Metaverse in Automotive Market expect to reach at $ 34.54 billion by 2033 at CAGR 12.34 % Status And Trend Analysis 2022-2033

The global metaverse market for automotive expect to reach at $ 34.54 billion by 2033 at CAGR 12.34 %. 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.

Some major players -

NVIDIA (US), Roblox Corporation (US), Meta Platforms Inc. (US), Unity Technologies (US), WayRay (Switzerland), others.
A total of 40 major company profiles were covered and provided.

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

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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.
Driver: Brand promotions for automotive OEMs using gamification
Many companies in the automobile industry are taking advantage of the gaming part of the metaverse to increase brand awareness. They are strategically using metaverse for engaging in metaverse-based promotions and sponsorships. These companies capitalize by gamifying their brands through immersive online experiences and virtual world simulators. Some metaverse projects that gamify brand awareness include Mobility Adventure by Hyundai Motor Company and Roblox and Moving Platform by Volkswagen AG and Microsoft, among others. People engage in these 3D worlds to play mini-games, connect with other gamers, socialize, make friends, and get product information through salespeople, chatbots, or virtual AI agents. Metaverse makes brand promotion interesting and engaging for young customers.

The metaverse vendors are witnessing new revenue prospects from the opportunities in segments such as VR, AR, XR, cloud gaming, AI in social media, e-sports, virtual fitting rooms, and AR/VR hardware and peripherals. The following table includes market sizes and CAGRs of such adjacent markets.

Restraint: Installation and maintenance cost of high-end components
Metaverse hardware includes devices for extended reality (AR, VR, and MR), along with semiconductor components, sensors, trackers, and other state-of-the-art equipment. These devices used in metaverse also use 3D and other advanced technologies to create a realistic-looking virtual environment, which increases their costs. The enterprise-grade metaverse software such as engines, 3D modelling software, and rendering tools are expensive. In addition to that, the installation of XR devices and solutions requires additional costs. Their maintenance costs further increase the overall investments required to adopt this technology. Therefore, such high installation and maintenance costs are expected to hinder the growth of the metaverse market globally. According to a report by NFT Studios, the cost of a project on metaverse can cost around USD 10,000 to USD 300,000, with around USD 1-4 million cost for a team of developers. Bigger projects, like Facebook's metaverse, cost the company around USD 2.7 billion in just the first 3 months since its launch for upkeep and maintenance.

Opportunity: Incorporation of metaverse in automotive infotainment
AR, VR, and MR are expected to find applications in the automotive infotainment space in the coming years. OEMs have already started developing or partnering with other companies to provide AR/VR-based infotainment using metaverse. For instance, in CES 2019, Nissan announced the development of its invisible-to-visible (i2V) technology that can connect the driver and the passengers to the metaverse. People can appear as 3D AR avatars inside the cars. It also tracks the vehicle's immediate surroundings and anticipates what lies ahead. Similarly, In March 2022, Audi collaborated with start-up Holoride. The collaboration will bring VR in-car entertainment to Audi cars. The passengers in the back seat of the Audi car can use VR glasses and can 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.

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.

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.

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PAR 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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"Europe is expected to be one of the largest markets during the forecast period."

The substantial growth of new technologies for the automotive industry in Europe is a key driver for the Metaverse Market for Automotive in this region. AR/VR/MR technologies are expected to witness significant demand from the automotive sector in the region. There is an increase in the number of start-ups related to XR in Sweden; as a result, the metaverse market in automotive is expected to witness high growth in Europe during the forecast period. Sweden-based companies like Volvo and Terranet AB have made various partnerships to develop metaverse. Volvo has partnered with Epic Games and is planning to work on in-vehicle infotainment and map services using metaverse and VR. Terranet AB has partnered with Holoride to develop new applications for Terranet's Voxel flow technology in autonomous vehicles. French automotive manufacturers like Bugatti, Alpine, and Renault, among others, have also made significant progress in the field of metaverse. Bugatti leverages VR, through which it builds virtual prototypes to design vehicles. Renault has partnered with Blippar, who will develop Augmented Reality Digital Placement (ARDP) for Renault's new Captur car model.

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