TechDogs-"Metaverse In Automotive To Reach $27.18 Billion, Globally, By 2032 At 29.9% CAGR: Allied Market Research"

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Metaverse In Automotive To Reach $27.18 Billion, Globally, By 2032 At 29.9% CAGR: Allied Market Research

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The growth of the global metaverse in automotive market is driven by the surge in focus on leveraging the metaverse for marketing campaigns, increase in demand for modern vehicle shopping experiences with immersive virtual showrooms, growing demand for intuitive metaverse design for product development and manufacturing.

PORTLAND, Ore., Oct. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Metaverse in Automotive Market by product (Hardware, Software), Technology (Virtual Reality, Augmented Reality, Mixed Reality), and Application (Simulation, Testing and Designing, Advertising, Online Car Purchasing): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global metaverse in automotive market generated $2.18 billion in 2022, and is anticipated to generate $27.18 billion by 2032, witnessing a CAGR of 29.9% from 2023 to 2032.

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Prime determinants of growth

Factors such as surge in focus on leveraging the metaverse for marketing campaigns, increase in demand for modern vehicle shopping experiences with immersive virtual showrooms, and growing demand for intuitive metaverse design for product development and manufacturing. However, car maintenance and repairs by metaverse, and incorporation of metaverse in automotive infotainment are anticipated to hinder market growth. On the other hand, cost associated with installing and maintaining premium components and issues related to cybersecurity and privacy provide a remarkable growth opportunity for the market players operating in the market.

Leading Market Players in Automotive Metaverse Industry: -

  • Microsoft Corporation
  • NVIDIA Corporation
  • Roblox Corporation
  • Unity Technologies
  • Stradvision
  • Eccentric
  • Wayray AG
  • holoride GmbH
  • Varjo Technologies
  • metadome.ai (Formerly Adloid)

Procure Complete Research Report Now - https://www.alliedmarketresearch.com/metaverse-in-automotive-market/purchase-options

The report provides a detailed analysis of these key players of the global metaverse in automotive market These players have adopted different strategies such as partnership, product launch, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Metaverse Market for Automotive Industry Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$2.18 billion

Market Size in 2032

$27.18 billion

CAGR

29.9 %

No. of Pages in Report

245

Segments covered

Product, Technology, Application and Region.

Drivers

Surge in focus on leveraging the metaverse for marketing campaigns

Increase in demand for modern vehicle shopping experiences with immersive virtual showrooms

Growing demand for intuitive metaverse design for product development and manufacturing

Opportunities

Car maintenance and repairs by metaverse

Incorporation of metaverse in automotive infotainment

Restraints

Cost associated with installing and maintaining premium components

Issues related to cybersecurity and privacy

The Software segment to maintain its leadership status throughout the forecast period

Based on product, the software held the highest market share in 2022, accounting for nearly three-fifths of the global metaverse in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, same segment is projected to manifest the highest CAGR of 30.6% from 2023 to 2032. This is owning to the capability of the metaverse software that enables numerous possibilities for the automakers to design, test, and even simulate its products in the software.

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The Augmented Reality segment to maintain its leadership status throughout the forecast period

Based on technology, the augmented reality segment held the highest market share in 2022, accounting for more than three-fifths early four-fifth of the global metaverse in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, as AR is revolutionizing automotive experiences, from interactive manuals to enhanced displays and innovative vehicle solutions, driving safety, comfort, and entertainment. However, the mixed reality segment is projected to manifest the highest CAGR of 33.0% from 2023 to 2032, owing to adoption of mixed reality for skill development and the evolution of high-performance graphics processing units (GPUs) & augmented reality displays are driving the adoption of mixed reality in vehicles.

The Simulation, Testing and Designing segment to maintain its lead position during the forecast period

Based on application, the simulation, testing and designing segment accounted for the largest share in 2022, contributing to nearly half of the global metaverse in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the developments such as Drive Sim shows the capability of the metaverse in the engineering application, thus creating demand for technology in the market. However, the online car purchasing segment is projected to manifest the highest CAGR of 32.4% from 2023 to 2032, owing to the virtual experience of interacting and viewing car in the metaverse.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the global metaverse in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period. Also, same segment is projected to manifest the highest CAGR of 30.8% from 2023 to 2032. This is owning to the rapidly expanding automotive sector in Asia-Pacific is embracing metaverse technology, with China investing in augmented reality startups, Japanese manufacturers promoting EVs in the metaverse, and India adopting VR-based marketing, which is propelling the expansion of the metaverse in automotive market.

Similar Reports We Have on Automotive Industry:

IoT in Automotive Market Research Report 2024-2035

IoT in Aviation Market Research Report 2024-2035

5G in Aviation Market Research Report 2024-2035

Digital Twin in Automotive Market Research Report 2024-2035

Artificial Intelligence in Transportation Market Research Report 2024-2035

About Us

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.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research

First published on Fri, Oct 13, 2023

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