Press release
Metaverse Market for Automotive Surge to reach $16.5 billion by 2030
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Developments in technologies like XR hardware and software, digital twin and showrooms in virtual spaces, Blockchain and NFTs, among others. OEMs like BMW Group (Germany), Hyundai Motor Company (South Korea), and Volkswagen AG (Germany) have partnered with these companies to develop their brands through the metaverse ecosystem. BMW Group for instance, has been working with NVIDIA to develop an automotive design and factory setup in the metaverse, which can work with real-life factories. The opportunities in adjacent markets, such as VR, AR, XR, AI, and AR/VR hardware and peripherals, open new revenue prospects for the metaverse market in the automotive industry. Peripheral technologies like IoT, 5G and Cloud computing have revolutionized the incorporation of metaverse related technologies on the infrastructural level in the metaverse market for automotive. Various data-intensive metaverse applications, both individual as well as B2B, are emerging, such as AR, VR, and video applications. 5G networks deliver an enhanced broadband experience of up to 1 Gbps and
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