Metaverse in Automotive Market Size | Growth | Competitive Landscape | Trend Analysis and Industry Forecast, 2023-2032

Metaverse in Automotive Market Size

PORTLAND, OREGAON, UNITED STATES, November 21, 2023 /EINPresswire.com/ -- 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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/108093

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.

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.

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

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.

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 share.

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 size 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.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/108093

The key players profiled in the metaverse in automotive market report 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 market.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Automotive AR and VR Market : https://www.alliedmarketresearch.com/automotive-ar-and-vr-market

Automotive Blockchain Market : https://www.alliedmarketresearch.com/automotive-blockchain-market

Automotive Telematics Market : https://www.alliedmarketresearch.com/automotive-telematics-market

Automotive Cybersecurity Market : https://www.alliedmarketresearch.com/automotive-cyber-security-market-A08901

David Correa
Allied Market Research
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