New Product Launch is the key Strategy Adopted by Major Players to Gain Traction in the Augmented Reality Automotive Market
The augmented reality automotive market is projected to grow at a CAGR of 30.31% during the forecast period, to reach USD 7.98 Billion by 2025. The market growth is driven by factors such as growing awareness among consumers of road and vehicle safety, the growth of connected vehicles, and the development of autonomous vehicles.
New product launch is the key strategy adopted by major players to gain traction in the market. In 2016, Panasonic Corporation’s (Japan) Automotive & Industrial Systems introduced a display system technology, an augmented reality head-up display (AR HUD). The system projects large virtual images in the driver’s field of view. The system utilizes inputs from the HUD and enhances the external environment around the vehicle with augmented reality imagery. The AR HUD system provides the driver with various information and alerts the driver of obstructions, collisions, and potential dangers. The system is developed to integrate an array of advanced driver assistance systems (ADAS) functions into the AR HUD, including replacing the function of the conventional instrument cluster. In line with the development in 2016, the company developed an Autonomous Cabin Concept in 2017. The Autonomous Cabin Concept aims to make most of the automotive cockpit functions autonomous with innovative smart displays, connectivity, and augmented reality. Demonstration of the company’s concept vehicle showcased few automotive cockpit electronics and all driver required information about the vehicle and its environment was augmented in the driver and passenger’s field of view on augmented reality windows. Panasonic's Autonomous Cabin Concept aims to enable the car to perform multiple tasks and reduce the driver’s workload. The cabin also enables the car to be an extended workstation, and its advanced infotainment consoles provide entertainment for the family.
The second most widely followed strategy by market players is agreements and partnerships. In 2016, Continental AG (Germany) and DigiLens Inc. (U.S.) formed a partnership to develop an ultra-thin holographic AR HUD. To make it easy for drivers to use the semi-autonomous and autonomous vehicle functions, the AR HUD system is smaller than the currently available HUD systems with lesser integration of advanced driver assistance functions. Other companies that adopted this strategy include Visteon Corporation (U.S.), Denso Corporation (Japan), and Harman International Industries Inc. (U.S.).
The augmented reality automotive market is dominated by a few global players and comprises several regional players. The key market players are Continental AG (Germany), Panasonic Corporation (Japan), and Visteon Corporation (U.S.).
Continental AG (Germany) is a leading player in the augmented reality automotive market. The company manufactures and distributes head-up display windshield and combiner solutions. It developed an AR HUD for passenger cars in 2014. The key strategies followed by the company are new product development and partnerships. In October 2015, the company announced that Elektrobit would develop an augmented reality creator software suite that will enable the creation of augmented reality solutions. In 2016, the company entered into a partnership with DigiLens Inc. (U.S.) to develop an ultra-thin AR HUD that that will allow for a wider penetration of the technology across different segments of the passenger car market. The company is also developing an AR HUD for commercial vehicles.
Visteon Corporation (U.S.) specializes in manufacturing various automotive display applications, windshield and combiner head-up displays, and augmented reality head-up display solutions. The company has adopted the strategy of new product development to gain advantage in the augmented reality automotive market. In January 2017, Visteon Corporation showcased its latest development in head-up displays, the augmented reality head-up display. The AR HUD is equipped with sensor fusion technology for advanced automotive data processing and providing accurate real-time data.
Related Reports:
Augmented Reality Automotive Market by Function (AR HUD Navigation, AR HUD ACC, AR HUD LDW & Advanced AR HUD), Sensor Technology, Display Technology, Level of Autonomous Driving, Electric Vehicle, Vehicle Type, and Region - Global Forecast to 2025
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