Virtual reality is a computer-simulated reality that offers the possibility to visualize the car virtual prototype and also set up cross-site collaborative design reviews. It is a great asset in automotive marketing. Organizations can create virtual reality experiences to immerse customers into their brand universe.
Referring to the study, “COVID-19 Impact on Global Virtual Reality in Automotive Market: By Component (Hardware, Software, and Content); By Application(Designing and Prototyping, Training, Virtual Reality Showrooms, and Research and Development) and Region –Analysis of Market Size, Share, and Trends for 2014 – 2019 and Forecasts to 2030”. Some of the key companies operating in the global virtual reality in the automotive market are ZeroLight Limited, Continental AG, DAQRI, Facebook Technologies LLC, Sony, HTC Corporation, Google, WayRay AG, Linden Research, Inc., Unity Technologies, Bosch Limited, Microsoft, Visteon Corporation, Axiscades.
Based on components, virtual reality in the automotive market is segmented as content, hardware, and software. The Hardware segment dominates the market owing to a decrease in headset costs and a rise in investment in research & development (R&D) of advanced VR devices. The software segment also holds a major share in the market due to an increase in the availability of innovative virtual software solutions. Additionally, the content segment is expected to witness a higher growth rate caused by the rising demand for creating virtual environments for client engagement & employee training solutions during the forecast period. In addition, based on application, the market is segmented as training, R&D, virtual showrooms, designing & prototyping, and others. The training segment is a leading segment in the global market because of its substantial training capabilities for technicians and engineers in the automotive industry. The designing & prototyping segment is predicted to exhibit a substantial growth rate as it aids in reducing production time & money during the forecast period.
Virtual reality in the automotive market is driven by a surge in digital marketing, followed by growth in technological advancements. However, Lack of versatility and human link may impact the market. Moreover, an increase in investment in the production of embedded & sensor-based technologies is a key opportunity for the market.
The automotive industry is a highly impacted sector during the COVID-19 pandemic. The demand for social distancing in factories and workplaces has hindered the production of the industry. In upcoming years, the introduction of the virtual reality store and the client’s in-house virtual test driving experience is likely to improve market revenue.
Based on geography, the North-American and European regions hold a major share in global virtual reality in the automotive market owing to the increase in the use of technologically advanced devices in the regions. However, the Asian-pacific region is anticipated to witness a higher growth rate due to the introduction of 5G technology and a rise in government support over the forecast period. It is estimated that the future of the global market will be optimistic on account of growth in the automotive industry during the forecast period. The global virtual reality in the automotive market size was valued at the US $0.62 billion in 2019 and is projected to reach the US $36.82 billion by 2030, registering a CAGR of 46.11% from 2020-2030.
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