The global intelligent vehicle AR/VR market is anticipated to grow at a significant CAGR of 20.5% during the forecast period (2022-2028). Safety is a prime factor that creates demand for intelligent solution. Intelligent AR/VR also provides training and allows user to customize the process for enhanced efficiency and production. This technology contributes to increased road safety, intuitive driving operation, and a better driving experience. With its automation, the 3D navigational features assist in moving impediments such as uncontrolled roads and vulnerable road users to ensure safety.
AI (artificial intelligence), ML (machine learning), autonomous systems, LIDAR (light range and detection), radar, and other technologies are essential drivers of AVs, the key to their success is safety. AR (augmented reality) is a type of alternate reality technology that enhances our current reality by adding a layer of digital information on top of it. VR is a technique that uses sensors to allow a user to interact with a computer-simulated environment. These technologies provides user with personalized experience which is creating its demand in automotive industry.
Also, the continuous implementation of new features urges people to want features like that. In fact, the vehicle sector has already accepted AR and VR. AR Head-Up Display (HUD) is driver assistance that projects basic real-time information onto the inside of the car’s windshield, such as vehicle speed, warning signals, and navigation, so that the driver may keep focused on driving. Virtual reality showrooms allow potential buyers to personalize any brand or model to their exact specifications. Automobile technicians’ skills have been upgraded using virtual reality training tools. AR and VR are now making inroads in the world of autonomous vehicles, and they will play a critical role in assuring their safety, all these factors contributed to the intelligent vehicle AR/VR market in the forecast period.
Some major players in the market include Apple Inc., CyberGlove Systems LLC, Microsoft Corp., Samsung Corp., Siemens AG, and Tesla, Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in 9th June 2020, Vizendo, a Swedish service, and software firm that creates augmented and virtual reality (AR and VR) training solutions for the automobile industry has been bought by Siemens. Its Industry 4.0 contracts with BMW, Daimler, and Ford, which it already supports with digital twin solutions, will be strengthened as a result of this agreement.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Apple Inc., CyberGlove Systems LLC, Microsoft Corp., Samsung Corp., Siemens AG, Tesla, Inc., among others.
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Global Intelligent Vehicle AR VR Market Report by Segment
By Type
- Hardware
- Software & Algorithms
By Application
- Passenger Vehicle
- Commercial Vehicle
- Military Vehicle
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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