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Metaverse for Automotive Market Trends

Report ID: GMI10079
Published Date: Jul 2024
Report Format: PDF

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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.

Authors: Suraj Gujar , Kanhaiya Kathoke

Frequently Asked Questions (FAQ) :

The market size of metaverse for automotive reached USD 2.3 billion in 2023 and is set to witness over 30% CAGR from 2024 to 2032, owing to the rising consumer demand for more personalized and engaging experiences worldwide.

Metaverse for automotive industry from the software segment is expected to register over 30% CAGR from 2024 to 2032, due to seamlessly leveraging AI to personalize user interactions.

Asia Pacific market is expected to reach USD 8.5 billion by 2032, attributed to increasing adoption of virtual showrooms where customers can explore and interact with vehicles remotely in the region.

BMW Group, Mercedes-Benz AG, Toyota Motor Corporation, Ford Motor Company, General Motors (GM), Unity Technologies, and Nvidia Corporation, are some of the major metaverse for automotive companies worldwide.