Metaverse Market for Automotive will reach at USD 19.34 billion by 2032,, NVIDIA (US), Roblox Corporation (US), Unity Technologies (US), Meta Platforms Inc. (US), and WayRay (Switzerland).

The global metaverse market for automotive is projected to grow from USD 2.23 billion in 2022 to USD 19.34 billion by 2032, at a CAGR of 36.23%. Automotive OEMs, Hardware and Software providers have shown their keenness towards leveraging metaverse related solutions in their industrial pipeline from designing to showcasing products on the metaverse space. Many automotive manufacturers and dealers are providing immersive experiences to the users and customers through virtual showrooms and various XR based technologies like VR simulation. Users and customers are showing their interest in the NFTs and crypto to be used in the asset marketplace in the virtual space. Metaverse technologies has made the things much more convenient in the field of simulation and testing the vehicle.

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Factors such as growing inclination of automotive OEMs for developing technologies like digital twin factories and virtual showrooms in the metaverse space has led to a rapid growth of metaverse industry. Many software giants and start-ups are also developing their AR/VR technologies to be used in automobiles. Users and customers are showing their interest in the NFTs and crypto to be used in the asset marketplace in the virtual space. Metaverse technologies has made the things much more convenient in the field of simulation and testing the vehicle.

Software segment is estimated to lead the market during the forecast period

The software includes software for avatars, digital twins, online car design, AR-based virtual showrooms, and metaverse platforms. A game engine is a software development program or environment used originally to develop video games. Now, a game engine can also be used for visualization (as with the development of digital twins), collaboration, and more. The features of a game engine may include animation tools, AI, physics and collision engines, audio engines, and more. The metaverse platforms are likely to rule the software segment as these platforms are nowadays leveraged by big companies to collaborate between the real and virtual worlds. Many gaming companies like Epic Games, Roblox, Decentraland, InfiniteWorld, and Upland have developed their own games in the metaverse, in which they have showcased the launch of new automobiles by many automobile firms. Many other companies are developing their own metaverse space like NVIDIA's Omniverse and Tech Mahindra's TechMVerse.

AR is estimated to be the largest market during the forecast period

AR has a vast number of applications in the automobile industry. For instance, it is used to leverage various AR software and hardware products to improve their manufacturing and inspection processes in factories. It is also used in the maintenance of vehicles, and it also contributes to building various types of HUDs. It is also used for advertisement and online car sales using virtual showrooms, virtual simulation drives, and online car designs, among others. Automobile manufacturers and dealers are incorporating cutting-edge AR technologies to provide unparalleled services and safety of vehicles. Despite COVID-19, the automotive industry has continued to experiment with AR technologies to finetune the value chain, from R&D to manufacturing, and in sales and marketing of products. The automobile industry has adopted AR applications on a mass level. Nissan, for instance, provides an AR-based virtual showroom and test driving to its prospective clients visiting its website to buy cars. It developed this during COVID-19 when its sales went down due to customers avoiding visiting showrooms. Over time, this application gained popularity, and Nissan gained a competitive advantage in the early phase of rolling out this system. BMW has also adopted AR in its factories by developing digital twins of its factories. With the AR app, the technicians can get related data about each tool before using them. It optimizes the assembly process with AR images of vehicles and technical information about AR glasses. BMW has also introduced its Virtual Viewer, which is its first-ever AR tool. It will provide a whole new way for customers and users to customize a BMW model. In September 2018, Hyundai also invested in WayRay to develop a holographic AR-based navigation system for its future vehicles.

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Challenge: Cybersecurity and privacy challenges
Security and privacy issues are major challenges that VR, AR, and MR adoption face. These issues have emerged due to the inconsistencies in programming and negligence and oversight of both developers and end users of apps and devices. Many consumer AR applications available on the Play Store and App Store do not have the capabilities to secure user identity and privacy, thereby raising cybersecurity concerns. If the metaverse platforms and apps are not infused with top-notch cybersecurity protocols, it will lead to a malicious intent to misuse users' personal information. For instance, the try-before-you-buy concept for clothing retailers can be misused if not secured well. The hacker can capture theor semi-exposed body of the user behind the overlaid virtual layer of clothes, which can lead to cyberbullying and harassment, thereby harming the user's privacy and reputation.

