Augmented Reality In Automotive Market Size, Share & Trends Analysis Report By Function, By Sensor Technology, By Display Technology, By Propulsion, By Level Of Autonomous Driving, By Vehicle Type, By Region, And Segment Forecasts, 2024 - 2030

Augmented Reality In Automotive Market Size, Share & Trends Analysis Report By Function, By Sensor Technology, By Display Technology, By Propulsion, By Level Of Autonomous Driving, By Vehicle Type, By Region, And Segment Forecasts, 2024 - 2030

Augmented Reality In Automotive Market Growth & Trends

The global augmented reality in automotive market size is anticipated to reach USD 122.40 billion by 2030, growing at a CAGR of 41.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. Augmented reality technology enables engineers and designers to evaluate and visualize virtual prototypes in real-world environments, facilitating the assessment of fit, form, and functionality of components before physical production begins. This capability allows for design improvements, rapid repetitions, and cost savings by reducing development time and the need for physical prototypes. AR technology streamlines production processes by providing real-time guidance and assistance to workers through digital overlays and instructions. This approach eliminates the need for traditional paper-based manuals, minimizes errors, and enhances productivity.

AR transforms customers' engagement with automotive products by allowing them to visualize vehicles in virtual showrooms, customize features, and even take virtual test drives. This immersive experience empowers customers to make informed purchasing decisions, enhances the buying experience, increases customer satisfaction, and ultimately drives sales.

Additionally, integrating AR with smartphones and wearable devices enhances connectivity and convenience for drivers. Seamless integration allows drivers to access AR-based navigation, infotainment, and vehicle control features directly from their mobile devices, providing on-the-go access to essential information and services.

Augmented Reality In Automotive Market Report Highlights

• Augmented Reality Head-Up Display (HUD) with standard function accounted for 47.1% of the market share in 2023. AR-based HUDs offer advanced safety features such as lane departure warning systems, blind spot detection, pedestrian detection, and navigation metrics. These features are crucial for ensuring driver safety by providing real-time information directly in the driver's field of view, reducing distractions, and enhancing focus.
• The sensor fusion technology segment held the largest share in 2023. Sensor fusion technology merges data from various sensors, such as radar, LiDAR, and CMOS, resulting in higher accuracy than individual sensors. This accuracy is crucial for AR devices in automotive applications, driving the demand for sensor fusion technology to ensure precise and reliable data for advanced driver assistance systems and other AR functionalities.
• The TFT-LCD (Thin-Film Transistor Liquid Crystal Display) technology held the largest market share in 2023. TFT-LCD displays in automobiles aid drivers by assisting in reverse parking, providing collision alerts, and navigating routes without using smartphones. These advancements in AR lead to improvements in vehicle safety and indirectly increase the market's growth.
• The battery electric vehicle propulsion segment held the largest revenue share in 2023. Integrating AR in electric vehicles provides critical information such as battery levels and speed on windshields, which will prevent distraction.
• The autonomous driving segment held the largest revenue share in 2023. Integrating AR in autonomous vehicles enhances the driving and safety experience and lets drivers watch entertainment simultaneously.
• The commercial vehicle type segment is expected to grow significantly over the forecast period. AR is used in commercial vehicles for parking assistance, heavy load management, and assistance where the surroundings are invisible.
• In February 2023, Toyota launched an augmented reality (AR) experience for its Toyota Crown model in the U.S., developed in collaboration with Yahoo. Users can access this AR experience by scanning a QR code. Users view a 3D representation of the new car overlaid onto their surroundings through their phone's camera. It allows them to interact with the virtual car by rotating it, altering its color, zooming in, and even taking it for a virtual test drive.

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