METAVERSE FOR AUTOMOTIVE MARKET SIZE – BY COMPONENT (HARDWARE, SOFTWARE, SERVICES), BY TECHNOLOGY (VIRTUAL REALITY, AUGMENTED REALITY, MIXED REALITY, BLOCKCHAIN & NFTS), BY APPLICATION & FORECAST, 2024 – 2032

The ongoing advancements in VR and AR technologies are opening new possibilities for the automotive sectors, ranging from design & production to sales & customer support. These technologies not only enhance the user experience but also improve efficiency, safety, and innovations in the automotive sector. As VR and AR continue to evolve, their integration into the automotive industry is expected to grow further, bringing even more transformative changes. AR is becoming useful in assisting technicians during maintenance and repair work by overlaying instructions and diagrams onto the physical vehicle.

With vehicles and user data becoming a part of an interconnected digital environment, the risk of hacking and data breaches is continuously rising. Cybercriminals are targeting personal information, vehicle control systems, and proprietary data, potentially causing severe financial and reputational harm to the users and the organizations. Many modern vehicles are equipped with IoT devices that connect with external systems, and if companies are not having robust security, these devices can serve as entry points for cyberattacks, potentially compromising vehicle safety and user privacy.

The automotive industry must establish robust incident response plans to swiftly address and mitigate the impact of cybersecurity breaches. Additionally, implementing continuous monitoring systems to detect and respond to potential threats in real-time is crucial for maintaining a secure metaverse environment.

METAVERSE FOR AUTOMOTIVE MARKET TRENDS

The current advancements in Mixed Reality (MR) technology are poised to revolutionize the automotive sector, as it offers a blend of virtual and physical experiences that enhance everything from vehicle design to customer interaction. MR, which merges elements of Virtual Reality (VR) and Augmented Reality (AR), is increasingly being integrated into various domains of automotive innovation and consumer engagement. For instance, in January 2024, Porsche started the integration of MR technology into its customer experience strategy. This innovative approach aims to offer an unparalleled level of immersion and interactivity, transforming the way customers interact with vehicles.

With the increasing focus on integrating software and cloud services to enhance metaverse applications, various organizations are incorporating cloud services. This involves utilizing cloud-based platforms for real-time data processing, vehicle connectivity, and immersive virtual experiences such as virtual showrooms and test drives. Additionally, advanced software solutions enable seamless integration of AR and VR technologies, facilitating detailed product customization, simulations, and remote diagnostics, eventually driving innovations and improving customer engagement within the automotive industry.

For instance, in February 2024, Capgemini and Unity Technologies announced an expanded strategic alliance, revealing Capgemini’s acquisition of Unity’s Digital Twin Professional Services division. Under this agreement, Unity’s Digital Twin Professional Services team will integrate into Capgemini, forming one of the largest groups of Unity enterprise developers globally. This move aims to accelerate the development and deployment of real-time 3D (RT3D) visualization software, specifically for industrial digital twin applications. The integration will enable end users to visualize, comprehend, and interact with physical systems more effectively, advancing intelligent industry capabilities.

 

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METAVERSE FOR AUTOMOTIVE MARKET ANALYSIS

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Based on components, the market is segmented into hardware, software, and services. The software segment is the fastest growing segment, with a CAGR of over 30% through 2032.

• Software platforms are seamlessly leveraging AI to personalize user interactions. AI algorithms are being fed into the system, which has the capability to analyze user preferences, behaviors, and historical data and offer tailored recommendations for vehicle customization, features, and services. This enhances customer satisfaction and loyalty by providing a more relevant and engaging experience.
• Software platforms are integrating in blockchain technology to enhance data security and transparency. Blockchain enables fully secure and immutable storage of vehicle data including ownership records, maintenance history, and sensor data. This strengthens cybersecurity measures and builds trust among stakeholders, particularly in data-sensitive applications such as autonomous driving and connected vehicles.

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Based on technology, the metaverse for automotive market is segmented into VR, AR, MR, blockchain and NFTs. The VR segment is expected to reach over USD 10 billion by 2032.

• VR technologies are changing the way automotive brands engage with customers through immersive virtual showrooms. The virtual environment allows potential consumers to explore vehicles in full detail, interact with features, and simulate driving experiences from remote locations. This capability enhances customer engagement and facilitates informed purchasing decisions.
• Automotive manufacturers leverage VR for advanced design and prototyping processes. Designers and engineers can create virtual prototypes of vehicles, conduct simulations for performance testing, and iterate designs rapidly. This approach accelerates the product development cycle, reduces costs associated with physical prototypes, and enhances the overall design quality & innovations.

METAVERSE FOR AUTOMOTIVE MARKET COMPANIES

Major players operating in the metaverse for automotive industry are

• BMW Group
• Mercedes-Benz AG
• Toyota Motor Corporation
• Ford Motor Company
• General Motors (GM)
• Unity Technologies
• Nvidia Corporation

METAVERSE FOR AUTOMOTIVE INDUSTRY NEWS

• In January 2023, MG Motor India unveiled its MGverse, a cutting-edge Metaverse Platform that is now accessible to the public. This platform enabled everyone to virtually experience the MG Pavilion at the Auto Expo 2023 alongside friends and family, regardless of their location.
• In May 2022, Microsoft officially announced a new moving platform feature for the HoloLens 2, which is designed to let the AR headset work in cars. It addressed a long-standing HoloLens issue of moving environments confusing the headset’s sensors. The enhancement was developed in collaboration with Volkswagen, which has been experimenting with using the headset as a heads-up display in its vehicles.

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THE METAVERSE FOR AUTOMOTIVE MARKET RESEARCH REPORT INCLUDES IN-DEPTH COVERAGE OF THE INDUSTRY WITH ESTIMATES & FORECAST IN TERMS OF REVENUE (USD MILLION) FROM 2021 TO 2032, FOR THE FOLLOWING SEGMENTS

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Market, By Component

• Hardware
  • VR headsets
  • AR glasses
  • Haptic devices
  • 3D projectors
• Software
  • Metaverse platforms
  • Simulation software
  • Design and prototyping software
  • Customer experience software
• Services
  • Consulting services
  • Implementation services
  • Training and support services
  • Maintenance and upgrades

Market, By Application

• Virtual showrooms and dealerships
• Training and education
• Design and prototyping
• Customer experience and engagement
• Marketing and advertising
• Others

Market, By Technology

• Virtual Reality (VR)
• Augmented Reality (AR)
• Mixed Reality (MR)
• Blockchain and NFTs

 

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