Metaverse based infotainment to grow at a fast pace during the forecast period
The adoption of AR and VR in automotive infotainment will be growing in the coming future. Companies like Holoride, Mercedes-Benz, Huawei, Panasonic, and Continental AG, among others, have already started developing prototypes and AR-based HUD devices. Nissan and Audi have also announced plans to bring in-car infotainment using AR/VR technology. Audi, for instance, in March 2022, collaborated with Holoride to bring VR in-car entertainment to Audi cars. The passengers in the back seat of an Audi car can use VR glasses and have an immersive VR experience of games, videos, and other interactive entertainment content. The Holoride technology also synchronizes the real-time driving motions of the car. Metaverse in automotive infotainment systems is a much-awaited application with companies like Nissan, Audi, WayRay, Here Technologies, etc., working on developing their AR/VR/MR-based metaverse infotainment systems. These are expected to find applications in in-car infotainment, automobile safety systems, navigation functions as well as other functions connecting automobiles to the metaverse. This application is expected to come by 2023, with Audi launching its VR headsets for in-car infotainment. Europe is expected to be the largest market for this application by the end of the forecast period.

Mixed Reality (MR) will be the fastest-growing segment during the forecast period
MR is a blend of physical and digital worlds or a combination of both AR and VR. HoloLens 2 is an example of MR smart glasses developed by Microsoft. It leverages multiple sensors, advanced optics, and holographic processing to display information, blend with the real world, or even simulate a virtual world. MR headsets are in the early stages of deployment in enterprises, with the rise in the number of devices, such as the sensor-equipped HMD of Apple, currently being patented for future deployments. Other companies and start-ups are also planning to enter the field of MR devices. This will lead to MR finding greater applicability in the automotive industry.

Microsoft HoloLens was the first MR headset running on Windows mixed reality (WMR) platform under Windows 10 OS. Its successor, HoloLens 2, is the latest Microsoft smart glass device, an untethered MR headset worn like a baseball cap. Its built-in sensors map out users' physical environments for interaction with holographic displays. HoloLens 2 also includes improved hand- and eye-tracking sensors, a new display system, an increased field of view, and improved resolution, thereby enhancing user experience.

North America is expected to be the largest-growing market in the forecast period.
North America is expected to be the largest market in the automotive metaverse industry due to the presence big giants in software and hardware sector such as Microsoft, Meta, Unity Technologies, among others. Automotive OEMs like General Motors and Ford have been using this technology for designing cars, providing immersive experiences to users (through virtual showrooms). Many tech-oriented start-ups in the region are also emerging as major providers of metaverse related solutions to many businesses around the globe. Companies like Roblox Corporation, The Sandbox, InfiniteWorld and Upland are providing open world experiences to tech savvy users. Users can now sell, buy and monetize their assets in the virtual space through digital money i.e., NFTs without using actual money.

This research report categorizes the metaverse market for automotive based on Product, Technology, Function, Application and Region

Based on Product:
Hardware
Software
Others

Based on Function:
Virtual Platforms/Spaces
Avatars
Asset Marketplace
Financial Services

Based on Technology:
Virtual Reality (VR)
Augmented Reality (AR)
Mixed Reality (MR)
Non-fungible Token (NFT)
Blockchain

Based on Application:
Advertising
Online Car Purchase
Infotainment
Car Design
Autonomous Car Testing
Training & Simulation Public

Based on Region:
Asia Pacific (APAC)
China
Japan
South Korea
Rest of Asia Pacific
North America (NA)
US
Canada
Europe (EU)
Germany
UK
Rest of Europe
Middle East & Africa
Latin America

Recent Developments
In February 2022, Cupra, a subsidiary of the Volkswagen group, announced Metahype, which will serve as a collaborative space where brands, startups and content creators can collaborate and host a vast variety of events and experiences for the people.
In January 2022, Unity Technologies and Hyundai Motor Company announced plans to develop a digital twin setup for Hyundai's factories in the coming years. This will enable faster process time for Hyundai's factories and a reduction in operational errors due to tests in simulated environments.
In January 2022, Mercedes-Benz launched its first ever NFT in collaboration with Art2People. The company's first non-fungible token (NFT) will be based on its G-Class car line.

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