Global Augmented Reality in Automotive Maintenance and Repair Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Acc Systems Are Vital for Autonomous Driving and Enhance Safety by Adjusting the Vehicle's Speed Based on Traffic Conditions

The Global Augmented Reality in Automotive Maintenance and Repair Market is estimated to be USD 5.4 Bn in 2023 and is expected to reach USD 12.57 Bn by 2028 growing at a CAGR of 18.43%.

• The global impact of COVID-19 has been unprecedented and staggering, with augmented reality in automotive witnessing a positive demand shock across all regions amid the pandemic.
• Increasing Adoption of Connected Automotive to Propel Market Growth: With the evolution of advanced communication technology, the demand for connected vehicles has increased rapidly in the transportation system. These connected vehicles use an augmented reality-based Advanced Driver Assistance System (ADAS), which visualizes the crucial guidance information calculated by multiple connected vehicles. In addition, the AR system also superimposes the information on the driver’s field of vision with the assistance of the AR HUD display and further enhances safety. Moreover, increasing AR applications in new-generation connected vehicles will boost market growth.
• This sector is going through rapid technological development, such as growing electrification and using advanced technology. For instance, the penetration of IoT in automotive has enhanced the potential for visualization and connectivity. In addition, the development and adoption of 5G technology for fast internet connectivity are further expected to enhance the functioning of augmented reality in automobiles. Moreover, the growing investment of OEMs in R&D and increasing electric vehicle sales are some of the major factors expected to influence augmented reality in the automotive market.
• The use of AR in the automotive sector further creates concerns regarding cybersecurity due to vehicle telematics and internet connectivity. Moreover, being a newly developed technology, AR is only available in luxury vehicles of premium brands, which further affects the availability and affordability of the cars and negatively impacts the augmented reality automotive market.

Market Segmentations

• The Global Augmented Reality in Automotive Maintenance and Repair Market is segmented based on Function, Sensor Technology, Display Technology, Electric Vehicle, Level of Autonomous Driving, Vehicle Type, and Geography.
• By Function Segment, the segment will be driven by rising consumer preference for AR HUD-based navigation systems. The market is divided into four functional groups: lane departure warning, adaptive cruise control, and regular AR HUD. The growing customer desire for augmented reality for navigation is anticipated to fuel the segment's expansion. Additionally, due to OEMs' increasing usage of standard AR HUD system units, this category dominated the market in 2020.
• By Sensor Technology Segment, High accuracy is in greater demand, which will fuel the growth of the sensor fusion market. Based on the sensor technology, the market is divided into radar, LiDAR, CCD/CMOS image sensor, and sensor fusion. By 2028, the sensor fusion market share is anticipated to be the largest. In order to achieve more precision than individual sensors, sensor fusion combines data from various sensors, including radar, LiDAR, CMOS, and others. During the forecast period, the segment is anticipated to rise due to the demand for high data accuracy for AR devices in the automotive industry. Additionally, sensor fusion technology is highly favored in this sector because it operates accurately in various road and weather situations.
• By Display Technology Segment, TFT-LCD Display's Suitability for Difficult Automotive Environments to Support Segmental Growth. The market is divided into TFT-LCD and other cutting-edge technologies based on display technology. In 2020, the TFT-LCD market share was the highest. In addition, LCD is the display technology that is most frequently employed in the car industry. It complies with all durability and temperature requirements. Additionally, compared to other displays, TFT-LCD offers high resolution, brightness, dependability, and an affordable price. They are, therefore, heavily favored in automotive applications.
• Automakers want to create and use these advanced displays in their next vehicle models; other advanced displays, including OLED, are also anticipated to experience substantial growth.

Recent Development

• German Automaker Audi Introduced the Fully Electric Vehicle Model Q4 e-Tron, which comes with a dynamic Augmented Reality Windshield display. - March 2021
• Panasonic Introduced New Augmented Reality HUD at CES 2021 - January 2021

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are BMW Group, Panasonic Corporation, Visteon Corporation, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Augmented Reality in Automotive Maintenance and Repair Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Augmented Reality in Automotive Maintenance and Repair Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Augmented Reality in Automotive Maintenance and Repair Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 and the impact of economic slowdown & impending recession on the market are also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market