Portland, April 10, 2019 (GLOBE NEWSWIRE) -- According to a report published by Allied Market Research, the global automotive AR and VR market accounted for $213.0 million in 2017 and is projected to reach $673.6 billion by 2025, growing at a CAGR of 175.7% during the forecast period, 2018-2025.
The advent of technological advancements in connectivity such as the introduction of 5G and growing prevalence of 4G around the world drive the growth of the global automotive AR and VR market. Additionally, the development of HUD systems to enhance safety and the formation of mixed reality (MR) by integrating AR and VR are expected to create lucrative opportunities for emerging market players in the near future. However, myriad health issues due to the usage of AR & VR along with the lack of continuous internet connectivity hamper market growth.
By type, the augmented reality (AR) segment generated more than three-fifths of the global revenue in 2017 and is expected to maintain its dominance through 2025, due to its ability to provide access of real-life environments through smartphones, tablet screens, and smart goggles & headsets to the user. However, the virtual reality (VR) segment is projected to register the fastest CAGR of 178.0% during the forecast period, due to the increased adoption of multi-sensory computer-generated simulated environment that saves time and money on costly iterations.
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By application, the research & development segment accounted for a quarter of the global revenue in 2017. The segment is expected to continue the trend during the forecast period and attain $162.4 billion by 2025, due to a surge in the usage of both AR and VR in automotive R&D to develop concepts, identify problems, and test prototypes.
Regionally, Asia-Pacific is projected to witness the highest CAGR of 183.7% throughout the forecast period, on account of significant rise in government investments and initiative in emerging economies such as China and India for the adoption of AR & VR technology in automotive and digital manufacturing.
The key players analyzed in the report include Continental, Microsoft, Visteon Corporation, Volkswagen, Unity, Bosch, DAQRI, HTC, Hyundai Motor, and Wayray. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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