Press release
Virtual Reality in Automotive Market By Competitive Landscape, Industry Size, Applications, Pricing Analysis and Opportunities Forecast to 2028, Fortune Business Insights
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The report provides a 360-degree overview of the market, listing various factors restricting, propelling, and obstructing the market in the forecast duration. The report also provides additional information such as interesting insights, key industry developments, detailed segmentation of the market, list of prominent players operating in the market, and other virtual reality in automotive market trends. The report is available for sale on the company website.
The global virtual reality in automotive market size was valued at $759.3 Mn in 2019 & is projected to reach $14,727.9 Mn by 2027, exhibiting a CAGR of 45.1%
Fortune Business Insights lists out some of the most prominent companies present in the Virtual Reality in Automotive Market. They are as follows:
Google LLC (California, United States)
ZeroLight Limited (England, UK)
Robert Bosch GmbH (Gerlingen, Germany)
Unity Technologies (California, United States)
HTC Corporation (Taoyuan City, Taiwan)
Oculus Rift (Facebook Inc.) (California, United States)
Microsoft Corporation (Washington, United States)
Autodesk Inc. (California, United States)
Continental AG (Hanover, Germany)
Veative Labs Ltd. (Singapore)
Visualise Creative Limited (VCL) (London, UK)
Augmented Pixels, Inc. (California, United States)
Onboard (Berlin, Germany)
NEXT/NOW (Chicago, United States)
4Experience (Bielsko-Biała, Poland)
Sensorama, Inc. (Delaware, United States)
OmniVirt (California, United States)
Audax Labs, LLC (California, United States
Drivers & Restraints-
Ability to Present Car Designs Virtually to Customers will Boost Growth
The automotive industry is gaining various advantages for the marketing and sales of vehicles with the help of VR technology. It helps in creating an immersive experience to provide better customer experience. Additionally, dealers can present the car designs and features to their customers with the help of VR in automotive. However, VR simulators are incapable of offering flexibility amid training sessions. It includes asking doubts and clearing them. This factor may hinder the virtual reality in automotive market growth in the near future.
Segment-
Training Segment to Grow Significantly Fueled by Ability to Reduce Rate of Errors
Based on application, the market is segregated into virtual showrooms, research & development, training, designing & prototyping, and others. Out of these, the training segment held 27.2% in terms of virtual reality in automotive market share in 2019. This growth is attributable to the ability of VR technology to deliver technicians and engineers with substantial training in the industry. Apart from that, it reduces the rate of errors considerably, as well as offers a safe environment for trainees.
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Regional Analysis-
Rising Research & Development to Favor Growth in North America
North America generated USD 288.2 million in terms of revenue in 2019. This growth is attributable to the presence of prominent automakers, such as General Motors, Tesla, and Ford Motor Co. in the U.S. They are extensively investing in research and development activities. The American Auto Council declared that by the end of 2025, the auto production in the U.S. is estimated to reach 12 million.
Asia Pacific is expected to grow rapidly in the coming years backed by the expansion of the automotive industry in countries, such as India, Japan, and China. China is investing hefty amounts of money in various technologies to gain efficient and skilled technicians at their manufacturing units. Japan is showcasing high growth owing to the rising augmented and virtual reality applications, emergence of 5G technology, and constant support by the government.
Competitive Landscape-
Key Players Focus on Partnerships & Collaborations to Enhance Businesses
The market for VR in automotive consists of a large number of companies that are persistently striving to boost their production units. Most of them are engaging in partnerships and collaborations with local start-ups for enhancing their businesses. Below are two latest industry developments:
January 2019: LG Electronics joined hands with Microsoft to improve and expand the former's infotainment system and autonomous vehicle business. This new collaboration would enable LG to transform its digital platform for the automotive industry by leveraging Microsoft's artificial intelligence technologies and Azure cloud.
January 2019: Continental AG partnered up with Automotive Artificial Intelligence (AAI), a start-up company based in Germany. It would help the former in refining its approach for the virtual development of automated driving (AD) and advanced driver assistance systems (ADAS).
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Key Segmental Overview:
1. By Component
Hardware
Software
Content
2. By Application
Designing & Prototyping
Training
Virtual Showrooms
Research & Development
Others
3. By Region
North America (The U.S. and Canada)
Europe (The U.K., Germany, France, Scandinavia, and Rest of Europe)
Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Latin America (Brazil, Mexico and Rest of Latin America)
Escalating Demand for VR Simulator to Boost Growth
The VR simulator is exhibiting growing applications in the automotive industry. For instance, it is being widely used to create virtual environments for automobile manufacturers and dealer centers. In the automotive manufacturing unit, simulators can provide effective learning lessons to the new employees. Whereas, it can also be implemented for prototyping and designing of new cars.
For instance, the vehicle manufacturers of Skoda & Volkswagen group used the VR simulator for designing the exterior and interior of the model in 3D view. It offers a virtual car representation with features such as size, color, design, structure, and more. Also, these virtual designs helped the engineers of the company to check and detect the defects of the model. Similarly, it offers car assessment features for the customers at the dealer's showroom. Customers can have virtual test drives and check the systems of the car such as parking assistance, and reverse view cameras. This is likely to drive the adoption of VR in automotive industry.
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Major Table of Contents for Virtual Reality in Automotive Market:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Executive Summary
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter's Five Force Analysis
Global Market Share Analysis and Matrix, 2019
Key Market Insights and Analysis, By Segments
Global Virtual Reality in Automotive Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
By Component (Value)
Hardware
Software
Content
By Application (Value)
Designing & Prototyping
Training
Virtual Showrooms
Research & Development
Others
By Region (Value)
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
North America Virtual Reality in Automotive Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
By Component (Value)
Hardware
Software
Content
By Application (Value)
Designing & Prototyping
Training
Virtual Showrooms
Research & Development
Others
By Country (Value)
United States
Canada
TOC Continued...
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Email: sales@fortunebusinessinsights.com
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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