Metaverse in Automotive Market

Market Synopsis:

The global Metaverse in Automotive market valued at USD 2003.46 Million in 2022 and is projected to reach a value of USD 29906.48 Million by 2030 at a CAGR of 40.20% over the forecast period.

Metaverse is an immersive virtual environment that can support a variety of online interactions. It is seen as a very lucrative market, with integration steadily expanding across industries and others. From product design to procurement, manufacturing to inventories, Metaverse technology may be used to streamline and optimize supply chain management in the automotive industry. Through strategic interactions with professionals such as engineers and material experts in real-time, metaverse platforms can also enable designers to develop shapes and study novel materials, combinations, and components. Metaverse technology can also aid in the speeding up of the design process by allowing manufacturers to effectively share 3D prototypes of items.

Growing focus on leveraging metaverse technology in vehicles, particularly cars, to create human machine interfaces, emerging opportunities for contextual advertising for automotive dealers, rising trend of online car purchase, and increasing efforts by major automotive companies to develop their own metaverse platforms are all expected to drive market revenue growth over the forecast period. Furthermore, metaverse technology may improve supply chain management efficiency in the automobile industry, and the increased use of digital twin technology to design chips and tests are factors that are projected to boost metaverse revenue growth in the automotive market throughout the projection period. Rapid technological improvements are predicted to further enable the integration of metaverse in in-car environments and improve user experiences, boosting the market's revenue growth in the future. Moreover, metaverse has given users the option of opting for contextual advertising, which has helped car businesses extend their customer base. Furthermore, metaverse is expected to have a wide range of applications in the automotive industry, ranging from a collaborative social space for designing vehicles and testing components to a robust simulation environment that can enable test drives and virtual showrooms, and this is expected to drive market revenue growth.

Market Segmentation:

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The Metaverse in Automotive market is segmented on the basis of Component, Technology and Application. On the basis of Component, the market is segmented into Hardware and Software. On the basis of Technology, the market is segmented into NFT, Blockchain, Virtual Reality, Augmented Reality, Mixed Reality and Extended Reality. On the basis of Application, the market is segmented into Advertising, Online Car Purchasing, Designing, In-car Entertainment and Others.

Based on Component

Over the forecast period, the software segment is expected to grow at a rapid pace. The growing use of gaming software as a tool for creating new car designs, as well as the ability to create real-time digital 3D representations of products and components, are key factors expected to drive revenue growth in this segment in the future. Furthermore, designing in a metaverse is a hands-on and immediate process that allows designers to share completed designs in real-time, which is expected to boost metaverse software adoption in the automotive sector and contribute to revenue growth over the forecast period.

Based on Technology

Due to increased use of virtual reality devices by engineers and designers to share VR car models, rapid development of virtual platforms by third parties that can benefit automakers, and advancements in virtual test environments to facilitate better interaction with customers and streamline supply chain, the virtual reality segment is expected to dominate other technology segments in terms of revenue share over the forecast period.

North America Region Acquired the Largest Share in Terms of Revenue

North America held the largest market share during the year 2021 with a share of 42.10%. North America is expected to account for the highest revenue share during the forecast period, owing to increased adoption of metaverse technology, increased research and development activities to advance virtual reality, augmented reality, and mixed reality platforms, rising acceptance of virtual designing platforms for cars, increased use of metaverse to view vehicles and seamlessly connect with vehicle manufacturers, and a strong presence of key automotive companies in the region. Rapid technological advancements are expected to further enable the integration of metaverse in in-car environments and improve user experiences, which is expected to boost market revenue growth in the future.