Metaverse in Automotive Market
Metaverse in Automotive Market - Global Industry Assessment & Forecast
- By Component Hardware, Software
- By Technology NFT, Blockchain, Virtual Reality, Augmented Reality, Mixed Reality, Extended Reality
- By Application Advertising, Online Car Purchasing, Designing, In-car Entertainment, Others
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 1,429.5 Million|
|Revenue 2028:||USD 1,0996.1 Million|
|Revenue CAGR (2021 - 2028):||40.50%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
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The global Metaverse in Automotive market valued at USD 1,429.5 Million in 2021 and is projected to reach a value of USD 1,0996.1 Million by 2028 at a CAGR of 40.50% over the forecast period.
Metaverse is an immersive virtual environment that can support a variety of online interactions. It is seen as a very lucrative market, with integration steadily expanding across industries and others. From product design to procurement, manufacturing to inventories, Metaverse technology may be used to streamline and optimize supply chain management in the automotive industry. Through strategic interactions with professionals such as engineers and material experts in real-time, metaverse platforms can also enable designers to develop shapes and study novel materials, combinations, and components. Metaverse technology can also aid in the speeding up of the design process by allowing manufacturers to effectively share 3D prototypes of items.
Growing focus on leveraging metaverse technology in vehicles, particularly cars, to create human machine interfaces, emerging opportunities for contextual advertising for automotive dealers, rising trend of online car purchase, and increasing efforts by major automotive companies to develop their own metaverse platforms are all expected to drive market revenue growth over the forecast period. Furthermore, metaverse technology may improve supply chain management efficiency in the automobile industry, and the increased use of digital twin technology to design chips and tests are factors that are projected to boost metaverse revenue growth in the automotive market throughout the projection period. Rapid technological improvements are predicted to further enable the integration of metaverse in in-car environments and improve user experiences, boosting the market's revenue growth in the future. Moreover, metaverse has given users the option of opting for contextual advertising, which has helped car businesses extend their customer base. Furthermore, metaverse is expected to have a wide range of applications in the automotive industry, ranging from a collaborative social space for designing vehicles and testing components to a robust simulation environment that can enable test drives and virtual showrooms, and this is expected to drive market revenue growth.
Metaverse in Automotive Market Size, 2021 To 2028 (USD Million)
The Metaverse in Automotive market is segmented on the basis of Component, Technology and Application. On the basis of Component, the market is segmented into Hardware and Software. On the basis of Technology, the market is segmented into NFT, Blockchain, Virtual Reality, Augmented Reality, Mixed Reality and Extended Reality. On the basis of Application, the market is segmented into Advertising, Online Car Purchasing, Designing, In-car Entertainment and Others.
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Based on Component
Over the forecast period, the software segment is expected to grow at a rapid pace. The growing use of gaming software as a tool for creating new car designs, as well as the ability to create real-time digital 3D representations of products and components, are key factors expected to drive revenue growth in this segment in the future. Furthermore, designing in a metaverse is a hands-on and immediate process that allows designers to share completed designs in real-time, which is expected to boost metaverse software adoption in the automotive sector and contribute to revenue growth over the forecast period.
Based on Technology
Due to increased use of virtual reality devices by engineers and designers to share VR car models, rapid development of virtual platforms by third parties that can benefit automakers, and advancements in virtual test environments to facilitate better interaction with customers and streamline supply chain, the virtual reality segment is expected to dominate other technology segments in terms of revenue share over the forecast period.
North America Region Acquired the Largest Share in Terms of Revenue
North America held the largest market share during the year 2021 with a share of 42.10%. North America is expected to account for the highest revenue share during the forecast period, owing to increased adoption of metaverse technology, increased research and development activities to advance virtual reality, augmented reality, and mixed reality platforms, rising acceptance of virtual designing platforms for cars, increased use of metaverse to view vehicles and seamlessly connect with vehicle manufacturers, and a strong presence of key automotive companies in the region. Rapid technological advancements are expected to further enable the integration of metaverse in in-car environments and improve user experiences, which is expected to boost market revenue growth in the future.
Key players operating in the global Metaverse in Automotive Market include-Hyundai Motor Company, BMW AG, Ferrari S.p.A, Volkswagen AG, Porsche AG, Audi, Holoride, Ford Motor Company, Tesla Inc., Epic Games.
Segmentation of Metaverse in Automotive Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for Metaverse in Automotive in terms of revenue?
The global Metaverse in Automotive valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 40.50%.
Which are the prominent players in the market?
The prominent players in the market are Hyundai Motor Company, BMW AG, Ferrari S.p.A, Volkswagen AG, Porsche AG, Audi, Holoride, Ford Motor Company, Tesla Inc., Epic Games.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 40.50% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Metaverse in Automotive include
- Increased foucs on leveraging metaverse technology in vehicles to reate human machine interface
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Metaverse in Automotive in 2020.