According to a recent report published by Allied Market Research, titled,” Automotive AR and VR Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2025,”the global automotive AR and VR market was valued at USD 213.0 million in 2017, and is projected to reach USD 673,602.2 million by 2025, registering a CAGR of 175.7% from 2018 to 2025.
At present, North America dominates the market, followed by Asia-Pacific, Europe, and LAMEA. U.S. dominated the global automotive AR and VR market in 2017, whereas Mexico is expected to grow at a significant rate in North America during the forecast period.
The advent of connectivity technological advancements primarily drive the growth of the market. In addition, high need of augmented and virtual reality in automotive and cost-effective benefits from the AR and VR based solutions are responsible for the growth of this market. However, the serious threats to the physical and emotional wellbeing of the end users and high dependence on internet connectivity are anticipated to hamper the growth of the AR and VR market. Furthermore, formation of mixed reality (MR) from integration of AR and VR and development of HUD system to enhance safety ensures emerging growth opportunities for this market.
Key Findings of the Automotive AR and VR Market:
In 2017, based on type, the augmented reality (AR) segment generated the highest revenue.
In 2017, based on application, the research & development segment was the highest revenue contributor.
In 2017, based on region, North America contributed the highest market revenue, followed by Asia-Pacific, Europe, and LAMEA.
Based on region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
The key players analyzed in this report are Continental, Microsoft, Visteon, Volkswagen, Unity, Bosch, DAQRI, HTC, Hyundai Motor, and Wayray.
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