trending factors influencing the market shares?
What are the key outcomes of Porter’s five forces model?
Which are the global opportunities for expanding the Automotive AR & VR market?

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