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The Global Virtual Reality (VR) in Automotive Industry Market is projected to grow at a CAGR of 41.32% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. This substantial growth is attributed to the swift expansion of the automotive industry and the steady adoption of advanced technologies like Virtual Reality (VR) in the sector. It is primarily to improve the overall technical abilities of engineers & technicians while increasing operational effectiveness & lowering mistake rates during vehicle assembly, design, & prototype.
Automakers are seeking technology more & more in diverse products & sales operations, such as research, designing, production, marketing, etc., thereby shaping the industry growth through 2027. Moreover, with the growing awareness about the advantages of these solutions, like lowering R&D & manufacturing costs, enhancing marketing & sales strategies by creating virtual platforms like showrooms & training, & minimizing driving risks by adopting prototyping & test driving, among others, in a virtual environment, the need for digitalization in retail practices & requirements for virtual reality in the automotive sector are soaring substantially.
The same aspect is also generating lucrative opportunities for the leading players to increase their offerings and cater to the burgeoning demands worldwide. In the upcoming years, the industry shall further witness an upswing by the expanding utilization of virtual reality for training purposes among engineers & technicians with the help of tools & solutions like Autodesk VRED, Audi Virtual Training, Ford Virtual Reality, etc., further states the research report, “Global Virtual Reality (VR) in Automotive Industry Market Analysis, 2022.”
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Design & Prototyping to Drive the Demand for VR in Automotive Industry
Based on Application, Design & Prototyping are anticipated to dominate the Global Virtual Reality (VR) in Automotive Industry Market with the maximum share during the forecast period. This dominance attributes to the capabilities of this solution to speed up production time by effortlessly designing & prototyping vehicle models.
Besides, additional benefits like cost-effectiveness and allowing users to create virtual prototypes instead of difficult, expensive physical ones are also catering to the market expansion. Other significant factors contributing to the rising demand for virtual reality in vehicle design & prototyping include benefits like streamlined research & development, fewer adjustment rounds, and a quicker design process. These benefits are crucial in lowering the costs of the entire pre-manufacturing cycle.
North America Holds the Largest Market Share on the Back of Early Adoption of VR Solutions
On the geographical front, Global Virtual Reality (VR) in Automotive Industry Market shall observe the dominance of North America, holding the largest share. The market is driven by the active participation of the leading participants in the automotive industry across countries like the US & Canada and their inclination to brining innovation to the automotive production mechanism, propelling the demand for VR solutions for greater convenience & precision.
Besides, significant financial contributions to the development of virtual reality technology by private players, automakers, and governments are also fueling the industry expansion. Ford, one of the most well-known automakers in the US, utilizes the HoloLens (mixed reality headset) created by Microsoft, which enables speedy prototyping in the virtual world. By combining virtual and physical automobile designs with HoloLens, automotive designers can significantly reduce the time spent creating and reviewing the necessary adjustments. For the market players in North America, such an endeavor demonstrates massive growth potential.
Competitive Landscape
The leading players in the Global Virtual Reality (VR) in Automotive Industry Market are 4Experience, Continental AG, Google LLC, HTC Corporation, Microsoft Corporation, NEXT/NOW, Oculus Rift (Facebook Inc.), OmniVirt, Onboard, Robert Bosch GmbH, Sensorama, Inc., Unity Technologies, Veative Labs Ltd., Visualise Creative Limited (VCL), and ZeroLight Limited.
Key Questions Answered in the Research Report
-What are the current & future trends in the Global Virtual Reality (VR) in Automotive Industry Market?
-How has the industry been evolving in terms of geography & product adoption?
-How has the competition been shaping across various countries, followed by their comparative factorial indexing?
-What are the key growth drivers & challenges for the Global Virtual Reality (VR) in Automotive Industry Market?
-What is the customer orientation, purchase behavior, & expectations from Virtual Reality (VR) in Automotive Industry players across various regions?
Market Segmentation:
-By Components (Hardware, Software, Content)
-By Application (Designing & Prototyping, Training, Virtual Showrooms, Research & Development)
-By Technology (Non-Immersive, Semi Immersive, Fully Immersive)
-By Device Type (Head-Mounted Display, Gesture-Tracking Device, Projectors & Display Wall)
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