The metaverse is a network of shared interactive, comprehensive digital twins of the actual world that assist in training, design, promotion, research, and development. Innovative technologies like virtual reality, augmented reality, head-up display, the Internet of Things, cybersecurity, and digital twins are all integrated into the metaverse.
The metaverse in automotive market has witnessed significant growth over the years, owing to rise in interest in modern auto shopping experiences featuring immersive virtual showrooms.
Moreover, the ownership and legitimacy of automobile parts, accessories, and even digital features built into vehicles can be confirmed using NFTs on a blockchain. By verifying the authenticity and origin of components and parts, blockchain technology may provide transparency and traceability throughout the automotive supply chain. Opportunities for integrating blockchain technology and NFTs to improve different elements of vehicle ownership, maintenance, and use are created by the digital transformation of the automobile sector.
Moreover, automotive infotainment has evolved from traditional radio and GPS systems to encompass a wide range of entertainment, navigation, connectivity, and convenience features. By incorporating the Metaverse, automotive companies may take this experience to the next level. This opportunity offers several key advantages such as entertainment variety, productivity, customization, branding & engagement, and monetization.
This opportunity aligns with the shift toward connected and autonomous vehicles, where passengers are looking for meaningful and enjoyable ways to spend their time during journeys. By leveraging the Metaverse for automotive infotainment, companies may differentiate their offerings, provide memorable experiences, and stay ahead in a rapidly evolving automotive landscape. Tech companies collaborated to provide these benefits. For instance, in November 2020, Panasonic Automotive Systems Company of America (Panasonic Automotive), a division of Panasonic Corporation of North America and a leading global automotive supplier, revealed a partnership with Phiar. Phiar is known for its spatial-AI technology and augmented reality (AR) navigation platform. This collaboration aims to enhance driver safety and navigation assistance within Panasonic Automotive's automotive solutions.
In addition, the metaverse is used to offer training to the industrial workers. Automotive manufacturers can employ metaverse technologies to train automotive technicians and assist them through the car repair process. For instance, in February 2021, Daimler Trucks North America, conducted a trial program at its dealerships to provide step-by-step training and advice for service professionals using AR technology.
Traditional marketing and advertising tactics can be costly, but the metaverse provides a more cost-effective alternative. Virtual showrooms and virtual dealerships are being used by automakers to display their vehicles, removing the need for inventory-heavy physical showrooms and their associated costs. The cost associated with a physical showroom and advertising on other platforms such as road side board, and newspaper may or may not attract the customers. The online presence of metaverse makes it easily accessible and appealing, making it a valuable platform for advertising automotive vehicles to a broad audience.
For the purpose of analysis, the metaverse in automotive market scope covers segmentation based on product, technology, application, and region. The report provides information on various products including hardware and software. Furthermore, the technology covered in the study include virtual reality, augmented reality, mixed reality, non-fungible token (NFT), and blockchain. Moreover, it outlines the details of the applications such as simulation, testing and designing, advertising, online car purchasing, in-car entertainment, and others. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is growing significantly in the metaverse in automotive market. Technological advancements, such as improvements in automobile technology, are most prominent in the Asia-Pacific region. In addition, the adoption of AR-based advanced displays is expected to increase demand for the metaverse in automotive market due to rising passenger car sales and increased digitization in the industry. As a result, the adoption of the metaverse by automakers in important Asian markets like China, Japan, India, and others has contributed to the expansion of the automotive metaverse companies.
The key players profiled in the global metaverse in automotive market include Microsoft Corporation, NVIDIA Corporation, Roblox Corporation, Unity Technologies, Stradvision, Eccentric, Wayray AG, holoride GmbH, Varjo Technologies, and metadome.ai (Formerly Adloid) as the major companies operating in the metaverse in automotive market.
The metaverse in automotive market has witnessed significant growth over the years, owing to rise in interest in modern auto shopping experiences featuring immersive virtual showrooms.
Moreover, the ownership and legitimacy of automobile parts, accessories, and even digital features built into vehicles can be confirmed using NFTs on a blockchain. By verifying the authenticity and origin of components and parts, blockchain technology may provide transparency and traceability throughout the automotive supply chain. Opportunities for integrating blockchain technology and NFTs to improve different elements of vehicle ownership, maintenance, and use are created by the digital transformation of the automobile sector.
Moreover, automotive infotainment has evolved from traditional radio and GPS systems to encompass a wide range of entertainment, navigation, connectivity, and convenience features. By incorporating the Metaverse, automotive companies may take this experience to the next level. This opportunity offers several key advantages such as entertainment variety, productivity, customization, branding & engagement, and monetization.
This opportunity aligns with the shift toward connected and autonomous vehicles, where passengers are looking for meaningful and enjoyable ways to spend their time during journeys. By leveraging the Metaverse for automotive infotainment, companies may differentiate their offerings, provide memorable experiences, and stay ahead in a rapidly evolving automotive landscape. Tech companies collaborated to provide these benefits. For instance, in November 2020, Panasonic Automotive Systems Company of America (Panasonic Automotive), a division of Panasonic Corporation of North America and a leading global automotive supplier, revealed a partnership with Phiar. Phiar is known for its spatial-AI technology and augmented reality (AR) navigation platform. This collaboration aims to enhance driver safety and navigation assistance within Panasonic Automotive's automotive solutions.
In addition, the metaverse is used to offer training to the industrial workers. Automotive manufacturers can employ metaverse technologies to train automotive technicians and assist them through the car repair process. For instance, in February 2021, Daimler Trucks North America, conducted a trial program at its dealerships to provide step-by-step training and advice for service professionals using AR technology.
Traditional marketing and advertising tactics can be costly, but the metaverse provides a more cost-effective alternative. Virtual showrooms and virtual dealerships are being used by automakers to display their vehicles, removing the need for inventory-heavy physical showrooms and their associated costs. The cost associated with a physical showroom and advertising on other platforms such as road side board, and newspaper may or may not attract the customers. The online presence of metaverse makes it easily accessible and appealing, making it a valuable platform for advertising automotive vehicles to a broad audience.
For the purpose of analysis, the metaverse in automotive market scope covers segmentation based on product, technology, application, and region. The report provides information on various products including hardware and software. Furthermore, the technology covered in the study include virtual reality, augmented reality, mixed reality, non-fungible token (NFT), and blockchain. Moreover, it outlines the details of the applications such as simulation, testing and designing, advertising, online car purchasing, in-car entertainment, and others. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is growing significantly in the metaverse in automotive market. Technological advancements, such as improvements in automobile technology, are most prominent in the Asia-Pacific region. In addition, the adoption of AR-based advanced displays is expected to increase demand for the metaverse in automotive market due to rising passenger car sales and increased digitization in the industry. As a result, the adoption of the metaverse by automakers in important Asian markets like China, Japan, India, and others has contributed to the expansion of the automotive metaverse companies.
The key players profiled in the global metaverse in automotive market include Microsoft Corporation, NVIDIA Corporation, Roblox Corporation, Unity Technologies, Stradvision, Eccentric, Wayray AG, holoride GmbH, Varjo Technologies, and metadome.ai (Formerly Adloid) as the major companies operating in the metaverse in automotive market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the metaverse in automotive market analysis from 2022 to 2032 to identify the prevailing metaverse in automotive market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the metaverse in automotive market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global metaverse in automotive market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Product
- Hardware
- Software
By Technology
- Virtual Reality
- Augmented Reality
- Mixed Reality
By Application
- Simulation, Testing and Designing
- Advertising
- Online Car Purchasing
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Microsoft Corporation
- NVIDIA Corporation
- Unity Technologies
- Stradvision
- WayRay AG
- Varjo Technologies
- Roblox Corporation
- Eccentric
- holoride GmbH
- metadome.ai (Formerly Adloid)
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: METAVERSE IN AUTOMOTIVE MARKET, BY PRODUCT
CHAPTER 5: METAVERSE IN AUTOMOTIVE MARKET, BY TECHNOLOGY
CHAPTER 6: METAVERSE IN AUTOMOTIVE MARKET, BY APPLICATION
CHAPTER 7: METAVERSE IN AUTOMOTIVE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Metaverse in automotive market is expected to experience a significant growth rate of 29.9% from 2023 to 2032 owing to surge demand for advanced vehicle safety and comfort systems.The metaverse is a network of shared interactive, comprehensive digital twins of the actual world that assist in training, design, promotion, research, and development. Innovative technologies like virtual reality, augmented reality, head-up display, the Internet of Things, cybersecurity, and digital twins are all integrated into the metaverse. The metaverse market for automotive has witnessed significant growth over the years, owing to rise in interest in modern auto shopping experiences featuring immersive virtual showrooms.
The automotive industry is currently experiencing a digital revolution. This transformation is primarily fueled by advancements in accelerated computing, artificial intelligence (AI), and the industrial metaverse. These technologies are reshaping the way vehicles are designed, manufactured, and operated, leading to more intelligent and connected automobiles.
Virtual reality (VR) is a technology constructing simulated environments, mirroring or differing from reality. In the automotive metaverse, VR can craft immersive encounters, allowing users to engage with virtual elements and settings authentically. For instance, VR can establish virtual showrooms where users interact with lifelike virtual car models in an engaging manner. Automotive companies are capitalizing on VR to create immersive virtual showrooms, enabling customers to explore vehicles in detail, configure options, and even take simulated test drives. Moreover, VR is revolutionizing automotive design by offering engineers and designers the ability to visualize and iterate vehicle prototypes in a digital space, leading to faster and more efficient design cycles.
In addition, VR is currently utilized to conduct vehicle safety inspections by creating an artificial environment for simulation. This reduces the effort and time required while performing the actual testing. Audi, Maruti Suzuki, Hyundai, Volvo, and Ford are using virtual reality to improve their sales, marketing, and design processes.
Moreover, premium car makers collaborated metaverse solution provider to utilize mixed reality for various automotive purpose including training. For instance, in April 2023, Porsche Cars North America collaborated with Microsoft to leverage HoloLens 2 and Dynamics 365 Guides for transforming training, skill development, and customer interactions. The announcement coincided with the news of integration of Windows 11 into HoloLens 2 for mixed reality, as well as the incorporation of the industrial metaverse into Dynamics 365 Guides. Hence, 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.
In addition, the key factors such as increased adoption of modern marketing techniques, shopping experiences for the new generation of customers, and advanced manufacturing process for higher efficiency across the globe supplements the growth of the market across the globe.
The global metaverse in automotive market has been segmented on the basis of product, technology, application, and region. Based on the product, the global market has been segmented into hardware and software. Based on technology, the global metaverse in automotive market has been segmented into virtual reality, augmented reality, mixed reality, non-fungible token (NFT) and blockchain. As per application, the global metaverse in automotive market has been segmented into simulation, testing and designing, advertising, online car purchasing, in-car entertainment, and others. Region wise, the global market has been studied across North America, Europe, Asia-Pacific, and LAMEA.
Europe is second largest region of metaverse in automotive market. Europe includes countries such as Germany, France, UK, Russia and rest of European countries across which the metaverse in automotive market report has been studied. Auto sector of Europe adopted metaverse technology for customization, environmentally friendly vehicles.
The key players profiled in the report include Microsoft Corporation, NVIDIA Corporation, Roblox Corporation, Unity Technologies, Stradvision, Eccentric, Wayray AG, holoride GmbH, Varjo Technologies, and metadome.ai (Formerly Adloid).
Moreover, the key players operating in the industry have been continuously developing advanced metaverse software and related hardware to be used in automobiles, which also creates a wider impact on the growth of the market across the globe. For instance, in March 2023, Nvidia introduced its Omniverse platform as a workflow solution for car manufacturers to digitize their operations. This platform is designed to assist automakers in creating virtual designs and simulations using Nvidia's AI platforms. In addition, in March 2023, Nvidia partnered with BYD, one of the major electric vehicle manufacturers, to develop software-defined vehicles based on the Nvidia Drive platform.
Key Market Insights
By Product, the Software segment was the highest revenue contributor to the market, with $1.24 billion in 2022, and is estimated to reach $16.36 billion by 2032, with a CAGR of 30.6%.By technology, the augmented reality segment was the highest revenue contributor to the market, with $1.36 billion in 2022, and is estimated to reach $16.00 billion by 2032, with a CAGR of 29.1%.
By application, the Simulation, Testing and Designing segment was the highest revenue contributor to the market, with $0.98 billion in 2022, and is estimated to reach $11.39 billion by 2032, with a CAGR of 28.9%.
Companies Mentioned
- Microsoft Corporation
- NVIDIA Corporation
- Unity Technologies
- Stradvision
- WayRay AG
- Varjo Technologies
- Roblox Corporation
- Eccentric
- holoride GmbH
- metadome.ai (Formerly Adloid)
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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